Disposed

M/s Juno Floors Pvt. Ltd. , rep. by its Director Mrs.N.Vasanthi and 3 others v. Catholic Syrian Bank Limited

DRAT8 Jun 2023REGULAR APPEAL/29/2023

Case brief

AI extract

What is this about?

In an IA for waiver of deposit under Section 21 RDB Act, the Chairperson held that appellants must deposit 50% of the disputed amount (excluding age-based reduction) and granted two weeks to pay. Failure to comply leads to rejection of the appeal.

What did the court decide?

Mandatory deposit of Rs. 23,22,050/- within two weeks to make the appeal maintainable.

M/s Juno Floors Pvt. Ltd. , rep. by its Director… — Banking and Recovery | DRAT (2023)

¶1

IN THE DEBT RECOVERY APPELLATE TRIBUNAL AT CHENNAI

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IA 17/2023 in A.IR:313/2022

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M/S Juno Floors Pvt. Ltd V/S Catholic Syrian Bank Limited

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08/06/2023

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This Application is filed seeking waiver of statutory deposit required under Section 21 of the Recovery of Debts and Bankruptcy Act (RDB Act), 1993, for entertaining the Appeal.

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Heard both sides.

¶7

Tribunal below granted Recovery Certificate for a sum of Rs.1,05,55,542/-, with future interest at 9% p.a. (simple) from the date of filing of OA till realization.

¶8

Advocate for Petitioners/Appellants submitted, subsequent to OA Order, Petitioners/Appellants made payments, and amount due as per Petitioners/Appellants, is Rs.40,65,312/- as on 07.06.2023. He submitted, according to objection of Bank, the amount due is, Rs. 46,44,100/-, as on 30.04.2023.

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Now, without going into correctness of this calculation, for the purpose of pre deposit, I am of the view that, the claim of Bank has to be taken into consideration, without prejudice to the rights of both parties.

¶10

According to Bank, amount due after deduction, is Rs.46,44,100/-. For entertaining the Appeal, Petitioners/Appellants have to deposit 50% of said amount.

¶11

Learned Advocate for Petitioners/Appellants submitted, the same may be reduced to 25%, since Petitioner/Appellant is an aged lady, and no business as on today. I am not inclined to accept the request of Learned Counsel for Petitioners/Appellants, since no supporting material is produced.

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For the above reasons, Petitioners/Appellants shall deposit 50% of Rs.46,44,100/-, which comes to Rs.23,22,050/-, within a period of two weeks from today i.e., on or before 22.06.2023.

¶13

It is made clear that failure to deposit of above amount on or before 22.06.2023, the Appeal shall stand rejected. On making such deposit by Petitioners/Appellants, Registrar is to invest the same in a Nationalized Bank, from time to time till further orders are passed.

¶14

Post the case on 23.06.2023, for compliance of payment.

¶15

Sd/-

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Chairperson

M/s Juno Floors Pvt. Ltd. , rep. by its Director Mrs.N.Vasanthi and 3 others v. Catholic Syrian Bank Limited

Case brief

What is this about?

What did the court decide?

M/s Juno Floors Pvt. Ltd. , rep. by its Director Mrs.N.Vasanthi and 3 others v. Catholic Syrian Bank Limited

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

All orders in this case

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