Partly allowed
Hotel Seagate 4 Ors. v. J M Financial Asset Reconstruction Co. Pvt. Ltd.
DRATREGULAR APPEAL/30/2023
Case brief
AI extract
What is this about?
The Debt Recovery Appellate Tribunal at Chennai, hearing an application to waive further deposit under Section 21 of the RDB Act, 1993, considered submissions regarding financial capacity and accepted an offer to deposit Rs. 20 Lakhs.
What did the court decide?
Statutory deposit fixed at Rs. 1 Crore; acceptance of further sum of Rs. 20 Lakhs for entertaining the appeal.