Dismissed

M/s Lucky Footwear Components v. Indian Bank

DRAT8 Sept 2023REGULAR APPEAL/55/2023

Case brief

AI extract

What is this about?

The Debt Recovery Appellate Tribunal rejected the appeal by the appellants for failure to comply with a conditional order requiring a statutory deposit of Rs. 10 lakh within the stipulated time, even though the High Court had stayed the attendant rejection order in a writ petition.

What did the court decide?

The appeal AIR (SA) 719/2023 was rejected for non-compliance of statutory deposit.

M/s Lucky Footwear Components versus Indian Bank — Company and Corporate | DRAT (2023)

¶1

IN THE DEBT RECOVERY APPELLATE TRIBUNAL AT CHENNAI

¶2

Dated the 8^th day of September, 2023

¶3

PRESENT: HON'BLE MR. JUSTICE S.RAVI KUMAR CHAIRPERSON

¶4

AIR (SA) 719/2023

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(TSA 34/2023 on the of DRT-II, Chennai)

¶6

Between

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M/s Lucky Footwear Components, Rep. by its Partner, V. Aslam Basha, SF No.115 & 116, Plot No.285, 287 & 288, Thuthipet Village, Ambur Taluk, Tirupattur 635 802.

¶8

Mr. V. Tabraza Basha, S/o V. Ahmed Basha, No.6, Oomer Road, 2^nd Lane, Ambur Taluk, Tirupattur 635 805.

¶9

Mr. V. Aslam Basha, S/o Ahmed Basha, No.6, Oomer Road, 2^nd Lane, Ambur Taluk, Tirupattur 635 805.

¶10

…Appellants

¶11

And

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The Authorised Officer, Indian Bank, No.21/11, Oomer Road, Ambur Taluk, Tirupattur District.

¶13

The Manager, Indian Bank, No.21/11, Oomer Road, Ambur Taluk, Tirupattur District.

¶14

¶15

Mr. Amarnath Reddy, No.13, Pavadai Thoppu 2^nd Street, Murugan Theatre Near, Krishnapuram, Ambur 635 802. Tirupattur District. …Respondents

¶16

Counsel for Appellants : M/s P. Tamilavel & Co. Counsel for R1 : M/s T. Sundar Rajan & Co. Counsel for R3 : M/s K.A Ramakrishnan & Co.

¶17

ORDER

¶18

Advocate for petitioners/appellants filed a copy of order of Hon’ble High Court of Madras dated 24.8.2023 passed in WP No.24892/2023 & WMP No.24329/2023 and submitted that Hon’ble High Court of Madras granted status quo on condition of deposit of Rs.10.00 lakhs within two weeks from 24.8.2023 and the said amount is not deposited by petitioners/appellants and Writ Petition is pending.

¶19

As far order of this Tribunal dated 9.8.2023 passed in IA 260/2023 (waiver) is concerned, if statutory deposit is not made on or before 23.8.2023, Appeal shall stand rejected and there is no stay of that order by Hon’ble High Court of Madras.

¶20

As petitioners/appellants have not complied with the conditional order, giving effect to the conditional order dated 9.8.2023, Appeal AIR (SA) 719/2023 is rejected for non compliance of statutory deposit.

¶21

Sd/-

¶22

[Justice S. Ravi Kumar] CHAIRPERSON

¶23

M/s Lucky Footwear Components v. Indian Bank

Case brief

What is this about?

What did the court decide?

M/s Lucky Footwear Components v. Indian Bank

Case brief

What is this about?

What did the court decide?

What the court decided

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