Dismissed
M/s Sri Ambal and Company v. a.O., Union Bank of India
Case brief
AI extract
What is this about?
The Debt Recovery Appellate Tribunal at Chennai rejected an appeal by appellants (a company and its partners) against an order of the DRT. The court held that the appellants failed to comply with a conditional order requiring a statutory deposit under Section 18(1) of the SARFAESI Act, 2002. Consequently, the appeal was dismissed.
What did the court decide?
The appeal was rejected for non-compliance of the deposit order; all pending IAs in the appeal are closed.