Disposed

Govinda Industries Pvt. Ltd. v. State Bank of India

DRAT19 Feb 2024IA/113/2024

Case brief

AI extract

What is this about?

The Debts Recovery Appellate Tribunal, Mumbai, granted an extension of time to the Appellants to pay the balance of the second instalment and the third instalment of the predeposit required to entertain the appeal, allowing till 01.03.2024.

What did the court decide?

Time granted till 01.03.2024 to pay the balance of the second instalment and the amount towards the third instalment.

Govinda Industries Pvt. Ltd. versus State Bank of India — Insolvency and Bankruptcy | DRAT (2024)

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BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present : Mr. Justice Ashok Menon, Chairperson

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I.A. No. 113/2024 (EoT) In Appeal on Diary No. 2276/2023

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Between

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Govinda Industries Pvt. Ltd. & Ors. … Appellant/s

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V/s.

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State Bank of India & Anr. …Respondent/s

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Mr. Harjot Singh Alang, i/b Mr. Rushabh Thacker, Advocate for Appellants.

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Mr. Rishi Thakur along with Mr. Dhawani Gala, i/b M/s. ZBA, Advocate for Respondents.

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The matter is taken up for hearing by way of a praecipe filed by the Appellants for seeking urgent relief.

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The Appellants were directed to deposit a sum of ₹5 crores as predeposit for entertaining the appeal vide order dated 19.01.2024. The Appellants have complied with the direction of this Tribunal by making the pre-deposit a sum of ₹2 crores towards the 1^st instalment. Toward the 2^nd instalment a sum of ₹2 crores was payable on 16.02.2024 and toward that, the Appellants could pay only a sum of ₹20 lakhs and for the payment of the balance of ₹1.80 crores they seek time till 01.03.2024 when the 3^rd instalment of ₹1 crore is due.

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It is submitted that the Appellants were under financial strain and that they could not arrange the amount by approaching their

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friends and relatives. Under the circumstances, they seek an extension of time.

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The Ld. Counsel appearing for the Respondent bank vehemently opposed the application stating that the appeal would automatically stand dismissed in case of non-compliance.

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This application for extension has been filed before the expiry of the date and which the amount was payable and the Appellants have also paid a sum ₹20 lakhs toward the amount due of the 2^nd instalment.

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Under the circumstances, I find that the Appellants have earnestly attempted to make the payment. Hence, time is granted till 01.03.2024 to pay the balance due as the 2^nd instalment and together with the amount toward the 3^rd instalment.

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No further extension would be granted thereafter.

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List on 04.03.2024 for reporting compliance.

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Sd/Chairperson

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psa-10.

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Govinda Industries Pvt. Ltd. v. State Bank of India

Case brief

What is this about?

What did the court decide?

Govinda Industries Pvt. Ltd. v. State Bank of India

Case brief

What is this about?

What did the court decide?

What the court decided

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