Allowed

Messer Prism Printers v. the Greater Bombay Cooperative Bank Limited

DRAT15 Apr 2024IA/253/2024

Case brief

AI extract

What is this about?

The Tribunal granted the appellants a three-week extension to deposit ₹ 2.75 lakhs, the remaining balance of a pre-deposit towards aStayed Appeal, due to financial strain. A final hearing was set for 07.05.2024 to report compliance, with the appeal to be disposed of for default if not paid by 06.05.2024.

What did the court decide?

Extension of time granted to deposit remaining ₹ 2.75 lakhs pre-deposit balance by 06.05.2024; appeal saved from disposal on default.

Messer Prism Printers versus the Greater Bombay Cooperative… — Banking and Recovery | DRAT (2024)

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BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr Justice Ashok Menon, Chairperson I.A. No. 253/2024(EoT)

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Appeal on Diary No. 505/2024 Between

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M/s. Prism Printers & Ors. … Appellant/s

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V/s.

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The Greater Bombay Co-operative Bank Ltd. Mr. Puneet Gogad, Advocate for Appellants.

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…Respondent/s

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Mr. Anshul A., i/b M/s. Raval-Shah & Co., Advocate for Respondent No.1

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-: Order dated: 15/04/2024:-

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

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The Appellants have filed this application for an extension of time to pay the balance amount of pre-deposit payable by them. As per the order dated 15.03.2024, the Appellants were directed to deposit ₹ 10 lakhs as pre-deposit towards which on the date of the order they deposited ₹ 2.50 lakhs. The amount was directed to be paid in two instalments.

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The 1^st instalment of ₹ 3.50 lakhs was due and payable on 01.04.2024, towards that, the Appellants deposited ₹ 3.75 lakhs which means ₹ 25,000/- was paid in excess. On 15.04.2024, the Appellants were to pay ₹ 4 lakhs taking the excess payment of ₹ 25,000 paid towards the 1^st instalment. The Appellants want to pay a sum of ₹ 3.75 lakhs towards the 2^nd instalment, towards that, the

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Appellant could pay only ₹ 1 lakh and there is still a balance of ₹ 2.75 lakhs remaining.

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The Ld. Counsel appearing for the Appellants seeks an extension of time by three weeks. It is seen that the Appellants have made an earnest attempt to pay the amount and because of some financial strain, they were not able to pay the entire amount of predeposit. The notice has been served on the Respondents and the application for extension is opposed.

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Considering the antecedents of the Appellants, I am of the opinion that some time may be granted to them to pay the balance amount.

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Hence, the application for extension is allowed and the balance amount of ₹ 2.75 lakhs shall be deposited within three weeks i.e. on or before 06.05.2024, there shall be no further extension of time and the appeal shall stand disposed of for non-compliance.

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Post on 07.05.2024 for reporting compliance.

Sd/-

Chairperson

rm-32

Messer Prism Printers v. the Greater Bombay Cooperative Bank Limited

Case brief

What is this about?

What did the court decide?

Messer Prism Printers v. the Greater Bombay Cooperative Bank Limited

Case brief

What is this about?

What did the court decide?

What the court decided

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