The Tribunal allowed stay on the requirement to deposit only 25% of the debt. It held payment of 25% suffices to entertain the appeal. The interim order continues till further orders. The appeal is to be taken on file.
Appeal to be taken on file with deposit of 25% of the debt.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present : Mr. Justice Ashok Menon, Chairperson I.A. No. 305/2022 (WoD)
In
Appeal on Diary No. 556/2021
Between
M/s. Shahzad Steel,
… Appellant/s
Prop. Dilawar Abbasali Khan & Ors.
V/s.
The Authorized Officer,
…Respondent/s
Kotak Mahindra Bank Ltd. & Ors.
Mr. Puneet Gogad, Advocate for Appellants.
Mr. Vinay Deshpande, i/b M/s. V. Deshpande & Co., Advocate for Respondent No.1
The Appellants have, as per the direction of the Hon’ble High Court considering the pandemic situation, granted a stay on depositing the 25% of the debt due.
The I.A. now comes up for hearing as to whether any amount, over and above 25%, has to be deposited by the Appellants to get the appeal entertained.
After having heard both sides, I find that the payment of the 25% of the debt due would be sufficient to entertain the appeal.
Hence, the appeal shall be taken on file if there are no defects to be cured.
Post on 27.02.2024 before the Registrar.
1
The interim order shall continue till further order.
Sd/Chairperson
psa-04
2
3 issues framed by the court
Whether any amount over 25% of the due debt needs to be deposited for the appeal to be entertained.
Whether the stay order regarding deposit in light of the pandemic situation affects the deposit requirement.
Whether the appeal satisfies the procedural requirement for depositing debt.
M/s. Shahzad Steel
The Authorized Officer
Kotak Mahindra Bank Ltd.
Ashok Menon
As recorded by the court registry
6 orders share this CNR
Judgements on the same questions, provisions and authorities, from every court
