Disposed

Kamal Jagannath Jadhav v. Jm Financial Assets Reconstruction Company Limited

DRAT9 Sept 2024IA/399/2024

Case brief

AI extract

What is this about?

In this interim order, the tribunal accepted the appellant's applicant willingness to comply with mandatory payment provisions of Sec. 18(1) of the SRAFESI Act and disposed of an interim application for reporting compliance.

What did the court decide?

Application disposed in view of appellant's undertaking to deposit 50% of debt in instalments by specified dates.

Kamal Jagannath Jadhav versus Jm Financial Assets… — 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. 399/2024

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Appeal on Diary No. 1127/2024

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Between

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Kamal Jagannath Jadhav & Ors. … Appellant/s

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V/s.

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JM Financial Assets Reconstructions Company Ltd.

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…Respondent/s

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Mr Sunil Kadam, Advocate for the Appellants. Mr Rajesh Nagory, i/b Mr R. L. Motwani, Advocate for Respondent ARC.

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-: Order dated: 09/09/2024:-

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The Ld. Counsel appearing for the appellants submits that the appellants are willing to comply with the mandatory provision of Sec. 18(1) of the SRAFESI Act for entertaining the appeal. The debt due is ₹1,13,88,009/-. The appellants are willing to pay 50% of the said amount in two tranches. The amount of ₹56,94,004/- shall be deposited in two tranches with a gap of three weeks and two weeks respectively as detailed hereinunder :

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Number of Instalments	Payment on or before
1^stInstalment of₹28,47,002/-	30.09.2024
2^ndInstalment of₹28,47,002/-	14.10.2024

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Failure to pay the instalment/amount within the time stipulated would entail in dismissal of the appeal without any reference to this Tribunal.

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The amount shall be deposited in the form of a Demand

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Draft/RTGS with the Registrar of this Tribunal. Payment by RTGS shall be communicated to the Registry for verification.

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As and when the said amounts are deposited, they shall be invested in term deposits in the name of Registrar, DRAT, Mumbai, with any nationalised bank, initially for 13 months, and thereafter to be renewed periodically.

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With these observations, the I.A. is disposed of. The respondent is at liberty to file a reply in this appeal with an advance copy to the other side.

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Post on 01.10.2024 for reporting compliance regarding the first instalment.

Sd/-

Chairperson

mks-03

Kamal Jagannath Jadhav v. Jm Financial Assets Reconstruction Company Limited

Case brief

What is this about?

What did the court decide?

Kamal Jagannath Jadhav v. Jm Financial Assets Reconstruction Company Limited

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Statutes considered

Parties & counsel

Coram

Case details

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