The Tribunal granted an extension for non-payment of the first instalment of predeposit, allowing the total sum to be paid by a revised deadline. Failure to pay would result in dismissal of the appeal.
Extension of time granted to pay entire predeposit by 14/10/2024.
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BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr Justice Ashok Menon, Chairperson
I.A. No. 680/2024(EoT)
In
Appeal on Diary No. 1127/2024
Between
Kamal Jagannath Jadhav & Ors.
… Appellant/s
V/s.
JM Financial Assets Reconstruction Company Ltd.
…Respondent/s
Mr Sunil Kadam, Advocate for Appellants.
Mr Rajesh Nagory, i/b Mr R. L. Motwani, Advocate for Respondent ARC.
-: Order dated: 01/10/2024:-
The appellants were directed to deposit a sum of ₹56,94,004/- as predeposit in two instalments within a gap of three weeks and two weeks respectively. However, the first instalment which was due and payable on 30.09.2024, was not paid on time. The appellant has applied for an extension of time.
The application is vehemently opposed by the Ld. Counsel appearing for the respondent ARC.
The Ld. Counsel appearing for the appellant undertakes to pay the said amount together with the second instalment which is due and payable on 14.10.2024.
On perusal of the application for extension, I find that the extension sought is reasonable and hence, the entire amount of ₹56,94,004/shall be paid on or before 14.10.2024, failing which the appeal stands
1
dismissed without any further reference to this Tribunal. No further extension shall be granted.
List the matter on 15.10.2024 for reporting compliance regarding the entire payment.
Sd/Chairperson
mks-11
2
1 issue framed by the court
Whether an extension of time for depositing predeposit in appeal is reasonable and granted.
Kamal Jagannath Jadhav & Ors.
JM Financial Assets Reconstruction Company Ltd.
Ashok Menon
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
