Ms Jai Shree Shyam Metalsthrough Its Partener Lalanprasad Shahu versus Omkara Assets Reconstructions Pvt. Ltd.

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BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present : Mr. Justice Ashok Menon, Chairperson Misc. Appeal No. 202/2024

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Between

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M/s. Jai Shree Shyam Metals Through its … Appellant/s Partners Lalan Prasad Shahu & Ors.

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V/s.

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Omkara Assets Reconstruction Co. Pvt. Ltd. …Respondent/s

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Mr Radhe Agarwal (through video-conferencing), Advocate for Appellants.

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Mr Vinay Deshpande along with Ms Shobha Chavan i/b M/s. V. Deshpande & Co., Advocates for Respondent.

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-: Order dated: 13/11/2024:-

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This is a Misc. Appeal filed by the appellant aggrieved by the dismissal of the interlocutory application seeking protection in the Securitisation Application at Diary (S.A.)No. 879/2024 by the Debts Recovery Tribunal, Nagpur, (DRT). The appellant has complied with the direction of this Tribunal to make a pre-deposit of ₹ 35 lakhs to entertain this appeal. The appeal shall, therefore, be taken on file in case there are no other defects.

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The Ld. Counsel appearing for the respondent submits that there may be a direction to dispose of the S.A. expeditiously and the protection granted by this Tribunal may be retained and extended till the disposal of the S.A. subject to the amount lying in deposit being transferred to the DRT.

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The Ld. Counsel appearing for the appellants is amenable to such a suggestion and hence, the appeal which is to be taken on file is disposed of with a direction to the DRT to dispose of M.A. No.

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1

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159/2024 and subsequently, the S.A. as expeditiously as possible at any rate within three months.

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The amount lying in deposit before this Tribunal together with the accrued interest shall be transferred to the DRT to be retained in fixed deposit in the name of the Registrar, DRT, Nagpur till disposal of the M.A. No. 159/2024 and subsequently, S.A. at Diary No. 879/2024.

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Sd/Chairperson

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rm-15

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Ms Jai Shree Shyam Metalsthrough Its Partener Lalanprasad Shahu v. Omkara Assets Reconstructions Pvt. Ltd.

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Ms Jai Shree Shyam Metalsthrough Its Partener Lalanprasad Shahu v. Omkara Assets Reconstructions Pvt. Ltd.

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