Vishnupriya Agro India Ltd. and Ors. versus Ms International Assets Reconstruction Company Pvt. Ltd.

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BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr. Justice Ashok Menon, Chairperson M.A.No. 83/2024(Refund of Deposit)

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In

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(Misc. Appeal No. 142/2011-Disposed of)

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Between

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Vishnupriya Agro India Ltd. &Ors. … Appellant/s

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V/s.

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M/s International Assets Reconstruction

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Company Pvt. Ltd. …Respondent/s Mrs. D.B. Ragani, i/b M/s. Haridas & Co., Advocate for Appellants. Mr Prashant Pandit, Advocate for Respondent appeared through Video Conferencing.

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-: Order dated: 24/09/2024:-

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This is an application filed by the appellants for a refund of the amount lying in deposit before this Tribunal as pre-deposit for entertaining this appeal. The appeal has been disposed of and the appellants have sought a refund of the amount.

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The Ld. Counsel appearing for the respondent has vehemently opposed this application stating that the respondent intends to proceed with attaching the amount and therefore, the amount may not be released.

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Given the decision of the Hon’ble Supreme Court in Axis Bank V/s. SBS Organics Pvt. Ltd. & Anr. 2016 (12) SCC 18 . The amount lying in the deposit as a pre-deposit has to be refunded to the appellants on disposal of the appeal unless there is an attachment or lien over the said amount, admittedly there is no such attachment in place and therefore, the application is allowed and the amount lying in deposit together with the accrued interest shall be refunded to the appellant No.1 on proper acknowledgment.

Sd/-

Chairperson

rm-23

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Vishnupriya Agro India Ltd. and Ors. v. Ms International Assets Reconstruction Company Pvt. Ltd.

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Vishnupriya Agro India Ltd. and Ors. v. Ms International Assets Reconstruction Company Pvt. Ltd.

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