The Debt Recovery Appellate Tribunal dismissed the appellant's waiver application and the underlying appeal because the mandatory 25% statutory deposit was not filed within the directed period.
Application IA 90/2023 (Waiver) dismissed; Appeal AIR (SA) 383/2022 rejected.
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IN THE DEBT RECOVERY APPELLATE TRIBUNAL AT CHENNAI
Dated the 17th day of December, 2024
PRESENT : HON’BLE MR. JUSTICE G. CHANDRASEKHARAN
CHAIRPERSON
IA 90/2023 (Waiver) In
AIR (SA) 383/2022
(Arising out of I.A.No.3478/2022 in S.A.No.854/2022 On the file of DRT, Coimbatore)
Between
Mr. C. Krishnamoorthy, Partner M/s. M. Veerappan & Co., No. 322, A-Block, Nithya Enclave, Kavundampalayam, Coimbatore – 641 030.
… Appellant
And
The Authorized Officer, M/s. Indian Overseas Bank, Park Square Branch, No. 1027-A, Subramanya Complex, Avinashi Road, Near VOC Park, Upplipalayam, Coimbatore – 641 018
…Respondent
Counsel for Appellant : M/s. V.P.Parivallal & A. Periyasamy Counsel for Respondent : M/s. A. Sermaraj
1
ORDER
This matter is coming up today for reporting compliance of statutory deposit.
This Tribunal vide its dated 25.11.2024 directed the petitioner/appellant to deposit 25% of Rs.4,93,48,404.69p within a period of three weeks from 25.11.2024 towards pre-deposit and the said period of three weeks had expired on 16.12.2024 and the matter was posted to this date for reporting compliance.
When the matter is taken up today, it is reported by the that pre-deposit, as ordered by this Tribunal on 25.11.2024 is not complied with. There is no representation for both sides today.
Under the circumstances, this application IA 90/2023 (Waiver) is dismissed for non compliance of statutory deposit, resulting in rejection of Appeal AIR (SA) 383/2022, by giving effect to conditional order dated 25.11.2024.
(JUSTICE G. CHANDRASEKHARAN) CHAIRPERSON
2
Mr. C. Krishnamoorthy, Partner M/s. M. Veerappan & Co.
The Authorized Officer, M/s. Indian Overseas Bank
G. Chandrasekharan
As recorded by the court registry
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