Ms Penguin Textiles Ltd. v. Indian Bank

IN THE DEBTS RECOVERY APPELLATE TRIBUNAL AT KOLKATA

Misc. Application Diary No 863 of 2023 (Arising out of S.A. 08 of 2014 in DRT-I, Hyderabad)

THE HON’BLE MR. JUSTICE ANIL KUMAR SRIVASTAVA CHAIRPERSON

12.02.2024 M/s. Penguin Textile Limited & Another … Appellants -VsIndian Bank & 3 Others … Respondents Mr. T. Vijay Kumar, Learned Counsel for Appellants

Mr. A.K. Dhandhania, Learned Senior Advocate with Ms. Sweta Mishra, Learned Counsel for Respondent No. 2

Mr. Rudrajit Sarkar with Mr. Aditya Kanodia, Learned Counsel for Respondent No. 3.

THE APPELLATE TRIBUNAL :

Heard the Learned Counsel for Appellant as well as Learned Counsel for Respondents No. 2 and 3 and perused the record.

Perusal of the record would show that on 17.3.2023 an order was passed directing the Appellant to make a pre deposit of 50% of Rs.103,37,70,069.00 within four weeks failing which appeal shall stand dismissed. Since the order was not complied, vide order dated 27.4.2023, appeal was dismissed for want of pre deposit.

Writ Petitions No. W.P. 11461 of 2023 and W.P. 13507 of 2023 were filed before the Hon’ble High Court For The State of Telangana at Hyderabad wherein the Division Bench passed an order, dated 05.7.2023, allowing the writ petitions and directed the petitioner, i.e. the Appellant herein, to deposit 50% of the sale proceeds, i.e. Rs.35,50,000.00. Four weeks time was granted to deposit the amount. It was specifically ordered that if the petitioner does not deposit the amount before the DRAT within the time granted, the appeal automatically shall stand dismissed.