Disposed
Mr Shaikh Asif Shaikh Ibrahim Mansoori v. State Bank of India
DRATMISC APPEAL/10/2025
What the court decided
AI extract
Outcome
Disposed
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BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr. Justice Ashok Menon, Chairperson Misc. Appeal No. 10/2025
Between
Shaikh Asif Shaikh Ibrahim Mansoori … Appellant/s V/s.
State Bank of India …Respondent/s
Mr U. N Fuladi, Advocate for Appellant appeared through Video Conferencing.
Ms Akshita R along with Mr Harsh R. Gutka, i/b M/s Anup Khaitan & Co., Advocate for Respondent Bank.
-: Order dated: 27/01/2025 :-
Vide order dated 20.12.2024, the appellant was directed to deposit a sum of ₹85 lakhs as the pre-deposit for entertaining this appeal. The appellant deposited ₹5 lakhs upfront on the date of the order. The balance amount of ₹80 lakhs was directed to be paid in three tranches. He paid the first tranche of ₹25 lakhs on 10.01.2025. The second instalment of ₹25 lakhs was due and payable on 24.01.2025. The appellant could not arrange for ₹25 lakhs and has filed this application for an extension of time stating that he is suffering from illness and therefore, he could not pay the amount. He undertakes to pay ₹5 lakhs towards the said amount.
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towards the satisfaction of the entire dues and upfront amount of ₹15 lakhs already paid by the appellant and the balance amount ₹62 is to be paid on or before 28.02.2025. It is agreed between the parties and the consent terms will be filed before the DRT. Hence, the Ld. Counsel appearing for the appellant submits that the appeal be disposed of based on the compromise which has been arrived at. It is also agreed by the Ld. Counsel for the appellant that the amount lying in the deposit be released to the respondent bank to be appropriated towards the dues.
Accordingly, the prayer is allowed and the appeal is disposed of as withdrawn. The amount lying in deposit before this Tribunal together with accrued interest shall be released to the respondent bank on proper acknowledgement.
Interlocutory applications, if any, are dismissed as infructuous.
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Shaikh Asif Shaikh Ibrahim Mansoori
State Bank of India
Ashok Menon
As recorded by the court registry
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