The Debt Recovery Appellate Tribunal at Chennai dismissed a waiver application by the appellant for failing to deposit the required 50% pre-amount towards the recipient within the specified timeframe. Consequently, the appeal (AIR 449/2022) arising from S.A.188/2019 was rejected.
Waiver application for non-compliance of statutory deposit was dismissed.
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IN THE DEBT RECOVERY APPELLATE TRIBUNAL AT CHENNAI
Dated the 15th day of April, 2025
PRESENT : HON’BLE MR. JUSTICE G. CHANDRASEKHARAN CHAIRPERSON
IA 774/2024 (Waiver)
In
AIR (SA) 449/2022
(Arising out of S.A.188/2019 on the file of DRT-II, Chennai)
Between
Mr. C. Devadasa Sundaram, S/o. Mr. Chidambara Nadar, No. 25, Second Avenue, Indira Nagar, Adyar, Chennai – 600 020. … Appellant
And
The Authorized Officer, Pegasus Assets Reconstruction Pvt. Ltd, No. 23, Old No.13, McNicholas Road, Chetpet, Chennai – 31. …Respondent
Counsel for Appellant : Mr. Thomas T Jacob Counsel for Respondent : M/s. Ramalingam & Associates
ORDER
Ld. Counsel for petitioner is present.
This matter is coming up today for reporting compliance of statutory deposit.
This Tribunal vide its order dated 26.02.2025 directed the petitioner/appellant to deposit 50% of Rs.3,49,03,578.91p within a period of six weeks from 26.02.2025 towards pre-deposit and the said period of six weeks had expired on 09.04.2025 and the matter was posted to this date for reporting compliance.
1
When the matter is taken up today, it is reported by the Office as well as by Ld. Counsel for petitioner/appellant that pre-deposit, as ordered by this Tribunal on 26.02.2025 is not complied with.
Under the circumstances, this application IA 774/2024 (Waiver) is dismissed for noncompliance of statutory deposit, resulting in rejection of Appeal AIR 449/2022, by giving effect to conditional order dated 26.02.2025.
Sd/-
(JUSTICE G. CHANDRASEKHARAN) CHAIRPERSON
2
2 issues framed by the court
Whether the appeal is to be rejected due to non-compliance of the pre-deposit order.
Whether the waiver application for non-deposit should be allowed.
Mr. C. Devadasa Sundaram
The Authorized Officer, Pegasus Assets Reconstruction Pvt. Ltd
G. CHANDRASEKHARAN
As recorded by the court registry
16 orders share this CNR
Judgements on the same questions, provisions and authorities, from every court
