Ipac Paper Boards (India) Private Limited Vs Kotak Mahindra Bank Limited

COMPANIES ACT, 1956 HAVING ITS REGISTERED OFFICE AT 5^TH KM, BATHLANGUNDU ROAD, PITHAIAIPATTY POST, DINDIGUL-624 001 AND BRANCH OFFICE AT 559, RMV 2ND STAGE, NEW BEL ROAD, BENGALURU - 560 094, REPRESENTED HEREIN BY ITS DIRECTOR-VIKRAM BALARAMAN.

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VIKRAM BALARAMAN

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S/O. DR. K. BALARAMAN, AGED ABOUT 40 YEARS, RESIDING AT NO.559, RMV 2^ND STAGE, NEW BEL ROAD, BENGALURU-560 094.

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HC-KAR

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DR. K. BALARAMAN S/O. LATE V.L. KRISHNASWAMY, AGED ABOUT 72 YEARS, RESIDING AT NO.559, RMV 2^ND STAGE, NEW BEL ROAD, BENGALURU-560 094.

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DHAMODHARAN

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S/O. M.P. VEERAPPA NAICKER, AGED ABOUT 61 YEARS RESIDING AT SRI LAKSHMI INDUSTRIES COMPOUND BATHLANGUDU ROAD, PITHALAIPATTY POST, DINDIGUL-624 001.

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…PETITIONERS

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(BY SRI. SANJAY H. SETHIYA, ADVOCATE)

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AND:

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KOTAK MAHINDRA BANK LIMITED A BODY CORPORATE CONSTITUTED UNDER THE BANKING COMPANIES (ACQUISITION AND TRANSFER OF UNDERTAKINGS) ACT, 1980 HAVING ITS REGISTERED OFFICE AT 27BKC, C 27, G BLOCK, BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI - 400 051 AND BRANCH OFFICE AT NO.3, DAS INDIA TOWERS, 2^ND FLOOR, 2ND LINE BEACH, PARRY'S CORNER,

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HC-KAR

CHENNAI-600 001.

…RESPONDENT

(BY SRI. NIKHILESH RAO M., ADVOCATE)

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THIS WRIT PETITION IS FILED UNDER ARTICLE 226 AND 227 OF THE CONSTITUTION OF INDIA, PRAYING TO SET ASIDE THE ORDER DATED 23.12.2024 PASSED BY THE HON'BLE DRAT IN AIR NO.243/2023 AS UNDER ANNEXURE-A AND DIRECT THE HON'BLE DRAT TO PROCEED WITH THE MATTER WITHOUT SEEKING FOR DEPOSIT, ETC.

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THIS PETITION, COMING ON FOR PRELIMINARY HEARING IN 'B' GROUP, THIS DAY, ORDER WAS MADE THEREIN AS UNDER:

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CORAM: HON'BLE MR. JUSTICE D K SINGH

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and

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HON'BLE MR. JUSTICE S RACHAIAH

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ORAL ORDER

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(PER: HON'BLE MR. JUSTICE D K SINGH)

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The present petition has been filed by the petitioners

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impugning the order dated 23.12.2024 passed by the Debt Recovery Appellate Tribunal, Chennai, in IA 306/2024 (Waiver) in AIR 243/2023. Vide the impugned order, the

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HC-KAR

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Tribunal has directed the petitioners to deposit 25% of the

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amount of the recovery certificate for the purpose of maintaining the appeal. We do not find any reason to interfere with the said order. The order is passed in accordance with the relevant provisions of Section 21 of the Recovery of Debts and Bankruptcy Act, 1993.

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The Debt Recovery Appellate Tribunal does not have

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the jurisdiction to reduce the statutory deposit below 25% in view of the express provisions of Section 21 of the

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Recovery of Debts and Bankruptcy Act, 1993.

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Therefore, we dispose of this writ petition with liberty to the petitioners to deposit 25% of the amount of the recovery certificate i.e., Rs.3,12,92,589/- within a period of eight weeks from the date of receipt of a certified copy of this order.

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