Home Case Index All Cases Indian Laws Indian Laws + HC Indian Laws - 2019 (7) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (7) TMI 1912 - HC - Indian LawsRequirement to submit the pre-deposit - recovery of amount due to on account of default in repayment of loans - case of petitioner is that the DRAT has not appreciated the fact that there was no occasion for the petitioners to be required to deposit any amount as a pre-condition under Section 21 of the Recovery of Debts and Bankruptcy Act - HELD THAT:- The learned DRAT has not viewed the aspect of pre-deposit correctly in the present case. The amount of Rs. ₹ 152,81,07,159/- was received by the respondent-bank during the pendency of the Original Application. The respondent-bank did not amend its Original Application to claim that it has adjusted the said amount, and did not limit its claim for the balance amount. Consequently, while adjudicating the Original Application, the DRT has proceeded on the basis that the respondent-bank is bound by the settlement amount of ₹ 145 crores, and is entitled to future interest thereon at the rate of 9% per annum from 5th July, 2012 onwards till realization on the reducing balance, after taking into account the amount of ₹ 152,81,07,159/- received during the pendency of the Original Application. Merely because the amount of ₹ 152,81,07,159/- was received by the respondent-bank before passing of the final judgment, and not thereafter, would make no difference while considering the aspect of pre-deposit that the debtor, or the guarantor would have to deposit in terms of Section 21 of the aforesaid Act. The appeal preferred by the petitioners-appellants should be heard by the DRAT without insisting on any further deposit at this stage. The impugned orders dated 27.2.2019 and 9.4.2019 are, therefore, set aside - Appeal disposed off.
|