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Judgment
Ashok Menon, Chairperson
The matter is taken up for hearing by way of a praecipe filed by Appellants for seeking urgent relief.
The secured creditor bank which is the Respondent in these Misc. Appeal has filed this application for withdrawal of the pre-deposit amount of ₹ 42.50 lakhs together with the accrued interest to be released to the bank as undertaken by the Appellant before the Debts Recovery Tribunal – III, Mumbai (D.R.T) in the S.A.
The affidavit filed by the Appellant present in person today is also produced for perusal in which he has undertaken that the amount lying in deposit in this Tribunal together with the accrued interest may be released to the bank for appropriation towards the debt as undertaken before the DRT. The DRT has also recorded such a fact on the basis that the S.A. would be finally disposed of on payment of the balance amount.
Hence, the application is allowed and the amount lying in deposit before this Tribunal together with the accrued interest shall be released to the Respondent bank on proper acknowledgement.
Accordingly, M.A. No. 14/2024 is disposed of.