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Judgment
Ashok Menon, Chairperson
This Tribunal had on 31.03.2023 directed the Appellants to deposit a sum of ₹25,00,000/- by 10.04.2023 and in complying with that order the possession of the secured asset was to be restored to them as an interim arrangement till the appeal was heard and disposed of.
The Appellants deposited ₹20,00,000/- in the first instance and thereafter deposited ₹5,00,000/- more belatedly and have filed this I.A. No. 312/2023 for an extension of time to deposit the amount. It was a submission of the Ld. Counsel appearing for the Respondent Bank that they would not be willing to settle the matter for anything above ₹25,00,000/-.
It is the submission of the Appellants that the Appellants have been rendered homeless, and are presently residing at the mercy of others. Considering the exigency expressed by the Appellants this Tribunal is inclined to extend the period fixed by this Tribunal on 31.03.2023 and hold that the direction of depositing ₹25,00,000/- in a no lien account with the bank has been complied with though belatedly, and therefore, the Receiver appointed by the Recovery Officer, D.R.T.-I, Mumbai, is directed to hand over possession of the property to the Appellants as an interim arrangement till the appeal is disposed of.
It is also directed that the Appellants shall not create any third-party interest over the property till the appeal is disposed of. Post on 16.06.2023 for hearing