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Judgment
Ranjit Singh, J
The application (IA No. 337 of 2015) seeking exemption from filing the certified copy of the impugned order is allowed. The appeal is taken up for hearing without placing on record certified copy of the impugned order. The Tribunal below has vacated status quo order passed in favour of the appellant by observing that the appellant despite his undertaking has not paid the entire NPA amount, but has paid only Rs. 3 crores which is not the complete NPA amount. The Tribunal below has found that the appellant has yet to pay the balance amount of Rs. 1.5 crore. Finding this against the appellant, the Tribunal below has vacated the status quo order.
Aggrieved against this order, the appellant has filed this appeal. As per the Counsel for the appellant, the account was classified as NPA on 31st March, 2013 when the outstanding amount was Rs. 12,46,00,323/-. Between 1st April, 2013 to 23rd June, 2013 the appellant states to have paid an amount of Rs. 6,46,32,379/-. Notice under Section 13(2) was issued on 24th June, 2013. The amount claimed on that day was Rs. 5,99,67,621/-. The Counsel points out that this amount is claimed as due on 23rd June, 2013 but, at the same time, the Bank has also stated that it will claim interest with effect from 8th June, 2013.
On the basis of the above facts, the Counsel would submit that the appellant has deposited a total sum of Rs. 8,19,77,641/- till 27th December, 2014. The amount thereafter paid till date is Rs. 4.40 crores. In this way, the Counsel would state that the total amount paid is Rs. 12,59,77,641/- which is more than the amount which was due when the account was classified as NPA.
Having made submissions on the above facts, the Counsel would submit that the appellant is interested to bring an end to this litigation. The Counsel submits that the appellant would be willing to clear the entire liability by 31st July, 2015. He, however, prays for some concession in the rate of interest by making it payable as simple interest.
Since the issue involved in the present appeal is only in regard to vacation of stay and the SA filed by the appellant is still being adjudicated by the Tribunal below, it will be appropriate for the appellant to make all such submissions before the Tribunal below. The Tribunal below can very well consider the total amount as deposited by the appellant till date. If only interest is yet to be paid which according to the Bank was Rs. 1.57 crore (including other charges) still the Tribunal below can consider if the appellant deserves any concession in the rate of interest. The Tribunal below thereafter can allow him to make payment as undertaken before this Tribunal.
Mr. Mehra further states that to show his bona fide the appellant undertakes to deposit a sum of Rs. 25 lacs more on or before the date fixed before the Tribunal below.
In view of what has been noticed above, it is not considered necessary to issue notice to the respondent as the case is being sent back to the Tribunal below where the Bank would be represented.
The present appeal is accordingly disposed of with a direction to the Tribunal below to consider the prayer of the appellant sympathetically but in accordance with law. Till next date of hearing before the Tribunal below, interim order shall continue. Thereafter, the Tribunal below would be at liberty to pass any appropriate order. Since the appeal is being disposed of, no order needs to be passed on the waiver application (IA No. 338 of 2015). Even otherwise, the appellant has deposited more than the NPA amount and hence the waiver of pre-deposit may not be required as such.