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Judgment
Anil Kumar Srivastava, Chairperson
THE APPELLATE TRIBUNAL :
For Admission
Mr. Nimish Mishra has put in appearance for Respondent No. 1 and Mr. Pranabasish Mitra for Proforma Respondents No. 2 to 9.
Admit the appeal by providing regular appeal number. Heard the Learned Counsel for the parties and perused the record.
Instant appeal has been preferred against order dated 22nd February, 2024 passed by Learned DRT-III, Kolkata dismissing I.A. 529 of 2024 filed by the Appellants herein.
As per the pleadings of the parties, O.A. 396 of 2023 is filed by Respondent No. 1 against the Appellants and the Proforma Respondents No. 2 to 9 for issuance of certificate for an amount of Rs.5.60 crore.
It appears that Defendants were asked to file written statement but written statement was not filed. Pending O.A. an injunction order was passed by the Learned DRT on 15.12.2023 restraining the Respondents from alienating, transferring or creating any third party interest in the secured assets without the leave of the Court. It appears that some negotiations were made between the Appellants and Respondent No. 1 and they arrived at an agreement for payment of Rs.5.60 crore. Initially, proposals were sent by the Appellants to the Respondent No. 1 on 27.12.2023 and 05.02.2024 which were duly responded by Respondent No. 1 on 7.02.2024. It is apparent from the record that even Respondent No. 1 is interested to get the matter settled at an amount of Rs.5.60 crore which is due from the Appellants and Respondents No. 2 to 9.
During the course of argument Learned Counsel for Appellants submits that if leave is granted to the Appellants to alienate or transfer the secured assets, Appellants would deposit an amount of Rs.3.70 crore by 13th of March, 2024 with the Respondent No. 1. Further, remaining amount of Rs.1.90 crore shall be deposited by 20th of March, 2024. Learned Counsel for Respondent No. 1 did not object to the same and submitted that in case the Appellants did not comply the order, any third party interest, created by the Appellants, may be directed to be null and void being violative of this order.
In view of the statement made by the Learned Counsel for Appellants and Respondents No. 2 to 9, it would be appropriate that they may be permitted to create third party interest in the secured assets involved in the O.A.
Accordingly, appeal stands disposed of with the leave to the Appellants to create third party interest in the secured assets with a direction that Appellants and Proforma Respondents No. 2 to 9 shall deposit an amount of Rs.3.70 crore with the Respondent No. 1 by or on 13th of March, 2024. They shall also make a deposit of Rs.1.90 crore with the Respondent No. 1 by or on 20th of March, 2024 with interest at the rate of 15% simple. It is made clear that if any of the conditions are not complied, this order shall automatically stand vacated and any interest created by the Appellants would have no legal bearing. Further Appellants shall be liable for the penal consequences, if any, permissible under the law.
This order is passed with the consent of the Learned Counsel for the parties.
Copy of the order be supplied to Appellant and the Respondents and a copy be also forwarded to the concerned DRT.
File be consigned to Record room.
Order dictated and pronounced in open Court.