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Judgment
Ashok Menon, Chairperson
The appellants were directed to deposit a sum of ₹1.70 crores as a pre-deposit under Sec. 18(1) for entertaining this appeal. The appellants had already deposited ₹1 crore towards the said amount even before the application was heard and after hearing both sides, this Tribunal directed the appellant to deposit a sum of ₹70 lakhs more within three weeks i.e. on or before 15.10.2024. On the last date, the appellants came up with this application seeking an extension of time by three weeks more. The appellants state that they are facing some financial problems and that further time may be granted to them.
The Ld. Counsel appearing for respondent No. 1 financial institution as well as the auction purchasers have vehemently opposed the application for extension and submits that the application was filed at the eleventh hour without making any payment whatsoever towards the amount and it is further contended that the appeal was once disposed of and then restored and the only intention of the appellant is to protract the matter since that interim protection granted to them as against creation of third party interest concerning the secured assets be prolonged.
The appellants had upfront paid ₹1 crore and were directed to deposit ₹70 lakhs more towards the pre-deposit. Therefore, in the interest of justice exercising the jurisdiction under Sec. 19(25) of the RDB Act as also Section 148 of CPC, the application is allowed and the appellants are directed to deposit ₹70 lakhs within two weeks i.e. on or before 30.10.2024 as a last chance. It is made clear that no further extension would be granted.
Post on 01.11.2024 for reporting compliance regarding payment of ₹70 lakhs.