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Judgment
P.K. Bhasin, Chairperson
ORDER ON WAIVER APPLICATION
Appellant has come up in appeal against the final order passed by the learned DRT in O.A. under section 19 of the Recovery of Debts and Bankruptcy Act,1993 for recovery of its outstanding dues against the appellant and respondents no. 2 and 3. For the entertainment of this appeal the appellant is required to make a pre-deposit of 50% of the decreed amount.
It was argued by the learned senior counsel for the appellant that the impugned order of DRT is perverse since no liability could by fixed against the appellant who is only a builder and nothing to do with the loan advanced by respondent bank to its borrowers. It was further submitted that due to adverse market conditions which stood aggravated due the recent corona virus all over the globe the appellant is not in a position to make 50% of the pre-deposit and it should be permitted to make pre-deposit of minimum amount of 25% beyond which this Tribunal cannot grant any relief and which 25% has already been made.
The appellant who claims to be one of the biggest builders/developers in the country cannot claim any waiver particularly when the amount of pre-deposit is of few lacs. In case such a big builder is granted waiver it will not be sound exercise of discretion. Appellant itself has claimed that pursuant to the directions of the Hon'ble Supreme Court it has deposited Rs. 750 crores with the Registry of Supreme Court to be distributed to various allottees whom the flats have not been delivered. Balance of convenience is not in favour of grant of any waiver in requirement of pre-deposit. Thus, I need not examine if the DRT's order under challenge is perverse as claimed by the learned senior counsel Mr.Makker thereby making a strong prima facie case in favour of the appellant.
Accordingly the prayer for grant of waiver of the condition of pre-deposit is rejected. The appellant is directed to make a pre-deposit of fifty percent of the decretal amount in fifteen days.