Pawan Jain vs The Chairperson The Debt Recovery Appellate Tribunal and Ot

Dilip Gupta, J.—This application has been filed for modification of the judgment and order dated 25th May, 2011 by which the order dated 5th May, 2011 passed by the Chairperson of the Debts Recovery Appellate Tribunal, Allahabad was modified to the extent that instead of depositing 40% of the amount as directed by the Debts Recovery Appellate Tribunal for entertaining the appeal filed u/s 18 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as the ''Act''), the Petitioner was directed to deposit 25% of 3.40 crores within month from the date of judgment so that the appeal could be entertained.

In the affidavit filed in support of the application dated 24th June, 2011, it is stated that the Petitioner could not arrange the finances within the time stipulated by the Court and, therefore, the Court may extend the period by a month to enable him to deposit the amount. On 22nd July, 2011 when the matter was taken up, it was adjourned on the request of the learned Senior Counsel for the Petitioner to enable the Petitioner to produce the draft of Rs. 85 lacs equivalent to 25% of 3.40 crores before the Court to show his bonafides.

Today, a draft of Rs. 85 lacs of Punjab National Bank, Railway Road, Aligarh bearing No. 601721 dated 25th July, 2011, in favour of the Registrar, Debts Recovery Appellate Tribunal, Allahabad has been placed before the Court. It is, therefore, the submission of learned Senior Counsel for the Petitioner that the time granted by the Court in the judgment and order dated 25th May, 2011 may be extended to enable the Petitioner to deposit it before the Appellate Tribunal as the draft is now available with the Petitioner.

Sri Somil Srivastava has appeared for the Respondent-Bank. He has submitted that the Debts Recovery Appellate Tribunal dismissed the appeal on 15th July, 2011 on the ground that the amount of 25%, as directed by the High Court by the judgment and order dated 25th May, 2011, was not deposited by the Appellate though the said order of the Appellate Tribunal is subject to further order that may be passed by the High Court.

Having considered the submissions advanced by learned Counsel for the parties and in view of the peculiar facts and circumstances of the case, the time period provided by the Court in the judgment and order dated 25th May, 2011 to deposit 25% of 3.40 crores so that the appeal filed u/s 18 of the Act can be entertained, is extended by 10 days'' from today.

The application is allowed to the extent indicated above.