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Judgment
The Appellants were directed to deposit a sum of ₹ 3.5 crores as pre-deposit for entertaining this appeal vide order dated 24.11.2023. The Appellants forthwith deposited a sum of ₹ 50 lakhs and for the balance of ₹3 crore time was granted to pay the said amount in three tranches of ₹ 1 Crore each. The Appellant however, could manage to pay only part of the instalments as on 22.12.2023 an extension was granted to pay the 2nd instalment and it was made clear that no further extension would be granted.
Subsequently, the Appellants did not pay the amount in time and make the part payment and further extension of time was sought and this Tribunal was inclined to grant a further extension of time to pay the amount vide order dated 15.01.2024. The last and final installment of ₹ 1 crore together with the shortfall of ₹ 60 lakhs was payable on or before 02.02.2024. However, the Appellants could manage to pay only the shortage of ₹ 60 lakhs, there is still a balance of ₹ 1 crore yet to be paid for which time is sought till 23.02.2024. The Ld. Counsel appearing for the Respondent bank vehemently opposed this extension of time and submitted that two extensions were already granted to the Appellant. Therefore, further extension cannot be granted and more particularly so because vide order dated 22.12.2023 this Tribunal had made adequately clear that no further extension of time would be granted. It is also submitted that the 2nd extension application I.A. No. 29/2024 was not served upon the Respondent bank which resulted in the said application being allowed unopposed. It is also stated that apart from the contentions of financial strain there is no other material to indicate that the Appellants are finding it difficult to pay the amount.
Heard both sides. the final instalment towards payment of ₹ 3.5 crores was due and payable on 02.02.2024 and the outstanding amount payable along with the shortfall was ₹ 1.60 crores. However, the Appellants could pay only ₹ 60 lakhs and for the balance amount of ₹ 1 crore further extension of time is sought.
It is to be kept in mind that the Appellants have not deposited the entire amount payable, and now, a further extension of time is sought from 02.02.2024 till 23.02.2024 for making the payment of balance ₹ 1 crore. The objection raised by the Respondent bank is something which is to be concerned about because the Appellants have not paid any of the instalments as directed within time. However, it is also true that the Appellants have not been seeking time without making any payment towards the instalments.
Therefore, I find that it is only reasonable that a further final and last adjournment will be granted for payment of the amount of ₹ 1 crore which shall be paid positively by 16.02.2024. It is made clear that no further time would be granted and the appeal shall stand dismissed in case the amount is not paid on that day.
Post on 19.02.2024 for reporting compliance..