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Judgment
Ashok Menon, Chairperson
The Applications at Diary Nos.1017/2022, 1021/2022, and 1022/2022 filed by the Appellants in the above-mentioned Appeals which are also at the lodging stage. Vide order of this Tribunal dated 26. 08.2022 the Appellants were directed to pay a sum of Rs. 44 lakhs in four installments as pre-deposit u/s 18 (1) of the SARFAESI Act.
The first installment of ₹11 lakhs was paid within the time on 9. 09.2022 and the second installment of the sum of ₹11 lakhs was also paid on time before 23.09.2022.
The third installment was to be paid on or before 07.10.2022 the Appellants had some financial crunch as a result of which they were not able to pay the amount on time and therefore, filed these applications which are at the lodging stage seeking an extension of time invoking the provision of section 19 (25) of the RDB Act.
Heard the learned counsel appearing for the Appellants and the Respondent Bank.
The learned counsel appearing for the Respondent Bank vehemently opposed the application for an extension of time to deposit the balance amount.
The Appellants had already paid more than half of the amount which was directed to be paid. It is only when the payment of the third installment was due that they defaulted the order of this Tribunal. The Appeal would stand dismissed automatically in case the payment of installments is defaulted.
The Appellants had filed this application online on the last date of payment. The reason for the delay is explained. I am of the opinion that the Appellants have made an earnest attempt to pay the amount directed to be paid.
The learned counsel appearing for the Appellants submits that the third installment would be paid together with the fourth installment which is due on or before 21.10.2022. Invoking the power of this Tribunal u/s 19 (25) of the RDB Act as also exercising jurisdiction under u/s 148 of the Code of Civil Procedure the time granted for payment of the third installment is extended, and said installment shall be paid together with the fourth installment due on or before 21.10.2022.
No further extension will be granted.
Post on 25.10.2022 for compliance.