JAI GOPAL KANSAL AND ANOTHER Vs. INDIAN BANK

JUDGEMENT

(1.) Heard Shri Rahul Jain, learned counsel for the petitioner and Shri Amrish Sahai, learned counsel for respondent-Bank.

(2.) Present petition arises out of the order passed by Debts Recovery Appellate Tribunal, Allahabad dated 08.10.2018 by which petitioner-appellant was directed to deposit Rs.1 crore (which is around 25% of the amount due at the time of filing of appeal), as pre-deposit for making the appeal entertainable before D.R.A.T.

(3.) Petitioner before this Court was one of partners of a firm known as M/s Sanjay Kumar Neeraj Kumar, which took bill purchase limit facility from respondent bank, Railway Road Branch, Hapur. According to petitioner, an appliation was moved by the firm for closing the said purchase limit on 10.01.1984 and also releasing the mortgage property with the bank. When no steps was taken by Bank a registered notice was given on 16.05.1984 to the Bank.