VIPIN AGGARWAL Vs. INDIAN OVERSEAS BANK

JUDGEMENT

(1.) The Petitioner is aggrieved by the order dtd. 29/11/2022 passed by the Debts Recovery Appellate Tribunal at Mumbai (DRAT) directing the Appellant to pay a sum of Rs.15.00 crore as pre-deposit within three weeks on or before 20/12/2022, in default, the Appeal to stand dismissed without further reference to the Tribunal.

(2.) The Petitioner is the brother of one Mr. Ramesh Aggarwal and the co-owner of a property named Lavkush, Road No.8, 60 Hatkesh Society, Vile Parle (West), Mumbai - 400049 (hereinafter referred to as the "subject property") which property was mortgaged as security to the Indian Overseas Bank being Respondent no.1 herein for certain credit facilities granted by the Bank to the Respondent no.2 Hooghly Ship Breakers Limited, who was the borrower. Petitioner was the guarantor and mortgagor, along with his brother.

(3.) The outstanding balance from the borrower to the Bank, as on 28/2/2021, was Rs.43,44,11,258.38, and adding interest at the rate of 13.90 %, the balance as on 21/6/2022 totals to Rs.51,34,88,389.00.