NSEL INVESTORS Vs. CHANDRAVALI MANEK

JUDGEMENT

(1.) Appellant in both the Appeals, filed under Sec. 11 of the Maharashtra Protection of Interest of Depositors (in Financial Establishment) Act, 1999 (for short, "the MPID Act") has impugned common Order dtd. 13/10/2022 passed in Misc. Application No.1041 of 2022 and Misc. Application No.648 of 2022 in MPID Case No.1 of 2014 filed by the Respondent No.1 respectively herein, by the learned Special Judge (MPID), City Civil & Sessions Court, Greater Mumbai.

(2.) Heard Mr. Bharucha, learned counsel for Appellant, Mr. Pendse, learned counsel for the Respondent No.1 in both the Appeals, Ms. Gonsalvez, learned Special PP for the Respondent No.2, Ms. Shinde learned APP for Respondent No. 3 and Mr. Lakhawat learned counsel for Intervenor in both the Interim Applications.

(3.) Respondent No.1 in Appeal No.1106 of 2022 had filed Misc. Application No.1041 of 2022 contending that, she is a senior citizen aged about 91 years and having receivable outstanding of Rs.10,28,520.00 as on 31/7/2013, for which she is waiting for over 9 years. That, she has very little savings left and being a senior citizen does not have any other source of income. That, she is bedridden and suffering from various health issues and therefore she is in acute need of money. She therefore approached the Special Court to permit distribution of monies to those investors who have outstanding above Rs.10.00 lakhs to Rs.20.00 lakhs. That, considering the health issues and old age the said Application deserves to be allowed. Respondent No.1 in Appeal No.1108 of 2022 had filed Misc. Application No.648 of 2022 contending that, she is 53 years of age and having an outstanding of Rs.10,10,746.00 approximately. That, she has very small outstanding left. She therefore had approached trial Court to permit the distribution of monies to those investors who have outstanding above Rs.10.00 lakhs to Rs.20.00 lakhs.