M/S. TIMBER MATICS Vs. UCO BANK

JUDGEMENT

(1.) Challenge in this writ petition is to the order dated 04.09.2017 passed by the Debts Recovery Appellate Tribunal, Kolkata, in Tender No. 71 of 2017/470/524. By the said order, while condoning the delay in the presentation of the appeal, the Appellate Tribunal directed the appellant to deposit Rs. 40,00,000.00 having considered its waiver application. Aggrieved by this condition, the appellant is before this Court.

(2.) Sri N. Chandradhar Rao, learned counsel for the petitioner, would contend that the initial liability of the petitioner/appellant was to the tune of Rs. 28,13,107.30 Ps. and that the waiver application ought to have been considered by the Appellate Tribunal in the context of the original liability.

(3.) Sri Manohar Reddy Nandyala, learned counsel for the UCO Bank, Secunderabad, would however point out that the initial liability of the petitioner/appellant would continue to gather interest owing to the default committed and state that the outstanding liability as on date would be over Rs. 1.00 crore.