ANIRBAN ADITYA Vs. KOTAK MAHINDRA BANK

JUDGEMENT

(1.) The revisional application arises out of an order dated July 3, 2023 passed by the learned Debts Recovery Appellate Tribunal, Kolkata in I.A. No.233 of 2023 arising out of Misc. Appeal No.07 of 2023. The Misc. Appeal No.07 of 2023 arose out of an order passed in O.A. No.438 of 2019.

(2.) By the order impugned, the application filed by the petitioners claiming waiver of pre-deposit under Sec. 21 of the Recovery of Debts Due to Banks and Bankruptcy Act, 1993 was disposed of with a direction upon the petitioners to make a pre-deposit of 50% of Rs.3,88,67,695.00 within four weeks. Failing which, the appeal was liable to be dismissed.

(3.) Mr. Ghosh, learned advocate appearing on behalf of the petitioners has challenged the aforementioned order on the ground that the learned appellate tribunal ought to have shown a little more leniency in view of the fact that the Hon'ble Apex Court had permitted waiver of pre-deposit upto 75 per cent, in suitable cases. The debtor being an educational institution could not be saddled with the pre- deposit of 50% of Rs.3,88,67,695.00. Imposition of such a heavy amount as a pre-condition to hearing of the appeal would adversely affect the administration and management of the institution.