(Kurian Joseph and Rohinton Fali Nariman, JJ.)
S.D. Bhoskar and Co. and Anr. _______________________ Petitioner(s)
v.
Bankl of Baroda and Anr. __________________________ Respondent(s)
Petitions for Special Leave to Appeal (C) Nos. 36266-36267/2015, decided on January 8, 2016
The Order of the court was delivered by
Order
1. It is seen that recovery proceedings had earlier been initiated against the petitioners under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 and the matter is now pending before the the Debts Recovery Appellate Tribunal (For short ‘Tribunal’) and by way of an interim order petitioners were directed to deposit a sum of Rs. 12.5 lakhs which was deposited with the Tribunal.
2. Thereafter, only the SARFAESI proceedings had been initiated. In that proceedings also, the petitioners had been directed to approach the Tribunal under Section 17. The Tribunal directed the petitioners to deposit a sum of Rs. 75 lakhs.
3. Aggrieved, petitioners approached the High Court by way of a Writ Petition. The Division Bench of the High Court disposed of the said writ petition directing the petitioners to deposit Rs. 25 lakhs.
4. Issue notice on the limited question as to why the petitioners should make a further pre-deposit, since the petitioners have already made one deposit in respect of the same recovery, returnable within six weeks.
5. In that view, there shall be stay of direction to deposit an amount of Rs. 25 lakhs as also the order of the Tribunal to deposit Rs. 75 lakhs.
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