PROCEEDING BEFORE THE HON'BLE CHAIRPERSON ON 24/3/2017 [Friday]

A.IR:829/2015

M/s. Esteem Estate Projects (P) Ltd & ors V/S M/s. Asset Reconstruction Company (India) Ltd

Ld. Counsel Mr.K.Sridhar for Appellant present.

Ld. Counsel Mr.Sampath Sudha for Respondent present.

Heard IA No.976/2015, which is an application filed for condondation of delay of 85 days.

Cause of delay is said to be correction exercised by DRT in its order.

Per contra, Ld. counsel for Respondent submits that it was only a typographical mistake and
makes no difference in the liability of the Appellant. Respondent has waited for above 20
months time form the date of ascertaining the amount of liability and without even paying single
pie ever since 2007 since the account became NPA.

Considering the averments and on going through the facts narrated in typed set and in counter,
in my considered opinion parties should not be made out of court merely on technical grounds,
hence delay is condoned. IA is allowed.

Registry to number the waiver Application.

Heard IA No.485/2017, which is an application for waiver.

Vide impugned order DRT has ascertained the debt amount to be Rs.33.57 Crores.

According to provisions of Section 21 of RDDB & FI Act is concerned, DRAT cannot entertain
any appeal of any aggrieved person without complying with the formalities on pre-deposit.
DRAT cannot proceed further in the Appeal filed by any aggrieved person unless and until the
Appellant deposits 50% of debt amount, which can be reduced to 25%, but not less than 25%.

Considering the facts and circumstances of the case and delay cause in this matter, I hereby
direct the Appellant to make pre-deposit of Rs.15 Crores with the Registrar of this Tribunal. Out
of Rs.15 Crores, a sum of Rs.5 Crores to be paid as 1st part of the amount within a period of four
weeks from today and 2nd part of amount of Rs.10 Crores to be paid by another four weeks
thereafter. It is made clear that if Appellant fails to make payment of any part of the amount,
Appeal stand dismissed automatically without any reference of this Tribunal.

List for confirmation of 1st part of payment on pre-deposit on 26.04.2017

 PROCEEDING BEFORE THE HON'BLE CHAIRPERSON ON 26/4/2017 [Wednesday]

A.IR:829/2015

M/s. Esteem Estate Projects (P) Ltd & ors V/S M/s. Asset Reconstruction Company (India) Ltd

Ld.Counsel Mr.Kishor for Appellants present.

Ld.Counsel Mr.Shanmatha for Respondent ARCIL present.

Appellant did not comply the order of pre-deposit.

Ld.Counsel for Respondent submits that O.A. was filed in the year 2011 and is still waiting for
recovery of Rs.33.58 Crores.

Hence, no good ground is made out for extension of time.

Appeal is dismissed for want compliance.