A.IR:1064/2010
A-1708/2010 (Waiver) – Ld. Counsel Shri DineshKumar appearing on behalf of the petitioner stated that the actual loan availed by the petitioner is only Rs.2.80 lakhs in the year 1992 and that the petitioners have already paid Rs.8,54,692/- under the OTS Scheme and therefore this Tribunal is not required to pass any orders towards compliance of Section 21 of the RDDB & FI Act.
Ld. Counsel Shri Balasubramanian appearing on behalf of the respondent bank stated that the amount determined is Rs.40,60,528/- and stated that this Tribunal may take note of the fact that the loan has been remaining unpaid for a long time and stated that this Tribunal may impose a condition of depositing 75% of the dues to comply with Section 21 of the RDDB & FI Act.
The Ld. Counsel also stated that this Tribunal may not pass any orders of interim stay unless the pre-deposit under Section 21 is complied with. Ld. Counsel also added that there is no OTS in this case and that the sums of money stated to have been deposited by the petitioners has already been given credit to and as of now the due amount as stated by him stands and this Tribunal has to reckon the pre-deposit based on that amount and stated that the orders may be passed in the interest of public money.
Heard the Ld. Counsel.
In view of the facts and circumstances of the case more particularly in view of the fact that the amount determined is Rs. 40,60,528/- and further in view of the fact that the loan is of the year 1992 i.e., nearly 20 years ago, it would be appropriate if the following order is passed:
“The petitioner is directed to deposit a sum of Rs.20,30,264/- being 50% of the amount determined, into this Tribunal on or before 30.4.2012”
Call on 1.5.2012 for verification of the deposit.
This order was delivered by the Honble Chair Person
of the DRAT Chennai on 7th March 2012
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