ASIF ALIM SAIT Vs. SYNDICATE BANK
LAWS(DR)-2004-11-6
DEBTS RECOVERY APPELLATE TRIBUNAL
Decided on November 17,2004

Appellant
VERSUS
Respondents

JUDGEMENT

Pratibha Upasani, - (1.) MR. M. Rajan, Advocate for the appellants is present. MR. P. Sreenivasulu, Advocate for the respondent Bank is present and tenders reply, which is taken on record.
(2.) Heard both the sides on the application for waiver of pre-deposit. Also perused the proceedings including the impugned order and Roznama of this case on which I will make comment after a little while because it is very relevant. This appeal is sought to be filed by the appellants/original defendant Nos. 2 and 3 namely, Mr. Asif Alim Sait and Mr. Sadiq Alim Sait, being aggrieved by the judgment and order dated 31.12.2002 passed by the learned Presiding Officer of DRT, Bangalore, in OA-815/1995. By the impugned judgment and order, the learned Presiding Officer allowed the claim in favour of the Bank in part and ordered all the three defendants to jointly and severally pay to the applicant Bank a sum of Rs. 18,83,219.50p. with subsequent interest at the rate of 17.5% p.a. compounded quarterly from 4.8.1995 till the date of realisation. The counter-claim filed by the defendants/appellants was dismissed with costs. The learned Presiding Officer accordingly, directed Recovery Certificate to be issued in the above stated terms. Being aggrieved, the present appeal is sought to be filed.
(3.) TODAY, application for waiver of pre-deposit under Section 21 of the RDDB&FI Act, 1993 is being argued.;


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