SHAGUFTA ZAHID Vs. CENTRAL BANK OF INDIA
LAWS(DR)-2004-5-1
DEBTS RECOVERY APPELLATE TRIBUNAL
Decided on May 24,2004

Appellant
VERSUS
Respondents

JUDGEMENT

K.S.Kumaran, - (1.) RESPONDENT-Central Bank of India (hereinafter referred to as "respondent-Bank") has obtained the final order dated 27th December, 2001 against the appellants herein (as defendant Nos. 2 to 4, hereinafter referred to as "appellants-defendants") and M/s. Hibba Exports, (as 1st defendant) for a sum of Rs. 10,32,972/- with interest and cost.
(2.) The appellants-defendants filed an application under Rule 66 of the Second Schedule to the Income Tax Act, 1961 before the Recovery Officer attached to the Debts Recovery Tribunal-I, New Delhi, (hereinafter referred to as "DRT"), requesting the Recovery Officer to postpone the sale of the property for about two months to enable the certificate debtors to raise the balance of the amount under the Certificate. The appellants-defendants urged in that application that they have been served with the notice for drawing up the proclamation for sale and settling the terms of the sale of the property, whereas, they have given a proposal to the respondent-Bank for settlement. They have also urged that the matter had been compromised earlier, but due to unfortunate circumstances and loss in the business, they could not act in terms of the Schedule as per compromise. They have also urged that they have already paid a sum of Rs. 4 lacs.
(3.) THEY have also urged that when they submitted the proposal on 28th October, 2002 they had also given a cheque for Rs. 1 lac to the respondent-Bank to show their bona fides, and that they are paying Rs. 2 lacs by cash order on 30th October, 2002.;


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