Anoop V. Mohta, J. - (1.) Rule. Rule made returnable forthwith and heard finally with the consent of learned counsel appearing for the parties.
(2.) Learned counsel for the petitioners, on instructions, restrict their submission and prayer mainly against impugned order dated 4/5/2017. All other prayers are not pressed. Therefore, we are not dealing with the same at this stage and those points are kept open.
(3.) These writ petitions are filed by the guarantors against impugned order dated 4/5/2017, whereby the petitioner/appellants' applications for waiver as contemplated under Section 21 of the Recovery of Debts and Bankruptcy Act, 1993 (for short the R.B.D. Act) has been considered, but by passing the following order : "I am of the view prima facie grounds to entertain appeal are to be seen to consider waiver application under Section 21 of the Act is to entertain the appeal, I deem it appropriate to direct the appellant to deposit a sum of Rs.3.5 Crores which is roughly 50% of decretal amount as on date with interest within a period of 8 weeks. Appellant shall deposit above referred amount on or before 29/06/2017, within Registrar, Drat, Mumbai, failing which appeal stands rejected automatically. As and when the said amount is deposited it shall be invested in Term Deposit in the name of Registrar, Drat, Mumbai with respondent Bank, initially for a period of thirteen months and thereafter it will be renewed periodically. Stand over to 30/06/2017 for compliance. Appellant is at liberty move stay application after making deposit." ;