B D VIZ & SONS PVT LTD Vs. BANK OF INDIA

JUDGEMENT

(1.) THIS application under Section 21 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 was moved along with the memorandum of appeal and therein it was prayed that the appellants be exempt from depositing the amount as held due by the Tribunal below. The appeal was filed in the year 1998.

(2.) By application No. 201/2001, additional grounds have been taken for exemption under Section 21 of the said Act. Replies have been filed and the pleadings are complete.

(3.) THIS appeal was filed before Debts Recovery Appellate Tribunal, Mumbai against the final order made by DRT, Jaipur in O.A. No. 827/96 whereunder a decree of Rs. 55,22,559 has been passed with future interest @ 17.5% p.a. with quarterly rests from 25.8.94 till realization.