ALMANIA FOODS Vs. CATHOLIC SYRIAN BANK

JUDGEMENT

(1.) THIS application has been moved by the appellant under Section 21 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (hereinafter called 'the Act') for waiver of required deposit under that section. Reply to this application has been filed by the respondent Bank whereby the prayer has been vehemently opposed.

(2.) Heard learned Counsels for the parties.

(3.) LEARNED Counsel for the appellants submitted that due to some misconception of the provisions of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, this application was moved but on in depth scrutiny of the provisions of the said Act, it was felt that the provisions of Section 21 of the Act do not have application on an appeal filed against the impugned order by which an application analogous to Order IX Rule 13, CPC for setting aside ex-parte decree, on grounds, has been rejected. On the other hand, the contention of the learned Counsel for the respondent Bank is that the provisions of Section 21 are very clear and there could be no doubt that if the amount of debt so due from the appellant has been determined by the Tribunal, the appeal shall not be entertained by the Appellate Tribunal unless such appellant has deposited with the Appellate Tribunal 759% of the amount of debt so determined.