CREATION DECOR PVT LTD Vs. SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA

JUDGEMENT

(1.) THIS is an application under Section 21 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (hereinafter referred to as 'the Act') for waiver of the pre-deposit of the amount ascertained by the Debts Recovery Tribunal, Jaipur (hereinafter referred to as 'the DRT') as due from, and payable by the applicants/appellants to the respondent.

(2.) According to the applicants/appellants, they have suffered huge losses, that the 1st defendant company has died due to the inaction on the part of the respondent-bank, and that the other applicants/appellants, who are now working on their own, are leading just a hand to mouth existence. Therefore, according to them, they are not in a position to pay 75% of the decreed amount. Therefore, they have requested that the pre-deposit may be waived.

(3.) I have heard the learned Counsel for both the sides, and perused the records.