RINI ENGINEERS Vs. RATNAKAR BANK

JUDGEMENT

(1.) THIS appeal is sought to be filed by the appellants/original defendants being aggrieved by the judgment and Order dated 23.10.2002 passed by the learned Presiding Officer of Debts Recovery Tribunal, Pune in Original Application No. 567-P/2001. The learned Presiding Officer by the impugned judgment and Order directed issuance of recovery certificate in favour of the applicant Bank for recovery of Rs. 18,75,511.21 together with interest at the rate of 22% per annum with quarterly rests from the date of the suit i.e. 22.3.1995 till realization of the amount and the costs of the application from the opponents. He also gave certain consequential declarations. He also dismissed the counter claim filed by the appellant company and being aggrieved the present appeal is filed and what is being heard today is an application for waiver of deposit of 75% of the amount determined by the Tribunal under Section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (hereinafter to be referred to as RDB Act).

(2.) I have heard Mr. Khatavkar for the appellants and Mr. Bhagwat i/b Divekar & Co. for the respondent Bank. I have gone through the proceedings including the impugned judgment and Order and the application for waiver.

(3.) AS far as financial constraints of the appellants are concerned, in the application for waiver financial disability of the appellants has not been pleaded at all. In para 4 of the said application, it is simplicitor averred that "the applicant has suffered huge financial loss am; is not in a position to deposit 75% of the debt amount is provided in Section 21 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993." Beyond that there is nothing, nor even a scrap of paper is annexed to substantiate the vague statement made by the appellants in para 4 of the said application. Rest of the averments in the said application are only on merits of the case, as to how the appellants have good case on merits and how the appellants have high hope of success in the appeal. Needless to say that these pleas can be considered only when the appeal is admitted and is taken up for final hearing.