RAMESH KANJI MASKAI Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) THIS appeal is sought to be filed by the appellants/original defendant Nos. 3, 4 and 5 being aggrieved by the Order dated 22.1.2003 passed by the learned Presiding Officer of Debts Recovery Tribunal-Ill, Mumbai in Original Application No. 567/1999. By the impugned judgment and order, the learned Presiding Officer allowed the application filed by the Bank and ordered that the defendants were liable to pay to the applicant Bank sum of Rs. 10,03,74,766/- with future interest at the rate of 13.5% per annum with yearly rests from the date of the suit till realization of the amount.

(2.) Today application for waiver of deposit as per the mandate of Section 21 of the Recovery of Debts Due to Bank and Financial Institutions Act, 1993 is being argued. Provisions of Section 21 require the appellants/original defendants to deposit with this appellate Tribunal 75% of the amount as decided by the Tribunal under Section 19 of the RDB Act.