Debts Recovery Tribunals and Appellate Tribunals
TANISHI LIFE SCIENCE PVT LTD AND ORS vs BANK OF BARODA on 25 July 2024
ΣX-05
**IN THE DEBTS RECOVERY TRIBUNAL-II AT AHMEDABAD**
(Anil Kumar Gupta, Presiding Officer, I/c.)
**M.A .No. 38 of 2024**
**Date of Filing : 15.07.2024**
**Date of Decision : 25.07.2024**
Item No.8
**1. M/S.TANISHI LIFE SCIENCE PVT. LTD.,** .....Applicants Through its Authorized Director, Mr.Marmikumar J. Patel Address At: S/13, Saidham Complex, ABC Cross Road, Bholav, Old N.H. No.8, Bharuch - 392 001.
**2. MR. MARMIKUMAR J. PATEL**
**3. MRS. HITACHIBEN J. PATEL**
**4. MR. SAGARKUMAR J. PATEL**
Applicant No. 2 to 4 are residing at : AA/61, Raj Laxmi Bungalows, Zadeshwar Road, Bharuch - 392 012
Versus
**The Authorized Officer**
**BANK OF BARODA**
Zadeshwar Road Branch, 1<sup>st</sup> Floor, Shri Rang Multiplex, Zadeshwar Road, Bharuch - 392 012. ....Respondent **Appearance:**
Mr. Sandeep Solanki, Ld. Counsel for the Applicants
Citations and Judicial Treatment
Cited by
0
Decisions in the index citing it
Cites
0
Decisions referred to
In this index
0
Of the decisions it cites
Overruled / Questioned
0
No negative treatment found
Loading the citing and cited decisions…
This judgment in the centre: on the left the decisions it cites, on the right the decisions citing it. Colour is the treatment; choose a decision to open it.
**JUDGMENT**
1. 1. Today, this matter has been placed before me, by the Registry.
2. 2. The Applicants have preferred the present Miscellaneous Application (MA) seeking extension of time for depositing balance payment as per the order dated 08.04.2024 passed by this Tribunal in SA No.492/2022 and for other incidental reliefs.
3. 3. Heard ld. Counsel for Applicants, on the present application, at the admission stage itself and perused the file.
4. 4. The Applicants have averred that this Tribunal had granted time for the period of three months from 08.04.2024 to pay the entire outstanding dues, as on 08.04.2024, as per the schedule mentioned in order dated 08.04.2024, since the Applicants could deposit only an amount of Rs.30.00 Lakhs against the outstanding dues of Rs.1,27,32,529.27 + legal expenses, as on 08.04.2024, in their loan account.
2M.A. No.38 of 2024
1. 5. It is submitted that in terms of the undertaking filed by the Applicants, in S.A. No.492/2022, before this Tribunal, the Applicants were to settle the matter by selling one of the property being Flat No.304, 305 & 306 in the scheme of Sai Niwas Apartment, Zadeshwar, Bharuch and pursuant to which, Applicants have also executed a registered Agreement to sale with one Mr.Maheshsinh Rajpurohit on 02.07.2024; however, the said person has sought 4 months' time for payment of sale consideration towards the said properties, subsequent to which, the Applicants herein, have also failed to make the payment of entire outstanding dues as per the order dated 08.04.2024 passed by this Tribunal in S.A. No.492/2022.
2. 6. It is submitted that there is no wilful breach of any of the stipulations as fixed by this Tribunal in order dated 08.04.2024 passed in S.A. No. 492/2022 and the Applicants are still ready and willing to honour the stipulations of the said order. Furthermore, no injury or prejudice shall be caused to the Respondent, if the prayer of the Applicants for extension of time for payment is granted by this Tribunal and on the other hand, if the said application is not entertained, in that eventuality, Applicants shall suffer irreparable loss, which cannot be compensated in terms of money. As such, it is submitted that appropriate order may be passed on the said Misc. Application.
3. 7. Considering the submissions made by the Id. Counsel for Applicants and more particularly looking to the order dated 08.04.2024 passed by this Tribunal in SA No.492/2022, it appears that the Applicants were inclined to settle the matter amicably with the Bank and accordingly they submitted payment schedule towards the outstanding dues of Rs.1,27,32,529.27 + legal expenses, as on 08.04.2024, as confirmed by the Id. Counsel for the Respondent Bank. Upon such inclination of the Applicants, this Tribunal passed order dated 08.04.2024 and disposed of SA No.492/2022 and specifically observed that - *"This order has been passed at the instance of the Applicants and as such, time is/will be the essence of this compromise and Applicants will not be entitled for any time extension in future".*
As per the schedule of payment agreed by the Applicants, the entire settled amount was to be paid by the Applicants to the Respondent Bank within a period of 90 days from the said of the order i.e. 08.04.2024. However, the Applicants have flouted their own undertaking given before this Tribunal.
3M.A. No.38 of 2024
The Applicants have not made payment of the entire outstanding amount to the Respondent Bank till date. The respect and authority commanded by courts of law are the greatest guarantee to an ordinary citizen and the entire democratic fabric of the society will crumble down if the respect for the judiciary is undermined. It is true that the judiciary will be judged by the people for what the judiciary does, but in the event of any indulgence which can even remotely be termed to affect the majesty of law, the society is bound to lose confidence and faith in the judiciary and the law courts thus would forfeit the trust and confidence of the people in general. The Contempt of Courts Act, 1971 intends to secure confidence of the people in the administration of justice by disciplining those erring in disobeying the orders of the Court/undertaking given to court.
1. 8. In light of the aforesaid discussion, this Tribunal is of the opinion that the present Miscellaneous Application deserves to be dismissed. However, the Applicants may approach the Respondent Bank for amicable settlement.
2. 9. The present Miscellaneous Application is hereby dismissed with no order as to cost, at admission stage itself.
3. 10. The case file be consigned to records.
(ANIL KUMAR GUPTA) PRESIDING OFFICER, I/c. DRT-II, AHMEDABAD 25.07.2024