Debts Recovery Tribunals and Appellate Tribunals
Tata Capital Financial Services Limited vs Smt Maddipatti Varalakshmi on 28 January 2021
IN THE DEBT RECOVERY APPELLATE TRIBUNAL AT KOLKATA
Dated this the 28th day of January 2021
PRESENT: Dr. T. RAVI SHANKAR, HON’BLE CHAIRPERSON
Appeal No. 48 of 2020
(Arising out of I.A No. 294 of 2020 in S.A No. 206 of 2020on file of DRT, Visakhapatnam)
The Authorized Officer,
…….
Appellants.
Tata Capital Financial ServicesLtd. and Another
-Versus-
Maddipati Varalakshmi :
Respondent
Counsel for Appellant:: Mr.. Nemani Srinivas for Mr. Avishek Guha Counsel for Respondent: None appears.
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O R D E R
Mr. Nemani Srinivas along with Mr. Avishek Guha appears on behalf of the appellant. There is no representation for the respondent.
Learned counsel for the appellant states that respondent has been duly served and that the affidavit of service has also been filed. It is seen that despite the service of notice about the hearing of the case the respondent has chosen not to appear today.
Learned counsel for the appellant drew the attention of this Tribunal to the facts of the case and stated that interim orders ought not to have been passed by the Tribunal below. The Learned counsel took this Tribunal also through the orders passed by the Hon’ble High Court of Andhra Pradesh and the Hon’ble Supreme Court of India in this case. Learned counsel explained in detail the order of the Presiding Officer, DRT, Visakhapatnam and added that the interim order is required to be set aside as it does not meet out the requirements of a case wherein interim orders are required to be passed. Learned counsel added that the appellant has lent out a sum of more than Rs.13 crores to the respondent and the respondent has not repaid even a single rupee towards the loan account and stated that the appellant has been facing difficulties in view of the non-payment of the dues by the Respondent. Learned counsel stated that money is has to be repaid by the borrower as promised. Learned counsel added that in view of the huge amount of loan availed by the borrower, in view of the fact that the loan has to be repaid by the borrower and in view of the fact that the peril of the interest multiplying looms large over the Respondent the SA requires to be disposed of early and that an early disposal of the SA would only be beneficial to all the parties in this case and therefore this Tribunal is driven to pass the following order: - “Learned Presiding Officer, DRT, Visakhapatnam is directed to take up the S.A itself and dispose of the same in accordance with law on or before 30thJune, 2021”.
The appeal is disposed of accordingly.
File be consigned to Record Room. (Dictated to the Stenographer, transcribed by him, corrected, signed and pronounced by me on this the 28th day of January, 2021).
Sd/= (Dr. T. Ravi Shankar) Chairperson