M/S Guru Kirpa Enterprises And Anr vs Corporation Bank And Anr
2017 Latest Caselaw 3944 Del

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    $~8
    *     IN THE HIGH COURT OF DELHI AT NEW DELHI
    +     W.P.(C) 2843/2017 & CM No. 12379/2017

          M/S GURU KIRPA ENTERPRISES AND ANR          ..... Petitioners
                        Through: Ms. Parveen Rawal, Advocate.

                             versus

          CORPORATION BANK AND ANR                ..... Respondents
                       Through: Mr. Samarendra Kumar, Advocate.

          CORAM:
          HON'BLE MS. JUSTICE HIMA KOHLI
          HON'BLE MS. JUSTICE DEEPA SHARMA

                             ORDER

% 04.08.2017

1. The petitioners are aggrieved by the order dated 15.03.2017 passed by

the learned DRAT in an appeal preferred by them against the

respondent/Bank (S.A. No. 84/2017) whereby interim relief has been

declined. The appeal is pending before the DRAT and stated to be listed for

final arguments on 21.08.2017.

2. Ms. Rawal, learned counsel for the petitioners states, on instructions,

that a meeting of the Managing Director of the petitioner no. 1/Company has

been scheduled with the High Powered Committee of the respondent/Bank on

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08.08.2017, at Bangaluru, Karnataka. She further states that vide letter

dated 19.07.2017, the petitioners had offered to pay a sum of Rs.

1,20,00,000/- to the respondent/Bank on or before 30.09.2017. This amount

is over and above a sum of Rs. 2,28,99,400/- already deposited by the

petitioners with the Bank. As per the petitioners, the outstanding amount is

Rs. 1,18,36,995/-.

3. Learned counsel for the respondent/bank disputes the said submission

and states that the amount received from the petitioners till date is to the tune

of Rs. 2,18,00,000/- and with interest, the outstanding amount has mounted to

Rs. 4 lakhs, after adjusting the amounts already received.

4. Having regard to the submission made by the learned counsel for the

petitioners that they are willing to deposit a further sum of Rs. 60 lacs with a

DRAT on or before 21.08.2017, without prejudice to their rights, we deem it

appropriate to allow the present petition. It is directed that subject to the

petitioners depositing a further sum of Rs. 60 lakhs with the DRAT Registry

on or before 21.08.2017, the respondent/Bank shall not take any coercive

steps against the petitioners till a decision is taken on the pending appeal

which shall be decided on merits or till the date the parties arrive at a

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settlement, whichever is earlier.

5. The present petition is disposed of along with pending application.

HIMA KOHLI, J

DEEPA SHARMA, J AUGUST 04, 2017/ss