Delhi High Court
Ambience Towers Private Limited vs Bank Of Maharashtra on 6 July, 2022
$~13
* IN THE HIGH COURT OF DELHI AT NEW DELHI
% Decided on : 06.07.2022
+ W.P.(C) 10077/2022
AMBIENCE TOWERS PRIVATE LIMITED ..... Petitioner
Through: Mr. Rajeeve Mehra, Senior
Advocate with Mr. V. Anush
Raajan and Mr. Madhusudan,
Advocates.
versus
BANK OF MAHARASHTRA ..... Respondent
Through: Mr. Nishant Awana and Mr.
G.S. Awana, Advocates.
CORAM:
HON'BLE MR. JUSTICE NAJMI WAZIRI
HON'BLE MR. JUSTICE VIKAS MAHAJAN
NAJMI WAZRI, J. (ORAL)
The hearing has been conducted through hybrid mode (physical and
virtual hearing).
CM APPL. 29303/2022 (Exemption)
1. Allowed, subject to all just exceptions.
2. The application stands disposed-off.
W.P.(C) 10077/2022 & CM APPL. 29302/2022 (Stay)
3. Issue notice. Notice is accepted by the learned counsel for the
respondent. At joint request, the petition is taken up for
disposal.
4. The petitioner impugns the order of 25.05.2022 passed by the
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Digitally Signed By:KAMLESH
Signing Date:07.07.2022
14:53:44
learned Debts Recovery Appellate Tribunal, Delhi ('DRAT'),
directing the petitioner to deposit 50% of the claimed amount as
pre-deposit within four weeks before the petitioner's application
for interim relief could be heard. The case has now been listed
for 08.07.2022. The order also notes that in case the pre-deposit
is made on an earlier date or an application for reduction of pre-
deposit to 25% is made, the learned Tribunal would take up the
matter on an earlier date at the request of the petitioner.
5. The learned Senior Advocate for the latter submits that the
petitioner has deposited Rs.32.33 crores under court orders,
therefore, the same be considered as a pre-deposit regarding the
claimed amount of Rs.79.67 crores. This amount is mentioned
in the respondent's letter dated 10.08.2021. The learned counsel
for the respondent submits that the amount claimed is Rs.83.59
crores.
6. The petitioner submits that the orders directing the deposits
were:
I. W.P.(C) 14194/2021 dated 13.12.2021:
"...
13. (c) Mr. Kakra states that the petitioner will make a
deposit of ₹2.5 crores with the Bank by 16.12.2021 and
a further amount of ₹5 crores by 27.12.2021. The
aforesaid amounts will be deposited and accepted
without prejudice to the rights and contentions of the
parties and subject to the orders that may be passed by
the DRT, Jaipur.
..."
Signature Not Verified
Digitally Signed By:KAMLESH
Signing Date:07.07.2022
14:53:44
II. W.P.(C) 15233/2021 dated 10.01.2022:
"...
Mr. Alag has submitted that the petitioner shall
pay from January, 2022 onwards at the rate of Rs. 5
crores per month, which would not only cover current
instalment but also reduce the arrears towards
outstanding instalments and interest.
He submits that for the month of January, 2022
petitioner has either deposited, or issued cheques
aggregating to Rs. 3.61 crores. He submits that a
further cheque for Rs. 1.39 crores would be issued
within the month of January, 2022 towards the
payment of Rs. 5 crores in January, 2022. He further
submits that another Rs.5 crores would be paid by the
end of February, 2022.
..."
III. W.P.(C) 15233/2021 dated 03.03.2022:
"...
3. On 10.01.2022, this Court, granted interim
protection to the petitioner on the undertaking given by
the petitioner that they would deposit with the
respondent an amount of Rs.5 crores per month which
would not only account for the current, regular
instalments which are in the range of Rs.2.5 crores per
month, but would also reduce the arrears towards
outstanding instalments and interest on account of non
payment of the instalments by the petitioner. In terms
of the order dated 18.01.2022, the petitioner has
deposited two instalments of Rs.5 crores each for the
month of January and February, 2022. Since the last
date, the Chairperson of DRAT, Delhi has been
appointed and the said Appellate Tribunal is therefore
functional.
4. Mr. Alag, the senior counsel for the petitioner states
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Digitally Signed By:KAMLESH
Signing Date:07.07.2022
14:53:44
that the appeal preferred by the petitioner before the
DRAT is listed on 28.03.2022.
5. In these circumstances, we dispose of this petition
with liberty to the appellant/petitioner to pursue the
said appeal. On the next date, the parties shall not be
granted any adjournment by the DRAT. The interim
protection granted to the petitioner shall continue, as
long as, the application for interim relief is decided by
the DRAT, subject to the petitioner continuing to
deposit Rs. 5 Crores per month with the respondent.
..."
7. It is argued by the petitioner that Rs.32.33 crores is more than
25% of the claimed amount of Rs.79.67 crores, therefore, if the
application for reduction of pre-deposit to 25% is considered by
the learned DRAT, the petitioner would more than qualify for
its application for interim relief to be considered. The 25% of
Rs.79.67 crores is Rs.19.9175 crores. The petitioner contends
that it has paid approximately 40.5% of the claimed amount.
Alternatively, the petitioner argues that if the amount of
Rs.32.33 crores is considered as a recovery and not as a pre-
deposit, then 25% on the balance of Rs.47.34 crores would be
Rs.11.835 crores. The learned Senior Advocate for the
petitioner states, upon instructions, that the petitioner will
deposit an amount of Rs.5 crores by 30.07.2022, which would
make the total deposit to Rs.37.33 crores, which makes it
roughly 50% of the pre-deposit. He states that the petitioner also
undertakes to continue to pay an amount of Rs.3.13 crores every
month from August 2022, till their interim application is
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Digitally Signed By:KAMLESH
Signing Date:07.07.2022
14:53:44
decided.
8. In view of the above, it will be open to the petitioner to move an
appropriate application before the learned DRAT for reduction
of amount of pre-deposit from 50% to 25%. All amounts
deposited by the petitioner pursuant to judicial orders would be
considered by the learned DRAT apropos the requirement of
pre-deposit.
9. The learned counsel for the respondent submits that the
petitioner has defaulted in payment for the months of April
2022 and June 2022. However, this is rebutted by the learned
Senior Advocate for the petitioner, who submits that Rs.5 crores
now being deposited will make up for any defaults.
10.The petitioner assures the court that an application will be filed
before the learned Tribunal before the next date, i.e. 08.07.2022,
and an undertaking to pay the amounts, in terms of this order,
will also be filed.
11.Till such time the petitioner's application is taken up for
consideration, no adverse measures will be taken against the
petitioner.
12.The petition, along with pending applications, is disposed-off in
terms of the above.
NAJMI WAZIRI, J
VIKAS MAHAJAN, J
JULY 6, 2022/SS
Signature Not Verified
Digitally Signed By:KAMLESH
Signing Date:07.07.2022
14:53:44
