HC dismisses bank’s plea against DRAT order
The Telangana High Court upheld the Debt Recovery Appellate Tribunal's decision to dismiss the Bank of Baroda's plea for condoning a delay in filing an appeal. The bank had failed to comply with a previous High Court order to appeal within the specified timeframe. The court noted the bank's lack of urgency in addressing the matter.
- ▪The Telangana High Court dismissed the Bank of Baroda's writ petition regarding a delay in appealing a Debt Recovery Tribunal order.
- ▪The bank was ordered to refund ₹4.64 crore to a participant in an auction of a non-performing asset.
- ▪The bank filed its appeal 224 days after the High Court's order, seeking to condone a 169-day delay.
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The Telangana High Court declined to interfere with an order passed by the Debt Recovery Appellate Tribunal-Kolkata dismissing its interim application to condone delay of 169 days in appealing against an order of Debt Recovery Tribunal-Hyderabad order.A bench of Justices Moushumi Bhattacharya and Gadi Praveen Kumar dismissed the writ petition filed by the Bank of Baroda (e-Vijaya bank) of ARM branch in Hyderabad in the matter. In 2019, the DRT-Hyderabad directed the bank to refund the bid amount of ₹4.64 crore to Kosetty Krishna, who participated in the auction of a non-performing asset, at the simple interest rate of 5%.Challenging this order, the bank approached the HC. On April 29 of 2024, the HC ordered the bank to file an appeal before the DRAT within eight weeks.
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