1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION WRIT PETITION NO. 787 OF 2010 Link Intime India Pvt. Ltd., .... Petitioner. vs. The Debts Recovery Appellate Tribunal & Ors. ..... Respondents. Mr. Cyrus Adeshir a/w Pallavi Kulkarni i/by M/s. Bilawala for the petitioner. Mr. Viraj Maniar i/by Viraj Maniar & Asso. for respondent no. 2. CORAM : J.N. PATEL, ACTING, C.J. & S.C. DHARMADHIKARI, J. DATE : 21ST JUNE, 2010. P.C. Heard the learned counsel for the parties. 2. The petitioner has impugned the order dated 11.3.2010 passed 2 by the Debts Recovery Appellate Tribunal, Mumbai in M.A. No. 580 of 2007 in Appeal No. 231 of 2007 by which the petitioners were directed to deposit a sum of Rs. 70 lacs in two instalments i.e. a sum of Rs. 10 lacs on or before 31.3.2010 and the balance by 31.5.2010 to enable them to prosecute the appeal. This order has been passed under Section 21 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 relating to waiver of deposit. 3. It has been pointed out to us that the order passed by the DRAT itself specifies the liability of the petitioner to the extent of the market value of the share pledged by respondent no. 3 with the petitioner which at the relevant time fetched a price of Rs. 1.95 per share in the share market i.e. as per the stock prices of BSE on 7.7.1997 and, therefore, it is submitted that at the most the liability of the petitioner would be to the extent of Rs. 22,16,131.25 and that the petitioner having already deposited a sum of Rs. 10 lacs as directed by this Court, this Court may consider the case of the petitioner and modify the order passed by the DRAT relating to pre-deposit of the amount. 4. The learned counsel appearing for the respondent no. 2 submits that actually speaking the liability of the petitioner will have to be ascertained as per the stock prices on BSE Index on the date the shares were lodged for transfer i.e. September, 1999 when the share price was Rs. 37.80 per share. 5. We are not dealing with the matter on merits in order to work out the share value to fasten liability on the petitioner at this stage. We are only 3 concerned with the amount of pre-deposit which should have to be specified to enable the petitioner to prosecute the appeal. We find that the learned Chair- person of the D.R.A.T. has computed the amount on the basis of decree in the sum of Rs. 2.20 crores along with the interest at the rate of 12% per annum for waiver of deposit which is the amount due and payable by the principal debtor and borrower. Therefore, we modify the impugned order and direct the petitioner to deposit a total sum of Rs. 22 lacs out of which a sum of Rs. 10 lacs is already deposited with the DRAT. The balance amount of Rs. 12 lacs be deposited with the DRAT within two weeks from the date of passing of this order. On such amount being deposited, the DRAT is directed to register the appeal filed by the petitioner. On failure of the petitioner to comply with this order, it will be open for the DRAT to proceed with the matter in accordance with law. On such amount being deposited, it will be open for the respondent to apply for withdrawal of the same and such an application will be considered on its own merits. 6. The petition stands disposed of accordingly. (J.N. PATEL, ACTING, C.J.) (S.C. DHARMADHIKARI, J.)