IN IN IN THE HIGH COURT OF JUDICATURE AT BOMBAY THE HIGH COURT OF JUDICATURE AT BOMBAY THE HIGH COURT OF JUDICATURE AT BOMBAY CIVIL CIVIL CIVIL APPELLATE JURISDICTION APPELLATE JURISDICTION APPELLATE JURISDICTION CIVIL CIVIL CIVIL WRIT PETITION NO. 7716 OF 2007 WRIT PETITION NO. 7716 OF 2007 WRIT PETITION NO. 7716 OF 2007 1. Gurpar Industries Ltd. & Anr. ] .. Petitioners Versus 1. Debt Recovery Appellate Tribunal & ] 7 ors. ] .. Respondents Mr. Pradeep Sancheti with Mr. Ajay Khaire i/b M/s. M.S. Bodhanwalla & Co. for the petitioners. Mr. R. Peermoideen i/b Ms. Bharti Lele for the respondents No.2 and 3. Mr. B. Chandran i/b Smt. Rajshree Nair for the respondent No.5. CORAM: S.B. MHASE & A.A. KUMBHAKONI, JJ. DATED: 2ND JUNE, 2008 P.C. : 1. Heard learned counsel. 2. The order dated 22nd August, 2008, passed by the Debts Recovery Appellate Tribunal in M.A.No.326 of 2007 is challenged by this Petition. This application was made under section 18 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 seeking waiver of deposit of : 2 : 50% of the debt amount as required by proviso to section 18. The execution is also in process. The property in issue has been attached and sold by public auction on 12.12.2006. 3. The learned counsel for the petitioners states that he is not challenging the power of the respondent to attach the property and sell the same, but the petitioners are challenging the order of the Debts Recovery Tribunal. Be that as it may. 4. Whenever an appeal is filed in the DRAT under section 18, the law requires that 50% of the requisite amount shall be deposited. The court has the power, on proper consideration of the case, to grant exemption or waiver of such deposit in the discretion of the court. That discretion has been exercised by the court and the petitioners have been directed to deposit 25% of the sum of Rs.3,63,14,921.00 within a period of eight weeks by the impugned order of DRAT. 5. Instead of depositing the said amount so that the appeal could proceed, the petitioners have approached this court. We have gone through the impugned order and the manner in which the discretion has been exercised by DRAT. The petitioners are not : 3 : desirous of paying a single farthing either to the financial institution and/or deposit in the court. The petitioners are only interested in protracting the matter. Therefore, we refrain to entertain the Petition and it is, accordingly, rejected. Sd/- Sd/- [A.A. [A.A. [A.A. KUMBHAKONI, J.] KUMBHAKONI, J.] KUMBHAKONI, J.] [S.B. [S.B. [S.B. MHASE, J.] MHASE, J.] MHASE, J.]