Extension of Time Granted for Installment Deposits Due to Satisfactory Reasons The Tribunal granted an extension of time for depositing installments to the petitioner, acknowledging satisfactory reasons for the delay. The petitioner ...
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Extension of Time Granted for Installment Deposits Due to Satisfactory Reasons
The Tribunal granted an extension of time for depositing installments to the petitioner, acknowledging satisfactory reasons for the delay. The petitioner was required to deposit the next installment by a revised date of 24.04.2013 and the final component by 10.05.2013, with failure resulting in the dissolution of the stay granted. The judgment highlighted the petitioner's counsel's presence in court, ensuring awareness of obligations under the order, and mentioned the lifting of attached buses due to non-compliance. The application for extension of time was granted as per the specified terms.
Issues Involved: Extension of time for depositing installments granted by the Tribunal.
Analysis: The judgment revolves around the extension of time granted by the Tribunal for depositing installments as per the order dated 27.11.2012. The petitioner had deposited Rs. 2,66,00,000/- by 12.03.2013 for the components specified in the order but beyond the stipulated time. The petitioner provided reasons for the delayed deposit, which were considered satisfactory by the Tribunal.
The Tribunal acknowledged the satisfactory cause shown by the petitioner for the delay in depositing the amount by the due date. Consequently, an extension of the period for depositing the installments was granted. The stay granted by the Tribunal on 27.11.2012 was made contingent on the petitioner remitting the next installment by a revised date of 24.04.2013 and the final component by 10.05.2013. Failure to deposit any of the installments as directed would result in the immediate dissolution of the stay granted without further reference to the Tribunal.
The judgment emphasized that the petitioner's counsel was present in court and had noted the order, indicating sufficient intimation to the petitioner of its obligations under the order. Additionally, it was mentioned that the buses of the petitioner, which were attached due to non-compliance with the previous order, would be lifted. The application for extension of time for depositing installments was granted as per the terms specified in the judgment.
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