TaxTMI 
TaxTMI 
2002 (11) TMI 676
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.... Recovery Appellate Tribunal failed to exercise its discretion under section 21 of the 1993 Act ? This is the short question that arises in this appeal. The relevant facts may be noticed. 2. The appellants stood guarantee for the loans advanced by the Indian Overseas Bank to different Companies. On default in payment, suits for recovery were instituted in the year 1987. The proceedings had culmin....
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....ion was dismissed vide order dated June 20, 2002. Hence this appeal. 4. Mr. Krishna Mani, learned counsel for the appellants, contends that section 21 confers a discretion on the Appellate Tribunal. The dues of the Bank have been secured by providing adequate securities as delineated in paragraphs 5 to 11 of the grounds of appeal. Thus, the order for the deposit of 60 per cent of the decretal amo....
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....ion or the Appellate Tribunal to "waive or reduce the amount to be deposited....." However, this discretion has to be exercised in a judicial manner. The Tribunal is required to record the reasons in writing. Thus, the exercise of the discretion under the proviso has to be for good reasons. What is the position in the present case? 6. The Tribunal, on examination of the relevant factors, had come....