High Court denies relief to Mumbai-based firm in loan repayment case
India TodayThe Bombay High Court dismissed a petition filed by Royal Traders, a partnership firm owned by Kamala Mills, which sought the court's direction to reduce its pre-deposit amount in the Debt Recovery Appellate Tribunal to 25 per cent. Dismissing the Royal Traders' petition, the court upheld DRAT's order requiring a 50 per cent pre-deposit. However, Royal Traders did not deposit the same when DRAT refused to grant a waiver on the pre-deposit requirement, following which it approached the High Court. While the borrower had submitted an income tax return indicating a financial loss of Royal Traders, the court deemed it inadequate to prove financial distress at the time of filing the appeal as the income tax returns of Kamala Mills, Ramesh Gowani and Nidarshana Gowani, his wife and partner, were not produced.
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![Karnataka HC Dismisses Vijaya Mallya's Review Petition Against Order Directing Deposit Of Rs 3101 Crores [Read Order]](https://www.livelaw.in/h-upload/images/vijay-mallya.jpg)
Karnataka HC Dismisses Vijaya Mallya's Review Petition Against Order Directing Deposit Of Rs 3101 Crores [Read Order]
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