# In the matter of Maneesh Ramakant Sapte Vs Export Import Bank Of India

> NCLAT judgment dated 2024-10-18. Citation: TCN-2024-NCLAT-00150. The case pertains to Comp. App. (AT) (Ins) No. 1954 of 2024 before the National Company Law…

- **Court:** NCLAT
- **Order date:** 18 Oct 2024
- **Citation:** TCN-2024-NCLAT-00150
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/maneesh-ramakant-sapte-vs-export-import-bank-of-india-2603507e

## Summary

### Background

The case pertains to Comp. App. (AT) (Ins) No. 1954 of 2024 before the National Company Law Appellate Tribunal, Principal Bench, New Delhi. The appellant is ready to deposit the entire amount referred to in Part-IV of Section 7 application and has deposited a demand draft of Rs. 110 crores. The balance principal amount is to be paid within 15 days. The respondent seeks liberty to communicate the appellant the figure as per all the four banks within a week.

## Facts

Maneesh Ramakant Sapte filed an appeal against Export Import Bank of India & Ors. The appellant's counsel stated that the appellant is ready to deposit the entire amount referred to in Part-IV of Section 7 application and has deposited a demand draft of Rs. 110 crores. The balance principal amount is to be paid within 15 days. The respondent's counsel requested permission to communicate the exact figure as per all four banks within a week. The court directed that no further steps should be taken in pursuance of the impugned order dated 15.10.2024 without prejudice to the rights of both parties. The appeal was listed for further hearing on 29.10.2024. The key facts are the appellant's commitment to deposit the amount, the respondent's request for clarification, and

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## Issues and analysis

### Issue 1: Whether the appellant should be allowed to …

**Ratio:** The appellant's willingness to deposit the amount as per Section 7 application is a

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**Reasoning:** The court acknowledged the appellant's submission and allowed the deposit, indicating a

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**Interpretation:** This demonstrates the court's inclination to encourage compliance with legal

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**Application:** The appellant's commitment to deposit the amount strengthens their position and

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** Maneesh Ramakant…
- **Respondents:** Export Import…; Export-Import…
- **Advocates:** Arun Kath…; Sunil Fer…; +9 more

## Timeline

- **2024-10-15 — Impugned Ord…**: Date of the impugned order, against which the appeal was filed. No further steps to be…
- **2024-10-18 — Appellant's Su…**: Appellant's counsel submits that the appellant is ready to deposit the entire amount…

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