Sai Prasad Cold Storage through Proprietor and Ors. v. the Authorised Officer Indian Bank Ltd. Sangli Branch and Ors.
Case brief
What is this about?
Sai Prasad Cold Storage v. The Authorised Officer, Indian Bank Ltd, Sangli Branch; Writ Petition No. 4018 of 2025; High Court of Judicature at Bombay; decided 05.05.2025; One Time Settlement proposal rejected; fresh OTS proposal liberty; Rs.4 crores deposited vide order dated 19.03.2025; restoration of possession of secured assets; Debts Recovery Tribunal to decide expeditiously; removal of items stored in cold storage; 15 days' notice for fresh steps on other mortgaged properties; writ petition disposed with merits kept open.
What did the court decide?
Liberty to the Petitioners to submit a fresh One Time Settlement proposal for consideration by Respondent No.1 in accordance with its policy; liberty to seek restoration of possession of the secured assets before the Debts Recovery Tribunal (Tribunal directed to decide any such application expeditiously in accordance with law); any application for removal of items stored in the cold storage facility to be considered by the Bank; Bank's recorded statement that 15 days' notice will precede any fresh steps regarding other mortgaged properties; all points on merits kept open.