Disposed

Axis Bank v. Dheeraj Gupta and Ors.

DRAT20 Dec 2022MISC APPEAL/166/2020

Case brief

AI extract

What is this about?

The Debts Recovery Appellate Tribunal allowed an interim application praying for the release of Rs. 1.30 crores marked as lien from one of the respondent's accounts in favour of the appellant bank, based on a settlement agreement to settle seven loan accounts.

What did the court decide?

Directed Punjab National Bank, Sector-18, Noida to release Rs. 1.30 crores marked as lien from respondent no.3's account in favour of appellant Axis Bank.

Axis Bank versus Dheeraj Gupta and Ors. — Company and Corporate | DRAT (2022)

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DEBTS RECOVERY APPELLATE TRIBUNAL, DELHI

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Misc. Appeal No.166/2020 Arising out of Misc. Application /NDN No.891/2020 (O.A.No.890/2017(DRT-II, Delhi)

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Axis Bank Ltd. Vs Dheeraj Gupta & Ors.

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20.12.2022 Hon’ble Mr. Justice Brijesh Sethi

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Present: Mr. Deepak Sahni, Ld. Counsel for appellant.

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Mr. Pallav Saxena, Ld. Counsel for respondent no.3

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This matter has been taken up by me through Video Conferencing.

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I.A. No.903/2022

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This is joint application filed by appellant and respondent no.3 to record settlement and pass a Consent Decree. According to the application, the bank and the respondent no.3 have settled the dispute with respect to the following seven loan accounts:

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Sr. No.	Loan Account Number	Borrower name	Proposed settlement amount
1.	PHR036101173754	ESHA AGGARWAL	Rs.28,44,473/-
2.	PHR036101161730	AMIT AGGARWAL	Rs. 7,13,977/-
3.	PHR063601249794	MUNISH PRABHAKAR	Rs.15,63,642/-
4.	PHR036101326874	MOD TARIQ NAWAB	Rs.41,18,186/-
5.	PHR063602035847	GAURAV GOYAL	Rs.17,17,899/-
6.	PHR013101188556	SUKHJIT MANN	Rs.54,21,323/-
7.	PHR063602405816	AJAY KUMAR GAUR	Rs. 7,53,294/-
		Total	Rs.1,71,32,794/-

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It has been agreed between the bank and respondent no.3 that respondent no.3 will make an aggregate payment of Rs.1,71,32,794/to be payable in two tranches viz. 1,30,00,000/- to be deposited from the account of respondent no.3 maintained in Punjab National Bank in account number 3702002100045859, which is marked under lien vide order dated 22.12.2020 of learned DRT-II, Delhi by end of January 2023, and Rs.41,32,794/- by end of February 2023 against full and final settlement of aforementioned loan accounts. It has also been agreed that the bank and respondent no.3 will withdraw all the litigation

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filed against the each other and their employees, officials and representative pertaining to the aforementioned loan accounts upon receivables of full and final settlement amount.

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In view of above, the applicants have prayed for directing the Punjab National Bank, Sector -18, Noida to release the amount of Rs.1.30 crores marked as lien in the account of respondent no.3 bearing in account number 3702002100045859 in favour of the appellant bank.

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Heard. The terms of the agreement as mentioned in the application are taken on record. The Punjab National Bank, Sector-18, Noida is directed to release the amount of Rs.1.30 crores marked as lien in the account of Respondent no.3 bearing in account number 3702002100045859 in favour of the appellant Axis Bank.

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The appeal is accordingly disposed of as settled.

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(CHAIRPERSON)

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-pk

Axis Bank v. Dheeraj Gupta and Ors.

Case brief

What is this about?

What did the court decide?

Axis Bank v. Dheeraj Gupta and Ors.

Case brief

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