The Appellate Tribunal allowed the appellants to pay Rs. 3.10 Crores in installments to settle the dispute. Upon default, the bank could recover the full amount and take possession.
Appeal disposed of based on settlement terms; pre-deposit of Rs. 75 lakhs released; balance of Rs. 2.35 Crores to be paid in installments.
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DEBTS RECOVERY APPELLATE TRIBUNAL, DELHI
Misc. Appeal No. 166/2022 Arising out of S.A. No. 18/2022 (DRT-I, Delhi)
Amit Soni & Ors. Vs CIFC Ltd.
02.08.2022 Hon’ble Mr. Justice Brijesh Sethi
Present: Mr. Manish Aggarwal, Ld. counsel for the appellant.
Mr. Sanjeev Bhandari, Ld. counsel for the respondent.
This matter has been taken up by me through Video Conferencing.
Efforts were made for reconciliation of disputes between the parties. After much discussion, parties have agreed to settle the matter on the following terms and conditions:-
It is agreed between the parties that appellants will pay a total amount of Rs. 3,10,00,000/- (Rs. Three Crores & Ten Lacs only) to the respondent bank in full and final settlement of the account in the following manner:-
In view of the above settlement, appeal stands disposed of.
The Registrar of this Tribunal is directed to release the pre-deposit amount lying in FDR to respondent bank along with up-to-date interest within a week.
File be consigned to Record Room.
(CHAIRPERSON)
-ap/pk
1 issue framed by the court
Whether the parties can settle the pending dispute before this Tribunal by paying the outstanding amount as per agreement?
Amit Soni & Ors.
CIFC Ltd.
Justice Brijesh Sethi
As recorded by the court registry
2 orders share this CNR
Judgements on the same questions, provisions and authorities, from every court
