Disposed
Riyaz Ahmad Mangloo v. Uco Bank
DRATMISC APPEAL/78/2022
Case brief
AI extract
What is this about?
The Debts Recovery Appellate Tribunal recorded an agreed settlement memo drafted during Video Conferencing. Under the agreement, appellants to pay Rs. 8 lacs and Rs. 16.30 lacs to the bank by specified dates to regularize their loan account. The bank retains the right to take possession via Receiver if payments fail.
What did the court decide?
Upheld the agreed settlement terms wherein appellants agreed to pay Rs. 8 lacs by 30.05.2022 and Rs. 16.30 lacs by 22.07.2022 to regularize the loan account.