In Misc. App. No. 22/2021, the Tribunal directed the release of Rs. 1.50 crores deposited by the applicant to the bank as part of an amicable settlement, extinguishing the bank's rights in the mortgaged property upon full payment.
Release of Rs. 1.50 crores deposit with interest to the bank.
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DEBTS RECOVERY APPELLATE TRIBUNAL, DELHI
Misc. Case No. 22/2021 IN Appeal No. 435/2017 Arising out of S.A. No. 226/2017 (DRT-III, Delhi)
Daljit Singh & Ors. Vs HDFC Bank & Ors.
27.05.2022 Hon’ble Mr. Justice Brijesh Sethi
Present: Mr. Ajay Kohli, Ld. counsel for applicant
Ms. Shilpa Thakur, Ld. counsel for respondent no.1 bank
This matter has been taken up by me through Video Conferencing.
Misc. Application No.22/2021
Learned counsel for the parties submit that the matter has been amicably settled for a sum of Rs.2.10 crores. The learned counsel for the appellant submits that in view of the settlement the amount of Rs.1.50 crores deposited by the appellant with this Tribunal as per the order dated 15.12.2017 of the Hon’ble Delhi High Court and kept in a fixed deposit be released to the respondent no.1 bank along with interest accrued thereon. The learned counsel for the appellant states that appellant will pay the balance amount to the respondent bank after receipt of this amount from this Tribunal.
Registry is accordingly directed to release the amount of Rs.1.50 lacs deposited by the appellant /applicant to respondent no.1 bank along with up-to-date interest accrued thereon within seven days. Once the entire payment as per the settlement is made by the appellant, the right of the bank in the mortgaged property will stand extinguished. The parties will be bound by the terms of settlement and the statement made herein.
With the above direction, the application stands disposed of.
(CHAIRPERSON)
-pk
Daljit Singh & Ors.
HDFC Bank & Ors.
Justice Brijesh Sethi
As recorded by the court registry
3 orders share this CNR
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