Disposed

Sushil Kumar Jolly v. Cholmandalam Investment and FINance company and Ors.

DRAT20 Oct 2022MISC APPLICATION/70/2020

Case brief

AI extract

What is this about?

The Tribunal disposed of an application under Section 18 of the SARFAESI Act to release fixed deposits and title documents deposited with the Registrar. The respondent secured creditor confirmed dues were paid, and the debtor raised no objection. The Tribunal directed the release of the assets.

What did the court decide?

Released fixed deposits and title documents of properties to respondents no.2 and 4, along with accrued interest, subject to registry verification of board resolutions.

Sushil Kumar Jolly versus Cholmandalam Investment and… — Insolvency and Bankruptcy | DRAT (2022)

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DEBTS RECOVERY APPELLATE TRIBUNAL, DELHI

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Misc. Application No. 70/2020 In Misc. Appeal No. 125/2017 Arising out of S.A. No. 311/2016 (DRT-I, Delhi)

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Sushil Kumar Jolly Vs Cholamandalam Investment & Finance Company &Ors.

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20.10.2022 Hon’ble Mr. Justice Brijesh Sethi

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Present: Mr. Sushil Kumar Jolly, appellant in person.

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Mr. Sanjeev Bhandari, Ld. Counsel for respondent no.1 FI.

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Mr. Anand Aggarwal, Ld. Counsel for applicant/respondents no.2 to 4.

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

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Miscellaneous Application No. 70/2020

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This is an application filed by respondent no.2 under Section 18 of the SARFAESI Act for release of the bank accounts, fixed deposits, etc; and also the original title documents lying deposited with the Registrar of this Tribunal.

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Ld. Counsel for respondent FI states that all the dues under settlement stands paid to the respondent FI and, therefore, he has no objection to the release of the FDRs and properties documents, which are mentioned below as prayed by the Ld. Counsel for the respondents no.2 to 4. The details of the FDRs and title documents are as under:

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Demand draft No.	Date	Bank	Amount in Rupees
331874	05.08.2017	Corporation Bank	06,444.77
331876	05.08.2017	Corporation Bank	10,464.00
331873	05.08.2017	Corporation Bank	04,278.24

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Original title documents of the properties bearing number:

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(i) Plot No.17 of Gut No.252, 263, and 264, village Shere, Taluka Shahpura, District Thane, Mumbai, Maharashtra; and

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(ii) Plot no.23 of Gut No.251, and 252, Village Shere, Taluka Shahapura, District Thane, Mumbai, Maharashtra and

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-: 2 :-

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FDR of Rs.13,75,000.00 which was deposited with this Tribunal by respondents no. 2 to 4 in compliance of the order dated 07.08.2017 by this Tribunal.

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The Ld. Counsel for respondent no.2 to 4 has also placed on record the agreement/memorandum of settlement dated 17.03.2020 passed by Delhi Mediation Centre, Saket Courts, New Delhi.

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Mr. Sushil Kumar Jolly, the appellant, states that he has no objection for release of the aforesaid amounts as well as title documents of the aforesaid properties to respondent no.2 to 4.

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In view of the above, let the aforesaid amount be released, along with interest accrued thereon, to respondent no.2 and 4 and also the title documents of the properties bearing no. (i) Plot No.17 of Gut No.252, 263, and 264, village Shere, Taluka Shahpura, District Thane, Mumbai, Maharashtra; and (ii) Plot no.23 of Gut No.251, and 252, Village Shere, Taluka Shahapura, District Thane, Mumbai, Maharashtra as prayed by the Ld. Counsel for respondents no. 2 to 4. The accounts of the respondents attached by this Tribunal be also released.

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The present miscellaneous application stands disposed of. Registry is directed to keep certified copy of the aforesaid FDRs as well as of the title documents of the immovable properties before releasing the same to respondents no.2 and 4. The respondents shall place on record the board resolution duly passed by the respondents to the extent of releasing the aforesaid FDRs and title documents of the properties to the satisfaction of the Registrar of this Tribunal.

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File be consigned to record.

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(CHAIRPERSON)

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Sushil Kumar Jolly v. Cholmandalam Investment and FINance company and Ors.

Case brief

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Sushil Kumar Jolly v. Cholmandalam Investment and FINance company and Ors.

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