Bank of Baroda v. Jaswant Singh and 3 Ors.
Case brief
What is this about?
The National Company Law Appeals Tribunal disposed of the appeal against a lower Tribunal's rejection of an out-of-court settlement proposal. It served notice to the appellant, considering the parties had settled, and directed them to approach the lower Tribunal expeditiously to finalize the redressal.
What did the court decide?
Notice to the appellant to file an appropriate application before the lower Tribunal within 10 days; assurance of expeditious disposal by the lower Tribunal.
Appeal Dy. No. 1606/2023 Date: 21.05.2024
Bank of Baroda Vs. Jaswant Singh and 3 Ors.
Present: Shri Maneesh Mehrotra, counsel for the appellant,
Heard the learned counsel for the appellant.
Learned counsel for the appellant contends that the respondent nos. 2 to 4-Borrowers have already deposited the amount, therefore, perhaps for this reason, they are not appearing repeatedly before the Tribunal below. It is contended that an OTS proposal was moved by the borrowers before the bank along with an application for withdrawing the proceeding pending before the Tribunal below on account of settlement between the parties, thus the Tribunal below has passed the impugned order rejecting the OTS proposal on the ground of lesser amount.
It is further argued that since the settlement has been reached and the amount has already been deposited, therefore, the order of the Tribunal below cannot be sustained and as the respondents-Borrowers have already deposited the amount, therefore, they need not to be noticed. It is also contended that the OTS is under the specific scheme of the Government of India. Learned counsel for the appellant has reiterated that the affidavit of service was filed earlier, according to which all the respondents have been served, but the report of the postal department is that notice sent to the respondent nos. 1 to 4 have returned back with remark “recipient is out of town for a long time”.
It is contended by the learned counsel for the appellant that the settlement has already been reached between the parties, therefore, the Tribunal below may be directed to consider and
Issues for consideration
2 issues framed by the court
Whether the present appeal should be disposed of immediately since the parties have reached an out-of-court settlement.
Whether the lower Tribunal should be directed to consider an application seeking redressal of grievances based on the settlement within 10 days.
Parties & counsel
- appellant
Bank of Baroda
- respondent
Jaswant Singh and 3 Ors.
Coram
R. D. Khare
Case details
As recorded by the court registry
- Court
- DRAT
- Decided on
- · May
- CNR
- 091090016062023
- Topic
- Banking and Recovery
All orders in this case
2 orders share this CNR
- Order 1 · LD Registrar
- Order 2 — this page · Rajesh Dayal Khare
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