This court disposed of an appeal filed by Canara Bank against borrowers after accepting a settlement where the borrowers deposited Rs. 6 crore and agreed to repay the balance within 15 days, resulting in no specific order as to costs.
Appeal disposed off with no order as to costs based on the settlement agreement.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
Regular Appeal No. 28/2022 Date: 05.09.2024
Canara Bank Vs. Shri Colonizers and Developers Pvt. Ltd. & 4 others.
Present: Shri Maneesh Mehrotra, counsel for the appellantBank, Shri Udai Chandani, counsel for the respondent nos. 1 to 4- Borrowers, None for the respondent no. 5-Auction Purchaser,
The matter has been taken up today on the urgency application being I.A. No. 753/2024 filed by the respondent nos. 1 to 4.
Learned counsel for the appellant-Bank submits that in view of the settlement arrived at between the parties, the respondent nos. 1 to 4 have handed over a demand draft no. 082932 dated 01.06.2024 for Rs. 6.00 crores issued by the Union Bank of India in favour of Canara Bank to Shri Maneesh Mehrotra, learned counsel for the appellant-Bank.
Learned counsel for the appellant further states that the respondent nos. 1 to 4-Borrowers have also agreed to repay the remaining balance amount within 15 days. It is, therefore, prayed that the appeal may be disposed off in terms of OTS arrived at between the parties.
In case the respondents-Borrowers deposit the remaining amount within 15 days, the No Dues Certificate as well as entire documents shall be returned back to the respondentsBorrowers by the bank.
In view of the aforesaid, the appeal is disposed off with no order as to costs.
Justice R. D. Khare Chairperson
Anupam
1 issue framed by the court
Whether the appeal should be disposed of given the settlement and deposit of Rs. 6.00 crores by the borrowers.
Canara Bank
Shri Colonizers and Developers Pvt. Ltd. & 4 others
R. D. Khare
As recorded by the court registry
11 orders share this CNR
Judgements on the same questions, provisions and authorities, from every court
