In a reference to a Debts Recovery Tribunal, the Lok Adalat settled a loan dispute between State Bank of India and the defendants. The lump sum settlement of Rs. 120 Lac was approved with specific payment terms, binding the parties.
OA disposed of as compromised; settlement terms approved allowing defendants to pay Rs. 120 Lac via specific payment schedule.
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.
I
BEFORE THE LOK ADALAT DEBTS RECOVERY TRIBUNAL : JABALPUR
AWARD
IN
ORIGINAL APPUCAION No. - 99/22
Present:-
Reference made by
Applicant Bank through Shri Arun Kumar Pandey, Advocate
Between:-
State Bank of lndia, 5, Yashwant Niwas Road, lndore (M.P.) Applicant
Versus
t
-----Defendants
Whereas the applicant bank has filed the OA No. 99122 in the Debts Recovery Tribunal at Jabalpur for recovery of a sum of Rs. 1,35,60 ,270.39 SM
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together with future and pendentelite interest, cost etc. against the Defendants.
ii) 15o/o of Compromise amount, i.e. Rs. 18 Lac, to be paid within 30 days from the date of sanction. The Applicant-Bank consented that the said amount has already been deposited by the Defendants. iii) remaining 75o/o, i.e., Rs. 90 Lac, to be paid within 120 days from the date of sanction;
iv) A further period of 90 days at the discretion may be permitted by the Bank at its sole discretion subject to deposit of interest for the overdue period at minimum Prevalent Benchmark Rate (presenfly MCLR application for tenor 6 months) and on the balance amount paid after four months shall be charged from 30th day from the date of letter conveying approval of the compromise to the borrower.
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(Given under the hand and seal of the Lok Adalat Benchon this the 'l2s day of November, 2022)
t
(N amS arma) (Sunil Kherdikar)
Member Member
(Ram Niwas Pate!) Presiding Officer
State Bank of India
M/s Chemitex (India) / Pankaj Neema
Smt. Babita Neema
Ram Niwas Patel
Sunil Kherdikar
Neelam Sharma
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
