The special appeal regarding Rs. 26 Lacs debt outstanding was disposed of in light of a settlement between the applicant and respondent bank for Rs. 15 Lacs, with a specified payment plan and conditions for default.
Special appeal disposed of; settlement for Rs. 15 Lacs approved with payment timeline.
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DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
SA/201/2022 MS JAI ISHWARI CORRUGATION INDUSTRY PRIVATE LIMITED Vs BANK OF BARODA
14.09.2022
Item No.71
Present: Sh. Nihul Pratap Singh, Counsel for the Applicant along with Sh. Dev Raj Sharma applicant present in person.
Ms. Kanchan Sehgal, Counsel for respondent bank along with Ms. Neha Bharadwaj, Law Officer of the Bank.
Counsel for the parties state against the outstanding amount of Rs.26 Lacs and odd sum. Parties have settled it for Rs.15 Lacs in lump sum. Counsel for the applicant has handed over the draft of Rs.2 Lacs to the counsel for the respondent bank today itself. Counsel for the applicant states, the applicant would pay the balance amount of Rs.13 Lacs in three monthly installments. First, such installment shall be paid on or before 14 October, 2022 and succeeding on the 14th of the month.
In case, the applicant fails to make the payment of any installment in time, the bank would be entitled to recover whole of the sum due with interest, costs and also by the sale of mortgaged property and other assets.
Counsel for the respondent bank states that auction of the property is fixed for today. In case, any bid is received, the bank would not confirm the sale in case the applicant adheres to the timeline given by him. Counsel for the respondent bank also agrees to the proposal of the applicant.
In view of this, the present SA is hereby disposed of . Parties would be bound by their statements.
File be consigned to the record room after due compliance.
(A S Narang) Presiding Officer DRT-I, Chandigarh
DS
1 issue framed by the court
Whether to dispose of the special appeal over an outstanding debt of Rs. 26 Lacs modified to Rs. 15 Lacs under a settlement.
MS JAI ISHWARI CORRUGATION INDUSTRY PRIVATE LIMITED
BANK OF BARODA
A S Narang
As recorded by the court registry
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