The single judge stayed the execution of a possession order issued by the District Magistrate, directing the applicant to fulfill obligations under a settlement to prevent asset takeover within three months.
Stay on execution of possession order until 31.11.2022 conditioned on payment under settlement.
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.
DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
SA/203/2022 MS SMEE STEEL INDUSTRIES Vs JAMMU AND KASHMIR BANK LIMITED
14.09.2022
Item No.72
Present: Sh. Atul Mahajan, Counsel for the Applicant. Sh. Vivek Verma, Counsel for respondent bank.
Sh. Atul Mahajan, counsel for the applicant states that the applicant had entered into an OTS with the bank on 31.08.2022 (Annexure 19). However, the District Magistrate (respondent No.3) has issued an Order dated 01.09.2022 for taking over the possession of the secured assets. Sh. Atul Mahajan, states that the operation of the order passed by the DM be stayed. On the other hand, Sh. Vivek Verma, counsel for the respondent bank states that the bank admits the OTS. As per the OTS, the applicant is to make the payment within three months from 31.08.2022. Applicant still has to make payment of Rs.96 Lacs as per the OTS. In case, the applicant abides by the terms and conditions of the OTS, bank would not take the possession.
In view of this, the present SA is disposed of with the direction to the District Magistrate (Kupwara) not to execute the order of possession issued by him till 31.11.2022. In case, the applicant fails to make the payment as per the OTS, the District Magistrate shall proceed ahead with the possession order issued as on 01.09.2022.
A copy of this Order be sent to the District Magistrate (Kupwara).
File be consigned to record room after due compliance.
(A S Narang) Presiding Officer DRT-I, Chandigarh
DS
1 issue framed by the court
Whether the order of possession issued by the District Magistrate should be stayed pending compliance of the affidavit of settlement.
MS Sme Steel Industries
Jammu and Kashmir Bank Limited
District Magistrate Kupwara
A S Narang
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
