Partly allowed

Mr Subash Chandra v. Hinduja Housing Finance Limited

DRT21 Sept 2022SA/329/2022

Case brief

AI extract

What is this about?

The Tribunal disposed of the Special Appeal by allowing the applicant six months to repay the entire outstanding dues to the respondent bank, subject to a deposit of Rs. 10 lakhs by September 30, 2022, and waiver of further grounds.

What did the court decide?

Applicant to deposit Rs. 10 lakhs by 30.9.2022 and pay entire outstanding with interest within six months by 3.3.2023 pursuant to bank's communication.

Mr Subash Chandra versus Hinduja Housing Finance Limited — Banking and Recovery | DRT (2022)

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IN TFM DEBTS RECOVERY TRIBI.]NAL^LUCKNOW

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Present: A. H. Khan, Presiding Officer

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Date of order 21.9.2022

S.A. No. 329 of 2022

Sl. No. 60

Present:-

Ld. Counsel for the applicant Mr. K. K. Srivastava Ld. Counsel for the resp. bank Mr. A.P. Sineh

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Counsel for the applicant^{submitsthat applicant is readyto repay the} entire dues of the bank. He^{will deposit Rs. 10.00lac within30th Sept.2022} and remaining amount within^{06 monthsby March 2023.}

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Counsel for the respondent^{bank submits that bank is ready to receive} the amount as per schedule submitted^{by the applicant..}

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Heard the Ld. Counsel for the^{parties.Sincethe applicant has admitted} his liability and is ready to repay^{the dues of the bank withina period of 06} months and the bank is ready to^{receivethe entire outstandingwith interest} within a period of 06 months, in^{the event it is directed that:-}

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i) The applicant shall deposit the^{entire outstanding with interest} within 06 months by³ 1.3.2023.

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ii) The applicant shall deposit Rs.^{10.00 lacs by 30.9.2022.} Thereafter applicant will visit^{the concernedbranchof the bank to obtainthe} outstanding dues. The bank will^{considerthe said request and informthe entire} outstanding together with interest^{and cost in writingto enable the applicant to} repay the dues of the bank within^{the time span.}

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iii) The applicant shall deposit^{minimum of Rs. 5.00lacs per month} on or before 10ft of every^{monthw.e.f.01.10.2022.}

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i't ) The applicant shall^pay balance^{dues togetherwith interest on} reducing balance with last^installment.

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v) The applicant will waive all^{his objection and groundstaken in} the instant S.A.

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vi) In case of two^{consecutive defaultsin any of the installment the} bank will be at liberty^{to proceed under Securitization & Reconstructionof} Financial Assets and^{Enforcement of 'security InterestAct, 2002 on the} process already initiated.

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S.A. is disposed^of finallY

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n '

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Let copies of this^{order be suppliedto the parties as per Rules.}

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Presiding Officer

Mr Subash Chandra v. Hinduja Housing Finance Limited

Case brief

What is this about?

What did the court decide?

Mr Subash Chandra v. Hinduja Housing Finance Limited

Case brief

What is this about?

What did the court decide?

What the court decided

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Case details

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