The parties in this LOK ADALAT proceeding under State Ashish Mittal vs PNB compounded their disputes on 12.8.2022. Applicants agreed to pay Rs 31 Lacs within 90 days plus interest, with a deadline extension to 180 days.
Allowed compromise; order for payment of Rs.31 Lacs within 90 days.
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Statement of
LOK ADALAT
sA 6612022 ASHISH MTTTAL VS. PNB
Dated-12 .tL.2022
sh. Manit Malhotra, Counsel for the Applicant.
sh. Harsh Garg, Counsel for the Respondent Bank.
On SA
After negotiations parties have compromised sA No.66/2022 tiUed as Ashish Mittal Vs.pNB. As per compromise, applicants would pay a sum of Rs'31 Lacs in full and final settlement against amount due, in the following accounts, within 90 days:
However, in case, applicants fair to make the payment within 90 days, they would be liable to pay simple interest at the rate of MCLR +1yo on reducing balance basis from the date of sanction. It has further being setged that the appricants wourd be entitred to make the payment within the maximum period of 180 days from the date of approval, failing which they would be liable to pay the whole of the amount due against them as per the account books of the Bank and this orS wourd be deemed to have been cancelled.
Applicants would be entitled to the refund of Court fees, subject to their furnishing proof of the fact that they have the whole of the payment as compromised within the time limit.
RO&AC
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Ashish Mittal
PNB
Justice Amit Agarwal
Justice Ravindra Kumar Gupta
As recorded by the court registry
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