The National Lok Adalat ordered M.A. No. 07/2023 disposed of after the parties setled the bank's claim for Rs. 34,17,169 via a deposit of Rs. 20,25,000 as full and final settlement.
M.A. No. 07/2023 stands disposed of after payment of Rs. 20,25,000 as full and final 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.
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BEFORE THE NATIONAL LOK ADALAT ORGANISED ON I llh Februarv. 2023 BY THE DEBTS RECOYERY TRIBUNAL. AURANGABAI)
M.A. No.07f2023
COMPROMISE
Aonlicant(s):
Indian Overseas Bank ( hereinafter refened to as bank / financial institution)
VERSUS
M/s Samrat Plastic Industries and others
Defendant(s):
( hereinafter referred to as / borrower / guaranto(s) )
Details of disoute / claim: The claim of the bank is to the tune of
Rs.34,17,169/- with cost and interest.
The borrower has agreed to deposit an amount of Rs.20,25,000/@upeesTwentyLakh Twenty Five Thousandonly)as futl and final settlement of the dues. The bank authority and the borrower have agreed voluntarily with firll consent to receive tlat amount by the bank and to give that amount by the borrower. The applicant bank states that they have received an amount of Rs.20,25,000/- (Rupees Twenty Lakh Twenty Five Thousand only) as full and final settlement of the Recovery Proceeding bexing no.04/2022. It is stated that borrower does not owe any further amount to the bank in respect ofthe above proceeding.
contd...2..
MA. No.072023 ComPrcni* 2 Lnk Adalavl 16 February,2023DRT,A'b8d
The above settlement is agreedupon before the Panel and thesameis verilred in the light ofthe contentsof compromise pursis datedll/0212023-
Applicant(s)
Defendant(s)
lffikv^h) Adlocate for [h$ Applicantls) TAurhorised Representative ""JM Shri Vimal Gupta Chairman of the LokAdalat Bench-1
Advocate for the Defendant(s) /Authorised Representative
' t- <-- Y[ ( l^]rt - Shri-tr/[. M. Dabholkar Member of the Lok Adalat Bench-I
Dzte t ll-02-2023 Place : Aurangabad.
ORDER
In view of the above settlementand paymentin the Presentmatter before Lok-Adalat, the M.A. no.07D023standsdisposedoff accordinglythe Recovery Proceeding bearing no.04/2022be listedfor disposal.
Date : ll-02-2023
\ \uJI-l/' \ 'C*,jl(</sup> -'"\ ( Vimdl GuPta) ":' PRESIDING OFFICER, Debts Recovery Tribunal, Awangabad.
Indian Overseas Bank
Shri Vimal Gupta
Shri M. Dabholkar
As recorded by the court registry
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