The Debts Recovery Tribunal allowed the bank "applicant" to withdraw from a Lok Adalat settlement failed by respondents. It directed issuance of a Recovery Certificate for the entire outstanding amount with interest, enabling recovery via mortgage sale.
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DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
MA/4/2023 CANARA BANK (e-SYNDICATE BANK) Vs M/S PALLAVI ENTERPRISES & ANR.
18.01.2023 Item No.42
Present: Sh. Randeep Singh, Counsel for Applicant Bank. None for defendants.
Heard on MA No.4/2023. It is stated that matter was settled in the Lok Adalat held on 14.05.2022, wherein, the parties had compromised the matter by stating that defendants would pay Rs.5,00,000/- in full and final settlement on or before 31.10.2022 and in case of non-payment, they would be liable to pay the whole of the OA amount with interest and bank would be entitled to recover its due by sale of mortgage property.
Counsel for the applicant states that defendants have not made the payment as per the payment schedule. Let Recovery Certificate be issued for whole of the OA amount with interest, as claimed in the OA. Bank can recover its due by sale of mortgage property. The liability of the defendants would be joint and several. Recovery Certificate be issued accordingly. Parties are directed to appear before concerned Recovery Officer on 10.02.2023.
File be consigned to record room, after due compliance.
(A S Narang) Presiding Officer DRT-I, Chandigarh
MANOJ
1 issue framed by the court
Whether a recovery certificate should be issued after the bailiff failed to make the settlement payment within the stipulated time despite a court-directed schedule.
Canara Bank (e-Syndicate Bank)
M/s Pallavi Enterprises & Anr.
A S Narang
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
