Jammu and Kashmir Bank Limited v. M/S Kul Prakash Bhardwaj

DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH

OA/1423/2022 J & K BANK LTD VS M/S KUL PRAKASH BHARDWAJ SA NO.239/2022 M/S HOTEL ADIVAHA VS . J & K BANK LTD RA NO.04/2022 M/S HOTEL ADIVAHA VS . J & K BANK LTD

18.08.2023

Item No.10, 39 & 66

Present: Sh.Gaurav Thakur & Sh. Mayank Mathur, Counsel for the applicant bank in OA No.1423/2022. Sh.Amit Rishi, Counsel for respondent bank in RA No.04/2022. Sh.GS Anand, Counsel for the defendants No.1 to 3 & 5 in OA and applicant in SA No.239/2022 and RA No.04/2022.

OA No.1423/2022 has been filed by the J & K Bank for the recovery of Rs.26,50,95,624.97p against the defendants. Mr.GS Anand, counsel for the defendants in OA states that in this case borrower had created mortgage in favour of the bank. The bank had initiated SARFAESI proceedings and sold one part of the secured assets for Rs.28.11 crores and only a sum of Rs.10,39,118/- is due. Today, counsel for the defendants have handed over the draft, dated 02.08.2023, for Rs.10,39,118/- in favour of the bank, to counsel for the applicant bank and now whole of the amount due to the bank has been paid.

Mr.GS Anand, counsel for the SA and RA applicant stats that this draft has been handed over to the counsel for the bank on the conditions that the bank would issue a No Due Certificate to the defendants. Apart from this, the bank would release all the guarantees and would hand over the original sale deeds of the unsold properties, lying with them. Mr.Anand states that applicant has also filed SA No.239/2022 & RA No.04/2022 and he would also withdraw the same.