Quashed
Canara Bank v. Ms Sadguru Polyfilm Industries
DRTOA/167/2022
Case brief
AI extract
What is this about?
The Lok Adalat constituted by the Debts Recovery Tribunal, Aurangabad recorded a compromise between Canara Bank and M/s Sadguru Poly films Industries regarding a debt claim. The parties agreed to a settlement of Rs. 1.38 crores in installments and transfer of a property as final settlement.
What did the court decide?
Compromise Award allowing Rs. 1,38,00,000 in four installments; release of property MIDC plot no. 10A-108 upon full payment; simple interest 8.5% on delay; fees refunded 50%.