Debts Recovery Tribunal held a Lok Adalat in Patna for settlement of a loan dues dispute. The court approved a partial settlement of Rs. 39.50 Lakhs (down from 580+ Lakhs) on specific repayment terms.
Settlement at Rs 39.50 lakhs approved with a specified repayment schedule; default voids settlement.
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Debts Recovery Tribunal,
Patna
[Lok Adalat, held at DRT, Patna]
Case No. o.~8:. .No. r"1' /2.. 0 2-3
V.cn1....'1.l ...~ ... fJ.~·..':...
...Applicant
....... Defendants
Dated- .t~(~~~~i.r3 Shri~. \W~ , borrower/guarantor/mortgager is present in
The above noted case has been taken up today at the request of borrower in Lok Adalat for settlement.
As 'per report of the Bank, the outstanding liability of the borrower is Rs. &.: .,Q~~.._ P.Li.k., plus interest and other charges Rs.<J..:.I.~..I..P.:k,~otal Rs.3S":.C4 ~o.._ (14e"" "?-I' 1.2 . 2.b2'L
The borrower is willing to settle the account, but due to unfavorable economic conditions, cannot pay the full amount mentioned above. Borrowr offers Rs. 3$:.ft.;'for settlement, whereas the bank is insisting for Rs. .. ?:.~ full and final compromise amount.
On being encouraged for amicable settlement, there IS a chance for settlement accept to the parties.
Accordingly, considering the period of pendency of dispute and economic condition of the borrower, I am of the considered, oTl,!~}onthat the ends of justice will be served, if, the account is settled at Rs. ~s . Q.4. . ~er the schedule given below, to which they have agreed to put the controversy at rest.
The co-operation of the parties and. efforts of ld. counsel to reach compromise are appreciated.
A - Down payment -k\ q. DO ~
s_;- ~l/o""I1.D2~ . Rs. I.. _b'-_ Lm~
3 It is made clear that in case, the borrower fails to pay any installment as ordered above, the order shall not be in operation. Also the bank may apply for revival of OA or may take legal action in accordance with law for recovery of its original dues with interest, costs and other legal expenses.
Accepted by
\I,-b" ~ \ L. ~~~(
13orrower ~
Br. Manager
[Kaushalendra Yadav] PRESfDlNG OFFICER
Bank/Applicant
Borrower/Defendants
Kaushalendra Yadav
As recorded by the court registry
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