Lok Adalat under DRT Patna settled a bank loan dispute where the borrower offered a reduced lump sum due to economic hardship. The tribunal fixed a repayment schedule and warned of revival action upon default.
Settlement at Rs. 2.60 Lakhs allowed subject to a stipulated repayment schedule; default allows revival of account and legal proceedings.
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Debts Recovery Tribunal, Patna [Lok Adalat, held at DRT, Patna]
Case No.o.A:.N"· _J"12-I2_02_ .UN.tm .., ..i..~~..~ .. il. . ,.. 1./_. I Vs. ~~~:':. I.\ o.~., .
....Applicant
....... Defendants
Dated- .. J.31.s:f~.(.:.3
Shri~d<... .. ~ ~ , bonower/guarantor/mortgager is present in
person.. ~ "..(. . 'Shrif<ctM ~"'Lieingthe B'}'S~ ~ of k&J~ ~ ~~, P~is present on behalf of bank.
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. (r..-,2.~!st. .~h ..... plus interest and other charges Rs.r.~...l total RsJ{,.'/)). lo{l4_ . , c::tA ~ ~,. \ 2.... • .2.02.2-
The borrower is willing to settle the account, but due to unfavorable economic conditions, cannot pay the full amount mentioned above. Borrower offers Rs...2..b~~ . 4.hl.Nor settlement, whereas the bank is insisting for Rs.~T •.l?~~~~s 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 considere? opinion that the ends of justice will be served, if, the account is settled at Rs.~~ per the schedule given below, to which they have agreed to put the con~~~ '"!>'~'9 ~~ «.;
The co-operation of the parties and efforts of ld. counsel to reach compromise are appreciated.
2 Re-payment Schedule-
~ A - Down payment - [£ ~.(,O
B- .,20(.1.{,--'3. -. ~ 'O.lIC ~
c- '111 - R~ tt.b2 ~6v.
3 It is made clear that in case, the borrower fails to pay any installment as ordered above, the order shall notbe 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
[Kaushalclldra Yadav j PRESIDING OFFICER
Unidentified Borrower
Unnamed Bank
Kaushalendra Yadav
As recorded by the court registry
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