Appeal against a settlement order arrived at between parties in a recovery matter. The DRT admitted the compromise term and issued a conditional recovery certificate that becomes effective only upon future default by the borrower.
Compromise admitted and recovery certificate issued; effect suspended pending potential default.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
| 15/03/2023 | Ex. No. |
Before Presiding Officer Dr. Rekha G. Dhakar, DRT-1, Mumbai. Roznama in OA 40 of 2023 State Bank of India Vs Supreme Suyog Funicular Ropeways Pvt. Ltd. |
Next date |
|---|---|---|---|
| Advocate Disha Sha, Subir Kumar i/b SDS appeared for the Applicant. |
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| Advocate Vijay Kumar, Mahesh Jaiswal appeared for the Defendant. Ld. Counsel for the both sides submits that consent term is arrived between the parties vide compromise offer/consent term dated 16/01/2023. It is also stated that in pursuance to the concern term the borrower has paid amount of Rs. 8.5 Crore to the applicant and remaining amount is to be paid on or before 16/04/2023. However, Ld. Counsel for the applicant submits that default clause is also there in the consent term, therefore, while disposing the present matter the default clause may also be allowed. Looking to the consent term arrived between the parties the present IA is hereby allowed, |
OA 40 of 2023
and present OA is hereby disposed of as
settled. and therefore, recovery certificate is
hereby issued for an amount of Rs.
102,43,34,044 with effect from 22/09/2022
however, said recovery certificate shall not
come into effect today however, in case
defendants commits any default to consent
term dt. 16/01/2023, the recovery certificate
on the application of the Respondent Bank
shall become effective.
Consequent upon the present OA is hereby
disposed off.
File be closed and confined to record room.
E
x. 8
Praecipe.
Ex. 9
Application for concern terms.
Ex.10
Supporting affidavit.
P.O.
DRT-I
Mnt/-1
2
1 issue framed by the court
Whether to admit the compromise agreement and issue a conditional recovery certificate subject to future default.
1 provisions across 1 enactments
State Bank of India
Dr. Rekha G. Dhakar
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
