The DRT-I, Chandigarh dismissed the special appeal filed by a home loan applicant. The court held that since the applicant entered into a One Time Settlement with the bank during pendency of the appeal, the SA lacked merit and was no longer relevant.
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DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
SA/11/2022 RAMESH KUMAR Vs
THE KANGRA CENTRAL COOPERATIVE BANK LIMITED
12.10.2023 Item No.71
Present: Sh. Ashutosh Bajpai, Counsel for the Applicant. Sh.SR Kajla, Counsel for respondent bank.
Heard on SA No.11/2022, filed by the applicant on 27.01.2022. In this SA, applicant has alleged that, he had taken Home Loan of Rs.10 lacs in 2016. As per bank, it had issued notice under Section 13(2) in the year 2018 and possession notice in 2019. However, bank did not take the possession and on 27.01.2022, applicant filed the present SA.
Mr.SR Kajla, counsel for respondent bank has argued that during the pendency of the SA, applicant had submitted an OTS on 17.02.2023, which was allowed on 21.02.2023, for Rs.3,35,862/- against the amount due Rs.11,95,177/- with the waiver of Rs.4,58,601/-. However, applicant even did not deposit this sum.
Counsel for the applicant states that bank has not served notice under Section 13(2) and 13(4) of the SARFAESI Act and also not produced on the record CERSAI registration.
I am of the considered view that they are not relevant at this stage as applicant has already entered into an OTS with the bank. I am of the considered view there is no merit in the present SA and the same is hereby dismissed .
File be consigned to record room after due compliance.
Pronounced in open court. MANOJ
(A S Narang) Presiding Officer DRT-I, Chandigarh
RAMESH KUMAR
THE KANGRA CENTRAL COOPERATIVE BANK LIMITED
A S Narang
As recorded by the court registry
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