Trustees Future Education and Research Trust v. Punjab National Bank

DEBTS RECOVERY TRIBUNAL 1, KOLKATA

Order Sheet

Case No. SA	381/2022 TRUSTEES FUTURE EDUCATION AND RESEARCH TRUST –VS- PUNJAB NATIONAL BANK
Date of the Order	Order with Signature	Office action with date and dated Signature of Parties when necessary
28/08/2023 (Sl. No. 3)	Mr. Souritra Ganguly, Mr. Aniruddha Sinha. … For the Sarfaesi Applicant.
	Mr. Abhisek Banerjee. … For the Bank.
	Learned counsel for the sarfaesi applicant has filed put up petition IA 1744 of 2023 for hearing IA 1745 of 2023 and submitted that there has been a settlement with the applicant borrower by three banks who have extended consortium finance and on the consent of borrower, a settlement has been arrived at Rs. 87.78 crores in which the share of PNB is Rs. 43.56 crores; BOB is Rs. 28.60 crores and Union Bank of India is Rs. 15.62 crores. Out of the total settlement amount, the applicant borrower has paid a sum of Rs. 9 crores to lead bank, PNB which has been distributed as follows : Rs. 4.47 Crores : Punjab National Bank; Rs. 2.43 Crores : Bank of Baroda; Rs. 1.60 Crores : Union Bank of India. As per the terms and conditions after receipt of sanction from all the lenders, upfront amount will be appropriated and remaining amount will be paid within ten days. In view of the settlement, the sarfaesi applicant has filed an application for withdrawal of the sarfaesi application. Accordingly, the sarfaesi application is withdrawn. The sarfaesi application is disposed of as withdrawn and all the interim applications filed in connection therewith are also disposed of.

(Ambuja Mohan Das) Presiding Officer

DEBTS RECOVERY TRIBUNAL 1, KOLKATA