Partly allowed

Akash Cotton Industries v. State Bank of India

DRT17 Mar 2023SA/398/2022

Case brief

AI extract

What is this about?

In a securitisation application, the applicant offered Rs.20,00,000/- as a set-off to avoid recovery action. The tribunal directed the applicant to deposit the amount into a No Lien Account. Pending this decision, the bank is prohibited from taking possession of the applicant's property.

What did the court decide?

The applicant was directed to deposit Rs.20,00,000/- in a No Lien Account; possession by the bank is stayed pending the appeal's decision.

Akash Cotton Industries versus State Bank of India — Contract and Commercial Disputes | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL, AURANGABAD (BEFORE HON’BLE PRESIDING OFFICER, DRT AT AURANGABAD) ORDER SHEET

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17 Sr	.03.20 . No.1	23 8 SA No.398/2022
Classific ation	No. of Exh.
		SECURITISATION APPLICATION No.398/2022
		Akash Cotton Industries ..Applicant Versus State Bank of India ..Respondent Mr. S.R. Vakil – Advocate for the applicant. Mr. M.G. Deokate- Advocate for the Respondent. The matter is taken through Video Conference. 1. The learned counsel for the applicant submits that the OTS proposal of Rs.80,00,000/- given by the applicant has been rejected by the respondent bank.
		2. The learned counsel for the applicant further submits that as per their own averments, the settlement amount was of Rs.98,00,000/- and he is ready and willing to pay the same before 30^thMarch, 2023. 3. In view of the above statement made by the learned counsel for the applicant, I pass the following order:
		ORDER A. Interlocutory Application no. 373/2023 is disposed off.
		B. The applicant is directed to give letter to the respondent bank along with an amount of Rs.20,00,000/- before possession.
		C. If the applicant deposits an amount of Rs.20,00,000/-

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[APK] (SA No.398/2022) Page 1 of 2

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IN THE DEBTS RECOVERY TRIBUNAL, AURANGABAD (BEFORE HON’BLE PRESIDING OFFICER, DRT AT AURANGABAD) ORDER SHEET

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then the respondent bank is directed not to take the
possession of the property of the applicant.
D. The respondent bank is directed to kept the said amount
of Rs. 20 lacs in No Lien Account till the decision of
this securitisation application.
List this matter through VC/hybrid for hearing on IA
No.373/2023 for stay on 29 th March, 2023.
The parties may download the order from the official web-site.
(Vimal Gupta)
Presiding Officer
Debts Recovery Tribunal, Aurangabad

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[APK] (SA No.398/2022) Page 2 of 2

Akash Cotton Industries v. State Bank of India

Case brief

What is this about?

What did the court decide?

Akash Cotton Industries v. State Bank of India

Case brief

What is this about?

What did the court decide?

What the court decided

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