Debts Recovery Tribunal disposed of OA and SA pending recovery proceedings after the borrower's property was sold and the bank's account closed. The bank agreed to deposit Rs.3.00 Lacs as expenses to resolve the dispute.
Bank ordered to pay Rs.3.00 Lacs by depositing expenses; OA No.507/2021 and SA No.249/2022 disposed of.
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DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
SA No.249/2022
Sh. Akshay Gupta and Ors. Vs. State Bank of India
OA No.507/2021 State Bank of India Vs. Akshay Gupta and others
AWARD
09..03.2024
Item No.265
Present: Sh.Ashutosh Bajpai, Counsel for the applicant alongwith Sh. Pradeep Gupta, applicant No.6 in person .
Sh. Vivek Verrna, Counsel for respondent bank alongwith Sh. PK Arora, AGM (SBI).
File put up in the "Lok Adalat".
One OA No.507/2021, titled SBI Vs. Sh. Akshay Gupta and Ors, for the recovery of Rs.1,35,58,212.34p and SA No.249/2022 titled Sh. Akshay Gupta and Ors. Vs. Authorized Officer (SBI), are pending in this Tribunal. It is admitted by the counsel for the parties that the property chas since been sold for Rs.1,84,00,000/- and bank has appropriataRs.1,43,00,000/-
Mr. Arora, AGM, SBI states that account has since been closed. He states that in view of the fact that the account has been closed, he does not want to pursue the present OA. Mr. Bajpai, states tha! the auction notice at the instance of the borrower is under challenge.
In order to close the dispute between the parties, it is hereby ordered that bank would pay Rs.3.00 Lacs to the applicant by depositing the expenses. In view of this, OA and SA stands disposed of. Bank would be entitled to refund of the Court fees as per DRT rules.
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(Presiding c)NiV
1 issue framed by the court
Whether to dispose of the outstanding OA and SA regarding recovery proceedings in light of property sale and loan account closure.
Sh. Akshay Gupta and Ors.
State Bank of India
Ashutosh Bajpai
As recorded by the court registry
2 orders share this CNR
Judgements on the same questions, provisions and authorities, from every court
