Disposed

Koya Rajesh v. Icici Bank Limited

DRT16 Mar 2024SA/345/2023

Case brief

AI extract

What is this about?

National Lokadalat at Hyderabad disposed of a Set Aside Application filed by Koya Rajesh against ICICI Bank. The matter was settled for Rs. 112.50 lakhs via five installments. The application was treated as withdrawn upon mutual consent, with a condition that the bank could resume recovery proceedings on default.

What did the court decide?

Settled for Rs. 112.50 lakhs via five installments; application disposed of as withdrawn.

Koya Rajesh versus Icici Bank Limited — Civil Procedure and Limitation | DRT (2024)

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BEFORE THE NATIONAL LOKADALAT

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IN THE DEBTS RECOVERYTRIBUNAL- IAT HYDERABAD

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DATEDTHTSTHE 16rH DAY OF MARCH , 2024

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PRESENTi

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SHRI Gu|unaaol GoPICHAND, PRESIDING OFFICER,/JUDICIAL MEMBER

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SHRI , N. MEHER PRASAD, ADVOCATE,/MEMBER

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J. SMT J. RAMADEVI, ADVoCATE,/MEMBER

S.A.No.345 oF 2023

Koya Rajesh

... Applicant

Versus

ICICI Bank, Gachibowli branch, Hyderabad.

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Rep. by its Authorized Officer

,,. Respondent

Reference made by: -

Applicant

Applicant Party in person Respondent Bank through its Manager and counsel

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.:AWARD:.

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Whereas the Applicant has filed the instant SA in DRT- 1, Hyderabad, assailing the action taking by the Respondent Bank for recovery of its d u 0,563/-.

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Applica^i/& d+ro Res filed loint memo dated 26.02.2024 for disposal pa rties have mutually consented ?oE'Fft!'rnrl"'

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to settle the matter for an amount of Rs.112.50 lakhs as per the following terms and conditions given below:

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a) 1st installment shall be paid by applicant on March23, 2024@ Rs.20.00 lakhs (this includes a sum of Rs.5 lakhs paid by applicant in above proceedings bearing SA.No.345/2023 filed by the applicant herein before the DRT-I, Hyderabad on the last date of hearing) vide cheque no.017883 dated 25.03.2024 drawn on ICICI Bank, Khammam branch,.

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b) 2nd instalment shall be paid by applicant on April 25, 2024 @ Rs.25.00 lakhs vide Cheque No.o17BB4 dated 25.04.2024 drawn on ICICI Bank, Khammam branch.

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c) 3'd instalment shall be paid by the applicant on May 25, 2024 @ Rs. 25.00 lakhs vide cheque no.017885 dated 25.05.2024 drawn on ICICI Bank, Khammam branch.

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d) 4th instalment shall be paid by the applicant on June 25,2024 @ Rs.25.00 lakhs vide cheque no.017886 dated 25.06.2024 drawn on ICICI Bank, Khammam branch.

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e) 5th instalment shall be paid by applicant on July 25, 2024 @ Rs.17,50,000/- vide cheque no.017BB7 dated 25.07.2024 drawn on ICICI Bank, Khammam branch.

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f) Any deviation from the above terms and conditions will render this settlement invalid automatically and the respondent bank will be at liberty to proceed against the secured assets under the provisions of SARFAESI Act.

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In view of the aforesaid memo this SA is disposed of as withdrawn. However, in the fqilure of any of the terms and conditions by the Applicant, shall be at liberty to proceed for recovery adju ent y amounts paid by the Applicant in accorda ritswith law. I ]. Urart tn 7t?4

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Copy of this order be provided to the concerned parties or their re presentatives.

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(Given under the hand and seal of the LokAdalat Bench on this the 16th day of March, 2024)

sd/-

sd/-

sd/-

(N. MEHER PRASAD)

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Member

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(J. RAMADEVTI

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Member

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(GUMMADT GOPr CHANDI PO /Judicial Member

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'2"r.',ru onr.t *,i.k{u^nviiiiieo.

Koya Rajesh v. Icici Bank Limited

Case brief

What is this about?

What did the court decide?

Koya Rajesh v. Icici Bank Limited

Case brief

What is this about?

What did the court decide?

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