Allowed

State Bank of India v. Panipat Jalandhar Nh Tollways Private Limited

DRT20 Mar 2025OA/157/2022

Case brief

AI extract

What is this about?

This order allows an application filed by the State Bank of India to pass a compromise decree based on a Joint Memorandum of Terms of Compromise dated 20.03.2025. The Tribunal records the payment terms and consequences of default, empowering the bank to seek a Recovery Certificate if defendants fail to comply.

What did the court decide?

The OA allowing the Joint Memorandum of Terms of Compromise is allowed and recorded.

State Bank of India versus Panipat Jalandhar Nh Tollways… — Insolvency and Bankruptcy | DRT (2025)

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THE DEBTS RECOVERY TRIBUNAL-I^{AT HYDERABAD} DATED THIS THE 2oth DAY OF, MARCH,²⁰²⁵ PRESENT: SRI, GUMMADI GOPICHAND HON'BLE PRESIDING OFFICER

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rA. NO. 635^()F 2025 IN oA NO. L57 0F 2022

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Between

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State Bank of India, SAMB-2, Hyderabad, Kachiguda, Hy derabad-27^.

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....Applicant/s

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And

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Panipat Jalandhar NH-1 Tollway Private Limited, At. 5th Floor, Block-2, Vatika Business Park, Sohna Road, Sector-49, Gurgaoon,122101. And others.

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.... Respondent/s

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DOCKET ORDER DT. 22.03.2025.

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IA.No.635/2O25:

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The Applicant Bank filed a Joint^{Memorandum of Terms of Compromise} dt.20.03.2025 and^prayed for^passing a^{compromise decree.Thesaid} application is allowed and the^{Joint Memorandumof Terms of Compromise} are taken on record. No relief^{is sought against defendantsNo.4 to 13.}

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I have^perused the-l4ellora^{nd u m of Termsof Compromise, to which- the} Applicant aEp@-nffigpdants^{No.1 to 3 are signatories. As seen from} the said M6dBtb]jm'1r€t[d\as^{of Compromise,the DefendantsNo.1 to 3} nave apfq$.lred tffiappliBd{\nk^{for compromise and the bankaccepted} EEmise the terfief$ f com &Bmise aS [\r^{joint compromlsememo, whereinthe}

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{.^{zrrHAH?rIr :} bw

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defendants No.1 to 3 had agreed to^pay a^{sum of Rs'371,9O,44,726} /^- (Rupees Three Hundred Seventy One Crores Ninety Lakhs Forty^Four thousand Seven Hundred and Twenty Six only)^{plus legal expenses} of Rs.O.12 Crores or actuals, whichever is^higher to^{be remitted} immediately in respect of OA No.157 /2022, out of which an^upFront amount of Rs.18.6O Crores was^paid by the defendant I^company.The balance amount of Rs.353,3O44,726/' to be^pad as^under:

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i) 5olo i.e, Rs.18.60 crores of offer amount, within⁷ days of conveying of sanction by consortium of all le nde rs.

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ii) 15o/o i.e., Rs.55.79 Crores of offer amount will be paid within 30 days of conveying of sanction by consortium of all lenders.

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iii) 45o/o i.e., Rs.167.36 crores of offer amount will be paid within 90 days of conveying of sanction by consortium of all lenders.

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iv) Balance 30o/o i.e., Rs.117,55,44,726/ - of offer amount will be^paid within 180 days from the^date of approval from consortium of all lenders.

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Interest for the delay period: If the entire compromise amount is not paid within 3 months from the date^of sanction of compromise^proposal, interest at 6^month MCLR (presently 8.55o/op.a) will be charged on^the outstanding balance from 3Oth day after the^approval letter is issued.

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It is submitted that on^payment of the balance^{amount of} Rs,353,3O,44,726/- by the defendant I company, the^{applicant bank will} file full satisfaction memo before the Tribunal. It^{is also submittedthat the} defendant company shall withdraw all the cases^filed by^{the company} against the applicant bank. It is submitted that on^{payment of the total} compromise amount, the bank will^release the^{securitiesto the rightful} owners against acknowledgement and withdraw the^{suit and flle joint} satisfaction memo. In the event of failure to^{pay compromise amount,the} action under SARFAESI Act shall ipso factocommence^{from the stage it has} been deferred and any^{part payment} under the^{compromiseshall be treated} as a part r per the accounting practice of the bank for a ppropriatiq dants fail to pay the balance amount^of Rs,353,3 Joint Memo of compromise dated 20.o3. the co to nted by appllcant bank to defendants while approvr e comp tse, s nd withdrawn without any further notice

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to defendants and the applicant bank will be entitled to recover the entire amount together with subsequent interest and shall be entitled for recovery certificate on filing memo that defendants failed to^pay the amount as^per compromise and entitled to enforce the security.

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Accordingly, the present OA is allowed in terms of the Memorandum^of Compromise dt.20.03.2025. If the Defendants fail to^pay the amounts^{as per} the terms of the said Memorandum of Compromise,^{the Applicant Bank shall} be at liberty to approach this Tribunal for the issuance of the^Recovery Certificate against the Defendants for the amount claimed in the^{OA with} future interest and costs /ess the^payments made by the^{Defendants,if any} by filing intimation of default memo by Applicant Bank.

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sd/Presiding Officer

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State Bank of India v. Panipat Jalandhar Nh Tollways Private Limited

Case brief

What is this about?

What did the court decide?

State Bank of India v. Panipat Jalandhar Nh Tollways Private Limited

Case brief

What is this about?

What did the court decide?

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