Disposed

M S Aahana LLP v. Indian Bank

DRT15 Oct 2025SA/142/2022

Case brief

AI extract

What is this about?

In a Debt Recovery Tribunal during settlement negotiations, the Tribunal approved a One Time Settlement of Raj 6.50 Cr. agreeing to full discharge of liabilities and release of properties upon timely payment, appointing a Court Receiver for possession handover.

What did the court decide?

Disposal of Securitization Application; approval of OTS of Rs. 6.50 Cr. with appointment of Court Receiver and conditional release of properties.

M S Aahana LLP versus Indian Bank — Company and Corporate | DRT (2025)

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Court of the Presiding Officer Debts Recovery Tribunal, Jaipur

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Item No. 81

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Case No.SA/142/2022

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M S AAHANA LLP Vs INDIAN BANK

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Date: 15.10.2025.

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Proceedings through hybrid mode Present:

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Shri Naresh Batra along with Sh. Vikram Singh & Ms. Aayushi Jain, Counsel for the applicant and Sh. Paras Jain, applicant in person

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Shri Vikas Jain along with Sh. Shashank Jain, Counsel for the Respondent Bank/FI and Sh. Amit Pareek, Chief Manager of the respondent bank.

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Ms. Anubha Singh along with Sh. Shubham Choudhary, Counsel for the Auction Purchaser

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The matter has been taken up for today as the applicant wanted to settle the matter, therefore, from yesterday after arguments were heard, the matter is being taken today in compliance of order of Hon’ble Rajasthan High Court.

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In this matter, total dues as on date according to the bank after adjustment of Rs. 1,20,10,000/- is around of Rs. 13.60 Cr. The auction was also in doubt and notice under Section 13(2) is also in doubt, all those arguments can be heard and decided, but it will benefit to all the parties as the bank is also ready and willing to close this account before 31 March, 2026.

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Yesterday, the borrower offered Rs. 5.10 Cr. as full and final payment to be made within the period of one year which was out rightly rejected by the officer of the respondent bank present in the Court. Notice under Section 13(2) dated 11.11.2021 had outstanding figure of Rs. 8.32 Cr. as on 10.11.2021.

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The property situated at plot no. 120/213 Agarwal Farm, Mansarovar, Jaipur, Rajasthan, admeasuring 135 sq. Mts . has been sold for Rs. 1,20,10,000/- and the same has been purchased by the tenant in the property being a single bidder. Yesterday, the applicants have relied upon the judgment Punjab National Bank Vs M/s Mithilanchal Industries Pvt. Be that it may be, all those arguments are for merits. Counsel for the bank on instruction submits that if anything around Rs. 7.00 Cr. is offered to be paid within three months the bank is ready and willing to accept. After

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Court of the Presiding Officer Debts Recovery Tribunal, Jaipur

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brief negotiation it was agreed to consider following payment scheduled:-

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Total OTS payment of Rs. 6.50 Cr. out of which Rs. 1.00 Cr. to be paid within 15 days from today. 50% of the payment by 31^st December, 2025 and balance amount by 30 March, 2026.

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It is made clear to all the parties that possession of the properties can only be handed over after Rs. 1.00 Cr. have been paid by the borrowers.

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Possession of the properties shall be handed over through Court Receiver/ Advocate Commissioner and expenses of which shall be borne by the applicant herein. The receiver shall be entitled for the fee of Rs. 20,000/- along with travelling and miscellaneous expenses. Accordingly, Sh. Akash Sharma (Mob. No. 6350476112), Advocate is appointed as Court Receiver. The Court Receiver shall be present at the premises along with Authorized Officer of the bank and borrower/ borrowers representatives. Viedography and photography of handing back the possession of the properties, proper inventory shall be made or if any inventory has already existed, the same shall be verified by the Court Receiver. If the borrower/ applicant failed to make payment, the Court Receiver shall take the possession back from them. It is made clear that an amount of Rs. 6.50 Cr. crystallized so, no interest is to be charged till 31 March, 2026. The counsel for the bank submits that they may be permitted to charge the interest after 31^st December, 2025. When the settlement is taking place, the bank is sacrificing so much which do not deemed fit, but the Tribunal look into this interest aspect. Let no interest be charged till 31 March, 2026.

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The proposal of Rs. 6.50 Cr. shall be approved by the bank as per their polices though the Tribunal feels to end the litigation and looking into the case for which this company was formed, they may consider the same.

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The possession of the properties is with the bank since 2024 so it will take some time and money of borrowers to revive it. The bank will convey the approval and the amount deposited by the borrower shall be adjusted only after the OTS is approved. The respondent bank shall keep the amount deposited by the

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Court of the Presiding Officer

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Debts Recovery Tribunal, Jaipur

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applicant in the no lien interest bearing account till the acceptance of the OTS by bank.

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The applicant is agreed to pay Rs. 50.00 Lac by 27.10.2025 and Rs. 1.50 Cr. by 31^st December, 2025 to the respondent bank.

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The applicant submits that the amount of Rs. 6.50 Cr. (to be paid by 30^th , March, 2026) would be towards full and final settlement of entire dues of the respondent bank and consequent upon the repayment of Rs. 6.50 Cr. by 30^th March, 2026. M/s Aahana Dairy LLP and its partners, borrowers and guarantors shall be discharged from the liability and the bank shall issued no dues certificate and all the hypothecated and mortgaged properties will be released and all the litigation will come to end.

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If the applicant makes payment of Rs. 1.00 Cr. may be by 31^st December, 2025 or prior in time including Rs. 50.00 Lac deposited (to be paid by 27^th October, 2025), the respondent bank shall hand back the possession of two properties i.e. Plot No. 120/212, Agarwal Farm, Mansarovar, Jaipur, Rajasthan, admeasuring total area 135 sq. mtrs. and "Industrial property belonging to M/s Aahana Dairy LLP, Industrial Plot at Khasra No. 72, Gram Goal, Gram Panchayat Bobadi, Tehsil Jamwa Ramgarh, District Jaipur, Rajasthan. Admeasuring total area is — 41100 sq mts. through Court Receiver within 3 days from the receipt of the payment.

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The applicant submits that after possession is given they would like to change the main entrance of industrial property and make it as per Vastu. They can do so in consultation with bank.

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In view of the above, this Securitization Application stands disposed of. File be consigned to record, as per rules. Copy of order be uploaded on website. In case of any exigency, concerned parties can move Misc. application.

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(Vimal Gupta) Presiding Officer Debts Recovery Tribunal, Jaipur

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M S Aahana LLP v. Indian Bank

Case brief

What is this about?

What did the court decide?

M S Aahana LLP v. Indian Bank

Case brief

What is this about?

What did the court decide?

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