In this quick disposal, the Debts Recovery Tribunal quashed the auction notice in a recoverable procedure. The applicant was granted liberty to submit a one-time settlement (OTS) proposal with a 10% down payment to the bank.
Auction notice quashed; liberty granted to applicant to entrust matter with bank via OTS proposal and 10% down payment.
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Court of the Presiding Officer Debts Recovery Tribunal, Jaipur
Item No. 15
Case No. SA/147/2025
MS SALASAR ART Vs BANK OF BARODA
Date: 26.02.2025.
Proceedings through hybrid mode
Present:
Shri Kailash Tailor, Counsel for the Applicant
Ms. Praneeta Agarwal, Counsel for the Respondent Bank/FI
Ms. Praneeta Agarwal has filed Vakalatnama vide dy. no. 459 on behalf of respondent bank.
In this matter, a combined notice of Rule 8(6) and 9(1) is given. Only after expiry of 30 days of Rule 8(6) notice, auction notice can be issued or published. It is not a case in this matter.
Applicant seeks liberty to challenge further actions of the respondent bank under Section 13(4) in taking possession or any auction. The applicant is always at liberty as per in the Act and independently also can be challenged the actions as per law.
SA stands disposed of as allowed to the extent of auction notice is quashed and applicant is at liberty to settle the matter and approach the bank with an OTS proposal and 10% down payment. Bank may consider the same.
Accordingly, SA stands disposed off, all pending IAs also stands disposed off, if any.
File be consigned to record as per rules. Copy of order be uploaded on website.
(Vimal Gupta) Presiding Officer Debts Recovery Tribunal, Jaipur
cm
1 issue framed by the court
Whether to quash the auction notice and grant liberty to the applicant to approach the bank with a settlement proposal.
MS SALASAR ART
BANK OF BARODA
Vimal Gupta
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
