Debts Recovery Tribunal cancelled an auction fixed for the following day after the applicant deposited a substantial portion of the dues and promised full payment by a specific deadline.
Auction fixed for 30.01.2025 cancelled. Possession of first floor restored upon payment of Rs.3 lacs. Full possession and title deeds released upon full payment.
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DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
SA/16/2025
MS LS TRADING CO Vs PUNJAB NATIONAL BANK
29.01.2025 Item No.12
Present: Sh. Rohit Suri & Ms.Tanu Sidhu, Counsel for the Applicant alongwith Sh.Lakhwinder Singh applicant in person.
Sh.KHS Bath, Counsel for respondent bank.
Mr.Bath states that the Bank is in possession of the secured asset. It is stated that Rs.42.76 lacs and odd sum is due from the applicant. Today, counsel for the applicant has handed over eight demand drafts, amounting to Rs.30.50 lacs. Counsel for the applicant further states that the applicant would pay another Rs.3 lacs by tomorrow and would pay the entire sum due on or before 31.03.2025. The auction is fixed up for tomorrow i.e. 30.01.2025.
In view of the above-mentioned facts, the auction fixed up for tomorrow is hereby cancelled. Whenever, applicant would pay Rs.3 lacs, bank would restore the possession of the first floor to the applicant. It is made clear that the bank would keep possession of the three shops on the ground floor. On the full payment being made by the applicant, bank would deliver the possession to the applicant and would also return the titledeeds to the applicant.
In view of this, the present SA stands disposed of . File be consigned to the record room after due compliance.
Pronounced in open court. MANOJ
(A S Narang) Presiding Officer DRT-I, Chandigarh
MS LS TRADING CO
PUNJAB NATIONAL BANK
Manoj
A S Narang
As recorded by the court registry
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