Modern Seeds v. State Bank of India
Case brief
What is this about?
Hearing on stay application regarding possession of secured asset. Applicant proposed installment scheme; disposal follows upon execution of arrangement.
What did the court decide?
Stay granted for five months on perishaded condition of installment payments from 10th of every month. Registration of defaults entitles bank to possession.
What the court decided
DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
SA/7/2025 MODERN SEEDS Vs STATE BANK OF INDIA
10.07.2025 Item No.6
Present: Mr. Yogesh Kumar and Mr. Sukhvinder Singh Chaudhary, Counsel for the Applicants along with Mr. Harnek Singh/applicant No.2 in person. Mr. Bhavjit Singh, Counsel for respondent bank.
Possession of the secured asset is fixed up for tomorrow i.e. 11.07.2025. It is stated that a sum of Rs.22.00 Lacs (approximately) is due. Counsel for the applicant has today handed over three drafts totaling Rs.5.00 Lacs to counsel for the bank. Counsel for the applicant states that applicant would make the remaining sum due within five months by making payment in installments. The payment would be made on 10th of every month.
In case, applicant fails to make the payment of any installment in time, bank would be free to take the possession. In view of this, SA stands disposed of.
File be consigned to record room after due compliance.
(A S Narang) Presiding Officer DRT-I, Chandigarh
PANKAJ
Parties & counsel
- applicant
MODERN SEEDS
- respondent
STATE BANK OF INDIA
Coram
A S Narang
Case details
As recorded by the court registry
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