Ms New Sangam Bricks versus Indian Bank

In this matter, the Tribunal was issuing the notices, however, the counsel for the applicant argued that they had an OTS and they have deposited the entire amount of the OTS, but with delay. It is not that some amount was deposited with the delay it was more than 50% of the amount.

¶11

The bank has accepted any further letter for extension of time and they stood rejected now challenges are being made as the action taken in the year 2021 so, there is no limitation and even after they have entered into an OTS and failed to pay entire amount in time and even their extension letters are not being accepted by the bank. Now, after such a delay these applications are being filed there is no reason or cause to allow the limitation application.

¶12

The counsel for the bank appears and the application under Section 5 of the limitation dismissed. Accordingly, this Securitization Application is dismissed, however, it will be up to the bank to call borrower and negotiate a settlement.

¶13

File be consigned to record, as per rules. Copy of order be uploaded on website.

¶14

(Vimal Gupta) Presiding Officer Debts Recovery Tribunal, Jaipur

¶15

Ms New Sangam Bricks v. Indian Bank

Case brief

What is this about?

What did the court decide?

Ms New Sangam Bricks v. Indian Bank

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

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