This recovery tribunal recorded a settlement agreement for Rs. 3.30 Crore involving the sale of secured property. The court deferred the scheduled auction by 15 days to allow the transaction to complete.
Sale application disposed; auction deferred for 15 days pending payment and conveyance.
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Court of the Presiding Officer Debts Recovery Tribunal, Jaipur
Item No. 28
Case No.SA/545/2025
OM HARI HAR EDUCATION SERVICES PVT LTD Vs UGRO CAPITAL LIMITED
Date: 18.12.2025.
Proceedings through hybrid mode
Present:
Shri Kirti Kapoor along with Shri Manan Kapoor and Shri Shreshth Mathur, Counsel for the Applicant along with borrower
Shri Avinash Kumbaj, Counsel along with Shri Jalim Singh and Shri Hemendra Kumar, Authorised Representative for the Respondent Bank/FI
Shri Nitesh Sethi, Third Party in person
In this matter, counsel for the respondent FI submits that the matter is settled for Rs. 3.30 Crore. The payment will come from the sale of property. The borrower has permitted the borrower to bring a buyer to the satisfaction of the respondent FI.
The sanction letter of ICICI Bank is shown to submit that the purchaser of the property are Nitesh Sethi and Esha Jain and the payment will be made directly to the company.
Counsel for the Respondent submits that only upon receiving the payment they shall be releasing the property and No Dues Certificate will be issued. Since the loan has been sanctioned against the property, a letter shall be addressed to the respondent Financial Institution by borrower, countersigned by the purchaser and ICICI authorized representative for handing over the property documents to the authorized representative of the ICICI Bank.
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Court of the Presiding Officer Debts Recovery Tribunal, Jaipur
Upon receipt of the amount of Rs. 3.30 Crore, the property will stands released the letter to the fact will be issued. Property documents shall be handed over to the authorized representative as per letter enumerated above.
The company shall issue a letter giving complete details of the property loans linked to the said property and the details of the borrower.
At this stage, the borrower submits that the possession of the property after payment shall be handed over to the purchaser of the property. After payment property documents shall be released to the ICICI Bank, No Dues Certificate will be issued, however the possession will be handed over only once the copy of executed sale deed will be presented to the borrower.
The auction scheduled on 23.12.2025 will be deferred for 15 days to see the outcome of the transaction as stated above. The endeavor be made to make payment in three working days.
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.
“DASTI”
(Vimal Gupta) Presiding Officer Debts Recovery Tribunal, Jaipur
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2 provisions across 2 enactments
OM HARI HAR EDUCATION SERVICES PVT LTD
UGRO CAPITAL LIMITED
Vimal Gupta
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
