The applicant undertook to deposit funds to continue possession of mortgaged property. Consequently, disposal of the stay application was ordered pending compliance.
Stay of dispossession granted subject to deposit of Rs. 3.00 lacs by 07.03.2025 and Rs. 2.00 lacs by 31.03.2025.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
SkI 5912625 DPS SCREW FACTORY AND ANOTHER Vs PUNJAB AND SIND BANK
05.03.2025 Item No.27
Present: Sh.Ashok Malik & Ms.Harpriya Gill, Counsel for the Applicant.
Sh.Arpit Chawla, Counsel for the respondent bank.
Mr.Chawla states that he has filed reply to the SA. Copy has been supplied to the opposite counsel.
It is stated that applicant had raised two loans. In the year 2007, applicant had raised a CC Limit of Rs. 5 lacs and another loan of Rs. 8 lacs in the year 2017 under the CGTMSE scheme. To secure the loans, applicant had mortgaged his residential property in favour of the bank.
It is stated that the -possession of the secured asset is fixed up for 07.03.2025. Counsel for the applicant states that applicant would deposit Rs. 3.00 lacs by 07.03.2025 and another sum of Rs. 2.00 lacs by 31.03.2025.
Subject to the payment, as undertaken by the applicant, the dispossession of the applicant is stayed. However, in case appli(....ant fails to make the payment, bank would be free to take the possession. Applicant further undertakes to approach the bank with proposal and bank would decide the same within 15 days. In view of this, the present SA stands disposed of-
File be consigned to the record room after duekmpliance.
Presichlb 0 REef DRT-I, Chandigarh
MANOJ
SkI 5912625 DPS SCREW FACTORY AND ANOTHER
PUNJAB AND SIND BANK
MANOJ
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
