Single bench disposal of Secured Appeal where appellant undertook to deposit outstanding dues and surrender possession if default persists, leading court to defer banking action.
Disposal of appeal; possession deferred until 22.05.2026 pending payment of Rs. 2 lacs.
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DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
SA/ 192/2026 GAUTAM KOTWAL Vs JAMMU AND KASHMIR BANK LIMITED
19.05.2026
Item No.41
Present: Mr. S.S. Chaudhary, Counsel for the Applicant. Mr. Vivek Verma, Counsel for respondent bank alongwith Mr.Kishore, Nodal Officer.
Mr.Verma has put in appearance on behalf of respondent bank and has filed reply to the SA.
Mr.Sukhvinder Singh states that the dispossession of the applicant is fixed for tomorrow i.e. 20.05.2026. He further states that applicant had raised two term loans of Rs. 12 lacs and Rs. 15 lacs against which he had created security interest in respect of a residential house, situated at Jammu.
Mr.Verma, counsel for the respondent bank states that apart from two term loans, applicant had also raised a CC limit of Rs. 12 lacs and credit card of Rs. 50,000/-. However, applicant failed to make the repayment of the loan.
Counsel for the applicant undertakes to deposit Rs. 3 lacs by tomorrow by 10:00 am; another sum of Rs. 2 lacs by 22.05.2026 and the remaining sum due, in all four loan accounts, in three monthly installments, payable by 15.06.2026; 15.07.2026 and 15.08.2026. He further states that in case he fails to make any payment, 'as undertaken by him, he would himself surrender the possession to the bank.
Mr.Verma states that in view of the statement of the counsel for the applicant, bank would defer the possession till 22.05.2026 and in case applicant deposits Rs. 2 lacs, the bank would not take the possession.
In view of the above, the present SA standsrdisposed of. File be consigned to the record room after due comNiance.
MANOJPronounced in open Court
GAUTAM KOTWAL
JAMMU AND KASHMIR BANK LIMITED
MANOJ
As recorded by the court registry
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