The Debts Recovery Tribunal, Jaipur disposed of a Securitization Application after the respondent bank withdrew its actions due to a technical defect in the property valuation. Relief was granted to waive litigation expenses deposited by the applicant.
Securitization application disposed of; bank permitted to withdraw; litigation expenses waived.
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Court of the Presiding Officer Debts Recovery Tribunal, Jaipur
Item No. 68
Case No. SA/533/2023
MS MOYAL STEEL FURNITURE Vs STATE BANK OF INDIA
Date: 10.08.2026.
Proceedings through hybrid mode Present:
Shri R N Vijay, Counsel for the Applicant
Shri Anil Kumar Sharma, Counsel for the Respondent Bank/FI
In this matter, the counsel for the respondent bank submits that due to technical defect in the description of the property which arises because of the valuation report and bank has decided to withdraw all the actions. The bank is permitted to withdraw of the actions. The expenses of all these litigations will not be debited in the account of the applicant. The applicant has already deposited Rs. 2.50 Lac which may be treated as down payment to the OTS to be submitted within 10 days from today.
If the respondent Bank proceeds with the fresh Securitization action, the applicant will be at liberty to challenge the same as per law and all the objections taken in this Securitization Application will be taken in that also.
In view of the above, this Securitization Application stands disposed of. File be consigned to record, as per rules. Copy of order be uploaded on website.
(Vimal Gupta) Presiding Officer Debts Recovery Tribunal, Jaipur
MS MOYAL STEEL FURNITURE
STATE BANK OF INDIA
Vimal Gupta
As recorded by the court registry
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