Disposed

Akar Corrugators Pvt. Ltd. v. State Bank of India

DRT25 Jul 2026SA/592/2025

Case brief

AI extract

What is this about?

The Special and National Lok Adalat, comprising the Debt Recovery Tribunal, allowed the withdrawal of the securitization application after the applicant borrower paid the dues and the respondent bank issued a No-dues certificate.

What did the court decide?

The Securitization Application No. 592/2025 is disposed of accordingly. The withdrawal is allowed based on the settlement and No-dues certificate.

Akar Corrugators Pvt. Ltd. versus State Bank of India — Banking and Recovery | DRT (2026)

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BEFORE THE SPECIAL AN D NATIONAL LOK^ADALAT ORGANISED ON^25tb Jutv .2026^{BY THE} DEBTS RECOVERY TRIBUN AL.^{AURANGABAD AND} DSTRCIT LEGAL S ERVICES AUTHORIY

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SA No. 59212025^{(Sr.no' 86} )

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SA WITHDRAWAL

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Applicant(s): Akar Corru^{gators Pvt Ltd} (hereinafter referred to as / borrower /^guarantors )

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VERSUS

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Defendan s : State Bank Of India (hereinafter referred to as bank / financial^institution)

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Deta ils of dispute / claim:^{The claim of the bank is to the tune of} Rs. 45775759.46 A^{withcost and interest.}

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The applicant borrower^{has paid the dues in his / their loan account an} amount of Rs.^{4,21,00,000/- (Rupees Four crore Twentyone lakh rupees only)} as settlement amount^{underOTS. Therefore, the respondentbank does not want to} proceed further. Hence^{present SecuritizationApplicationmaybe withdrawnas per} the Consent Terms/pursis/IA^{filed online/offline which is markedas 'A'}

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Applicant(s)

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Respondent(s)

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.:fz- - I^- S\dc,'9 '^A'dtrr'tAure Advocate for the Applicant(s) /Authorised Representative

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.NI^tq, Aal.S.V. Advocate or the Respondent(s) R*tr /Authorised Representative

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Adv. aIaji l'anchal
Member
Special and National Lok Adalat

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Shri. lVlakarand Adrvant Chairman Special and National Lok Adalat

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Date: 25.07.2026 Place: Aurangabad.

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ORDER

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In view of the above consent terms/pulsis/lA which are fiied online/offline in the present matter, the order is passed. The SA No. 592A025 stands disposed of accordingly.

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Date : 15.07.1026

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Shri. NI ka Adwanl lnran Spccial and National Lok Adalat

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Page No. 2

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Prrrrted on.25^juiy ?C).e at11]12141

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Debts Recovery Tribunals (DRTs)

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GOVERNMENT OF INDIA I MINISTRY OF TINANCE

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DEPARTMENT OF FINANCIAT SERVICES

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Transaction Reference: 67 1 9 /2026

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Diary No 6719/2026 Applicant Name AKAR CORRUGATORS PVT LTD Defendant Name STATE BANK OF INDIA Date of Case Filling 25-07-2026

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Ihitisa{o pule.-qener3ted ieceipt and doej n':'t requitsa phytiaalsrqn.liu:'.:

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f^{urs\i-s </sup> N6^{-D ucsiss"J..{ t1(es' Ba'.l(}}

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IN THE DEBTS TRIBUNAL ATAURANGABAD

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.'a 2--

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SECURITIZATIONAPPPLICATION NO.^{D (OF} zoz5

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Akar Corrugators P'vt. Ltd.,

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......Applicants VERSUS

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State Bank of India AndAnother

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....Respondents

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Purshish

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The subject loan account is settled by the applicants and the respondent bank has issued no-Dues certificate dated to the applicants. A copy of no-Dues certificate is enclosed herewith.

Hence this Purshish

Dale: z5/o7lzoz6

Submitted by:

SanjayA. Nandure Advocate

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ffisBl

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alro hiltrli{',^{1..' t}r'ert !} '1:$"'

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To.

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MA Akar Corn sarors^{Pvl ['td} ;;:ffi ;:ffiil^{xrge* ali Fsrash ( Diractor & Guarantot)} Pbr No E85 {}^{\aJrlui lndustrial ara6} wlhin^{villagelifll{s of RanjanQ&on.} thl, Gangipur^{tt. Chh. $afibhaiiNagar}

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Lils Akar Corugators^{Pvt Lld} Mrs. Fehmdabino^{lbrahim Farash (Drrector & Suarantor)} Plot No. ESs @ \Ahlrtj^{lndir$trial area} *ithin village llrnils of village llrnils of of^Raniangaon' Tt, Gangspur, Sist. Chh. SaffShaii^Nagar

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*ithin village llrnils of village llrnils of of^Raniangaon'

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NO DU ES CERTIFICATE : M/S^AKARCORR ORS PVT LTD NO 87012 Acco L c No. 95860 cc 3578 ITL 7T 35782659474. T !

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*ear Sir/Madarn,

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!1b have 1o advise that the captioned loan accounts^{of M/s Aker Conugators Pvt Ltd haw} beer settled on receipl of amounl as^per compromise^{settbfientapprowdby the Bank.} !i& have no dues lo be recovered against^{lhs captioned accoxnt.}

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However, this certificate does not^preclude lhe^{Bankto proceed against the bonower/} guarantor as the case may be in respect of other loan^{liabilities if any.}

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,.lJt

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' AssistaniGentral^Managel

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Akar Corrugators Pvt. Ltd. v. State Bank of India

Case brief

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Akar Corrugators Pvt. Ltd. v. State Bank of India

Case brief

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