The Debt Recovery Tribunal allowed the withdrawal of an application by the applicant bank, which had mutually settled the debt with the respondents via a one-time settlement proposal, thereby dismissing the main application.
IA No. 145/12/2023 allowed; Main Application (TA No. 1,451/12/2024) dismissed as withdrawn.
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Debts Recovery Tribunal-Il, Delhi
TA/889 12024 UNION BANK OF INDIA Vs M/S. JAY KAYDESIGNER & ANR.
18.06.2026
Item no.19
Present Mr. Mohit Kumar, Counsel for applicant bank None for defendants
Matter is taken through VideoConferencing/Hybrid mode.
The Ld. Counsel for applicant banksubmittedthat he has filed IAlL45l2023 for withdrawal ofthe present matter. It is submitted that the defendants had approachedthe applicant bank for repay the outstanding amount,for this defendantshad sent a One Time Settlement Proposal letterdated 28.09.2022 to the Asset Recovery Branch of applicantbank which was accepted by the applicant bank. The defendantswill have agreed to pay the outstanding amount asper the terms and conditions of the agreement whichwere duly signedby applicant bank as well as defendants, and no amountis due in the Ioan accountbearing no.352705040111166 ofthe defendant. The matter was mutually settled between thepar:tieshence the applicantbank to withdraw thepresent TA.
In view of the above submissionmade by the Ld. Counsel for applicant bank, IA no.t4512023is allowed. TNBBgl2024is dismissed as withdrawn.
File be consigned torecord room.
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(SUSHIL KUMAR RASTOGI) PRESIDING OFFICER, DRT-II, Delhi
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UNION BANK OF INDIA
M/S. JAY KAY DESIGNER & ANR.
SUSHIL KUMAR RASTOGI
As recorded by the court registry
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