This Debt Recovery Tribunal order disposed of an original petition where petitioners sought closure of a One Time Settlement account. The court accepted undertaking from both sides that payment of the balance sum of Rs. 59 lakhs by 31.10.2022 would result in account closure.
Order that account closed upon remitting Rs.59 lakhs by 31.10.2022.
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IN THE HIGH COURT OF KERALA AT ERNAKULAM
PRESENT
THE HONOURABLE MR. JUSTICE GOPINATH P.
TUESDAY, THE 11TH DAY OF OCTOBER 2022 / 19TH ASWINA, 1944
OP (DRT) NO. 63 OF 2022
S.A. ID NO. 662/2022 PENDING BEFORE THE DEBT RECOVERY TRIBUNAL,
ERNAKULAM
PETITIONERS:
1 SHIBU ARAKKAL AGED 43 YEARS ARAKKAL HOUSE, ELAMBAKAPILLY, WEST VENGOOR, PERUMBAVOOR, ERNAKULAM - 683 542. 2 PADMANABHAN NAIR ARAKKAL HOUSE, ELAMBAKAPILLY, WEST VENGOOR, PERUMBAVOOR, ERNAKULAM - 683 542. BY ADV VIJAYAKUMARI
RESPONDENTS:
1 CANARA BANK REPD BY ITS MANAGER, PERUMBAVOOR BRANCH, ERNAKULAM - 683 542. 2 AUTHORISED OFFICER CANARA BANK, PERUMBAVOOR BRANCH, ERNAKULAM - 683 542. ADV. SAJU N A, STANDING COUNSEL
THIS OP (DEBT RECOVERY TRIBUNAL) HAVING COME UP FOR ADMISSION ON 11.10.2022, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
OP(DRT) NO.63 OF 2022
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JUDGMENT
Dated this the 11th day of October, 2022
The petitioners availed credit facilities from the respondent Bank and committed default in payment of the amounts due to the respondent Bank. On the application of the petitioners, a One Time Settlement was granted to the petitioners under which the petitioners have to pay a sum of Rs.85 lakhs for settlement of the liability. The said amount was to be paid in instalments. Though the petitioners remitted a total amount of Rs.26 lakhs in four instalments, the balance amount is yet to be paid. The learned counsel appearing for the petitioners states that since the last date of payment under One Time Settlement is 31.10.2022, the petitioners will pay the balance amount on or before that date and any failure or delay in paying instalments may be condoned.
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OP(DRT) NO.63 OF 2022
respondent Bank, on instructions, would submit that if the petitioners were to pay the entire balance amount on or before 31.10.2022, the Bank will accept the same and close the account taking the payment to be in full compliance of the terms on which the One Time Settlement was granted to the petitioners. In other words, if the petitioners pay a sum of Rs.59 lakhs on or before 31.10.2022, the account of the petitioners will be closed.
Taking note of the submissions made by both sides, this original petition is disposed of making it clear that if the petitioners remit a sum of Rs.59 lakhs on or before 31.10.2022, the account of the petitioners shall be closed and the payment shall be treated as full compliance of the terms on which the
OP(DRT) NO.63 OF 2022
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One Time Settlement was offered to the petitioners.
The original petition is disposed as above.
Sd/-
GOPINATH P.
JUDGE
SKP/11-10
OP(DRT) NO.63 OF 2022
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| APPENDIX OF OP (DRT) 63/2022 | ||
|---|---|---|
| PETITIO | NERS' | EXHIBITS: |
| EXHIBIT | P1 | THE COPY OF ORDER IN S.A.NO.236/2017 ISSUED BY THE HON'BLE DRT-I, ERNAKULAM DATED 07/03/2018. |
| EXHIBIT | P2 | TRUE COPY OF SEC.13(4) CUM SALE NOTICE ISSUED TO THE APPLICANTS DATED 21/02/2018. |
| EXHIBIT | P3 | THE COPY OF SEC.13(2) NOTICE ISSUED TO THE APPLICANTS DATED 21/01/2019. |
| EXHIBIT | P4 | THE COPY OF POSSESSION NOTICE DATED 13/06/2019. |
| EXHIBIT | P5 | THE COPY OF POSSESSION CUM SALE NOTICE DATED 03/02/2020. |
| EXHIBIT | P6 | THE COPY OF JUDGMENT IN WPC NO.7098/20 DATED 10/03/20. |
| EXHIBIT | P7 | THE COPY OF NOTICE ISSUED BY THE ADVOCATE COMMISSIONER DATED 15/01/2022 IN M.C.NO.96/2020 BEFORE CJM, ERNAKULAM. |
| EXHIBIT | P8 | THE COPY OF S.A.ID.NO.662/2022 PENDING BEFORE DRT-I, ERNAKULAM DATED 20/01/2022. |
| EXHIBIT | P9 | THE COPY OF STAY PETITION (IA.ID.NO.664/22) FILED ALONG WITH THE S.A.BEFORE DRT-I, ERNAKULAM. |
RESPONDENTS' EXHIBITS:NIL
TRUE COPY
P.A.TO JUDGE
1 issue framed by the court
Whether the One Time Settlement account should be closed upon payment of the balance amount by the deadline.
Shibu Arakkal
Padmanabhan Nair
Canara Bank
Gopinath P
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
