Debts Recovery Tribunals and Appellate Tribunals
NEW INDIA ASSUARANCE COMPANY LIMITED vs AEC INDIA on 2 December 2019
Citations and Judicial Treatment
Cited by
0
Decisions in the index citing it
Cites
0
Decisions referred to
In this index
0
Of the decisions it cites
Overruled / Questioned
0
No negative treatment found
Loading the citing and cited decisions…
This judgment in the centre: on the left the decisions it cites, on the right the decisions citing it. Colour is the treatment; choose a decision to open it.
Contd. Order Sheet.....
DEBTS RECOVERY TRIBUNAL-III, DELHI
Item No.5
<table border="1"><tr><td>APPEAL/31/19<br/>IN<br/>IA/2351/2019</td><td>NEW INDIA<br/>ASSURANCE<br/>COMPANY LIMITED<br/>VS<br/>AEC INDIA</td></tr></table>
Dated : 02.12.2019
Present – Sh. Navdeep Singh alongwith Sh. Pranav Mishra, counsel for the appellant.
Sh. Sandeep Sharma alongwith Sh. Umesh, counsel for the objector/ R. B. Jain.
Sh. Gaurav, counsel for the ICICI Bank.
In the present matter, the order of the Hon'ble High Court of Delhi dated 13.11.2019 has been placed on record. As per the said order, the direction has been given to this Tribunal that the settlement dated 05.03.2019 be taken on record and consequential orders of the lifting of the attachment of the orders to enable the sale the property-in-question shall be passed with respect to the property bearing no. B-8, 9, 10, Hosiery Complex, Phase-II, Noida, U.P and copy of the said settlement is placed on record.
One another copy of settlement dated 31.08.2019 arrived between Sh. Rajan Babu Jain S/o Late Sh. Tek Chand Jain R/o D-13/14, Model Town Delhi-110009 and M/s The New India Assurance Co. Ltd. is placed on record. The share of Mr. Rajan Babu Jain to the extent of 1/9<sup>th</sup> share in the property bearing no. D-13/14, Model Town, Delhi has been released mutually for a sum of Rs.20.00 lacs (which Contd. Order Sheet.....DEBTS RECOVERY TRIBUNAL-III, DELHI
has already been deposited as stated by the authorized officer of M/s New India Insurance Company Ltd.).
All the parties i.e. Authorized Officer of M/s New India Insurance Company Ltd., ICICI Bank as well as Sh. Rajan Babu Jain in person are present before this Tribunal.
In view of the order dated 13.11.2019 and the settlement dated 05.03.2019 as well as 31.03.2019, the copies of which have been placed on record, the share to the extent of 1/9<sup>th</sup> in the property bearing D-13/14, Model Town, Delhi stands released. So far as the other property is concerned, it is mutually agreed that the said property i.e. property bearing no. B-8, 9, 10, Hosiery Complex, Phase-II, Noida, U.P, ICICI Bank has been authorized to sell the property in open auction and there would be no charge of M/s New India Insurance Company Ltd. over it. Accordingly, the charge of M/s New India Insurance Company Ltd. stands released in terms of the settlement and the property stands released from attachment. However, Recovery Certificate shall remain continue with respect to rest of the amount and the other remaining property, if any. Accordingly, the IA No. stands disposed off.
In the light of the same, Id. counsel for appellant wants to withdraw the 1427 No 05
01/12/20
Handwritten signature
Handwritten signature
Handwritten signature
Handwritten signature
[Rajesh Verma]
01/12/20
Contd. Order Sheet.....
**DEBTS RECOVERY TRIBUNAL-III, DELHI**
present appeal. Hence, the present appeal stands disposed off.
Copy of the said order be sent to the Id. Recovery Officer.
File be consigned to record room.
(Dharminder Singh) Presiding Officer, DRT-III, Delhi