MS MALHOTRA CO OWNERS vs PUNJAB AND SIND BANK on 18 February 2021

DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH

MA 03/2021 MALHOTRA CO-OWNERS VS. PSB

18.02.2021 Item No.101

Present: Adv. Inderjit Sharma, Counsel for the Applicant.

None for defendants.

This MA is filed by the applicant Ld. Counsel Sh. Karan Chaudhary in which submitted that the dispute of outstanding amount has been settled and the respondent bank has issued an NOC dated 04.05.2020 through which it is clear that account of the present applicant is settled for an amount of Rs.38.00 lacs and as per the NOC issued on 04.05.2020 no amount remains outstanding in the said account. Ld. Counsel for the applicant prayed that the amount of Rs.4.00 lacs deposited through DD in this DRT and compliance of order dated 25.07.2006 passed by my Ld. Predecessor be returned to him. I perused the order dated 25.07.2006 passed by my Ld. Predecessor and also perused the NOC issued by the respondent bank on 04.05.2020 through which it is clear that the account of the present applicant is settled for an amount of Rs.38.00 lacs under the One-time Settlement Scheme, and the account was closed on 04.05.2020. Accordingly, I am of the view that the DD which was deposited by the applicant with this Tribunal are required to be released and accordingly the Registry is directed to return all the original DDs in favour of the applicant under the appropriate acknowledgement and receipt. FDRs be refunded and to place before the bank. The applicant is at liberty to claim interest on the FDRs from the respondent bank. The bank issuing the FDRs is also directed to pay the interest on the FDRs as per their rules and procedure. With these observations MA stands disposed of.

(Vivek Saxena) Presiding Officer DRT, Jaipur (Additional Charge DRT-I, Chandigarh) RJ