INDIAN BANK (ALLAHABAD BANK) vs M/S HANDA SEEDS UPGRADING COMPANY on 28 May 2021

Court of the Presiding Officer Debts Recovery Tribunal-I, Chandigarh

M.A. No. 17/2021 (in OA No. 1570/2019) Indian Bank V/s M/s Handa Seeds Upgrading Company Date: 28.05.2021 (On account of Holiday on 26.05.2021 the matter is taken up today i.e. on 28.05.2021 for orders) Present through Video Conferencing Sh. Vivek Chauhan, Counsel for the Applicant Miss Manjari Joshi, Counsel for the Respondent Bank In the background of this MA, an OA No. 1570/2019 was filed by Allahabad Bank before this Tribunal against the defendants praying for recovery of an amount of Rs.1,05,72,615/-. Proceedings of the OA, started from 17.09.2019, notices were issued but none appeared on behalf of defendants till 15.03.2021, and service report was filed. An IA No. 219/2021, filed by the applicant bank was allowed, for change of name of bank on account of merger of the bank with the Indian Bank. Exparte order was passed on 01.04.2021 by this Tribunal. Now this MA is filed, with a prayer to recall order dated 01.04.2021 as an IA was filed by defendants, (present applicant) submitting that the bank was agreed to receive an amount of Rs. 48 Lakhs as full and final settlement, so, OA was not required to be disposed of finally. Heard arguments and perused record. As per reply filed by non applicant bank, it is submitted that as per agreed OTS the applicant was to deposit an amount of Rs. 48,00,000/- on or before 23.02.2021 but he sought extension and so he was directed to deposit 25% of OTS amount i.e. Rs. 10,80,000/- by 18.02.2021 and to deposit remaining amount by 23.02.2021. Copy of letter dated 17.02.2021 is filed on record alongwith reply to the MA, in which the applicant sought more time of 28 days to deposit an amount of Rs. 10,80,000/- but in fact no proof of deposit of amount of Rs. 10,80,000/- is placed on record, even when the arguments on this MA were heard.

Court of the Presiding Officer Debts Recovery Tribunal-I, Chandigarh

As per order sheets of OA no. 1570/2019, there is no endorsement about filing of any IA by the present MA applicant on 23.02.2021. It is clear from the reply to the MA, that on earlier occasion, applicant was given an opportunity to deposit an amount of Rs. 48,00,000/- against outstanding amount of Rs. 1,25,70,133/- but he failed to deposit any amount and now wants to settle again by way of OTS whereas he knowingfully well not participated in the proceedings of this OA. Accordingly the MA being devoid of any merit, based on misleading facts is disposed of as dismissed with a cost of Rs.10,000/- payable to the non applicant bank. Cost be debited in the account of applicant. Copy of this order be given to the concerned parties. File be placed before Registrar for compliance, and after compliance file be tagged with Securitization Application.

(VIVEK SAXENA) Presiding Officer DRT, Jaipur (Add. charge DRT-I, Chandigarh)