INDIA BULLS ASSETS RECONSTRUCTION COMPANY LTD vs M/S BADRI NARAIN SITA RAM SOMANI on 1 July 2025

Court of the Presiding Officer Debts Recovery Tribunal, Jaipur * Item No. 13 Case No.MA/216/2022 IN OA/1421/2019 INDIA BULLS ASSETS RECONSTRUCTION COMPANY LTD Vs M/S BADRI NARAIN SITA RAM SOMANI Date: 01.07.2025. Proceedings through hybrid mode Present: Shri Shubham Maheshwari, Counsel for the Applicant Shri Vineet Sharma, Counsel for the Respondent Bank/FI This Misc. Application filed by the applicant and submitted that OA no. 1421/2019 was decided by this Tribunal finally on 20.07.2022 and after elaborate discussion and approval of applicant bank a letter was issued by the applicant on 12.08.2021 wherein the property mentioned in Para 3A of the OA which is “834-835, Somani Bhawan, SBBJ Bank Street, Chaura Rasta, Jaipur (Raj.)” was to be released and applicant ensured no recovery shall be made from this property in future by the applicant bank/FI. It is further submitted that in letter dated 12.08.2021 defendant no. 2 made payments amounting to Rs.1.20 Cr. and pursuant to such payments made the property papers of the above mentioned property were released along with charge on property. This Misc. Application stands allowed. Ld. Recovery officer is hereby directed to exclude the property mention in this Misc. Application “834-835, Somani Bhawan, SBBJ Bank Street, Chaura Rasta, Jaipur (Raj.)” from the array of the proceedings. No action should be taken as the property stood released. In view of the above submissions, this Misc. Application stands disposed off. File be consigned to record, as per rules. Copy of order be uploaded on website.

Court of the Presiding Officer

* (Vimal Gupta) Presiding Officer