Debts Recovery Tribunals and Appellate Tribunals
Ms Jasmine Chemicals vs INDIAN OVERSEAS BANK on 9 May 2023
**IN THE DEBTS RECOVERY TRIBUNAL-II AT AHMEDABAD
(Laxman Madnani, Presiding Officer)**
M.A .No. 11 of 2023
Date of Filing : 06.04.2023
Date of Decision : 09.05.2023
M/S.JASMINE CHEMICALS & ANR
.....Applicants
Versus
INDIAN OVERSEAS BANK
....Respondent
Present:
Mr. Ritesh Patadia, Ld. Counsel appeared for the Applicants.
Ms. Harshada Darji, Ld. Counsel appeared for the Respondent Bank
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ORDER
1. 1) Today this matter has come up for hearing.
2. 2) Ld. Counsel for the Applicants submitted that the present Misc. Application is filed pursuant to the disposal of earlier S.A. No. 125/2023 vide order dated 03.03.2023 passed by this Tribunal, which was filed by the Applicants challenging the actions/measures taken by the Respondent Bank under the SARFAESI Act, 2002. It is submitted that after the disposal of the said S.A. No. 125/2023 on 03.03.2023, the Court Commissioner has issued notice dated 31.03.2023 for taking the physical possession of the property in question in pursuance to the order passed by the concerning Ld. District Magistrate/Ld. Chief Judicial Magistrate under Section 14 of the SARFAESI Act, 2002.
3. 3) Ld. Counsel for the Applicants further submitted that without going into merits of the case, the Applicants are inclined to settle the matter amicably with the Bank and accordingly shall pay the entire dues as per the settlement within a period of 3 months from today; however, it is submitted that the bank may be directed not to charge any legal charges/expenses, penal interest in the loan account and further it is submitted that the bank may be restrained from debiting any charges after disposal of S.A. No.125/2023 on 03.03.2023 in the account of the borrower. In support of the submissions made at bar, the Ld. Counsel for the Applicants has filed a purshis as Exh.A/06 to this effect and requested to dispose of the present Misc. Application by passing appropriate orders.
4. 4) Per contra, Ld. Counsel for the Respondent Bank submitted that as per the instructions of the bank, the Respondent Bank shall not debit/charge any legal charges/expenses after disposal of S.A. No.125/2023 from the date of its disposal in the loan account of the borrower and Ld. Counsel for the Respondent Bank has made necessary endorsement to this effect on the purshis so filed by 2M.A.No. 11 of 2023
the Applicants at Ex.A/06. However, Applicants may be directed to waive all rights and grounds pertaining to present Application and in case of default, the Respondent Bank may be allowed to proceed further in accordance with law and rules framed there.
1. 5) I have heard the Ld. Counsel for the parties.
2. 6) Considering the submissions of Ld. Counsel for the parties and in view of the purshis filed on behalf of the Applicants at Ex.A/06 before this Tribunal today and with a view to facilitate recovery of public money, I deem it proper to pass following order in the interest of justice;
ORDER
1. i. The Applicants shall abide by the submissions made in the undertaking by way of purshis so filed today at Exh. A/06 before this Tribunal and statement made at bar and accordingly, the Applicants are directed to pay the entire dues as per the settlement within a period of three months from the date of today's order.
2. ii. Respondent/FI is directed to defer the action/measures under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 against the immovable property in question for a period of three months from the date of today's order to enable the Applicants to comply the terms and conditions of the undertaking/purshis so filed.
3. iii. Respondent Bank is directed not to debit any legal charges/expenses incurred by it for the action/measures taken under SARFAESI Act in the account of the borrower after disposal of S.A. No.125/2023 from the date of its disposal i.e. 03.03.2023.
4. iv. In case of default, Respondent/FI will be at liberty to proceed under Securitization & Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 on the process already initiated by the bank. The Applicants will not raise any objection to the said process in any manner, if initiated by the Respondent/FI upon commission of default.
5. v. Applicants waive their all grounds and objections taken in the present application. Further, all pending IAs along with this Misc. Application stand disposed of.
6. vi. Misc. Application is disposed of accordingly. There is no order as to costs.
7. vii. Let the file be consigned to records.
**(LAXMAN MADNANI) PRESIDING OFFICER DRT-II, AHMEDABAD**
/smita/