Debts Recovery Tribunals and Appellate Tribunals
HDFC BANK vs SUBODH MUKESH MAGLANI on 31 December 2021
**IN THE DEBTS RECOVERY TRIBUNAL-II AT AHMEDABAD**
**Present: LaxmanMadnani, Presiding Officer**
**MISCELLANEOUS APPLICATION NO.: 3 of 2021**
**IN**
**SECURITIZATION APPLICATION NO.:377 of 2020**
**Date of Order : 31/12/2021**
HDFC Bank Ltd.
.....Applicant
(Orig. Respondent No.1)
Versus
Subodh Manglani & Ors.
.....Defendant
(Orig. Applicant)
**Present:** Mr. K. N. Shah, Ld. Counsel for the Applicant-Bank Mr. N. R. Parikh, Ld.Counsel for the Respondent
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**ORDER**
1. 1. Ld. Counsel for the Applicant has filed this application for modification of the order dated 05/02/2021 passed by this Tribunal in Securitisation Application No.377/2020 disposing the said Securitisation Application as having become infructuous.
2. 2. Ld. Counsel for the Applicant submitted that the borrower, i.e., Orig. Respondent No.2 had approached the Bank for release of the mortgaged properties vide letter dated 15/12/2020 and ultimately Orig. Respondent No.1-Bank had agreed to release the property against further payment of Rs.1,41,91,269/- on the terms and condition mentioned in the Acceptance Letter dated 13/01/2021 and upon receipt of 2MA No.3 OF 2021
the said amount, Orig. Respondent No.1-Bank had issued letter dated 01/02/2021 for release of the said mortgaged property subject to withdrawal of Securitisation Application No.377/2020. He further submitted that in the order dated 05/02/2021, it has been inadvertently mentioned that the Bank has settled account with Orig. Respondent No.2 and that Orig. Respondent No.1 has received total settlement amount by way of full and final settlement of the account and that the Loan Account has been closed.
1. 3. Ld. Counsel for the Orig. Respondent No.1-Bank further submitted that only one of the mortgaged properties is released in terms of letter dated 13/01/2021 issued by the Bank and the Loan Account of the borrower is not closed. Orig. Respondent No.1-Bank has already filed one OA before this Tribunal for recovery of the outstanding dues in the account of borrower. Therefore, he requested to modify the order dated 05/02/2021 accordingly.
2. 4. I have heard Ld. Counsel for the parties and perused the record and proceedings of SA No.377/2020.
3. 5. Considering the submissions of Ld. Counsel for the parties and on perusal of the order dated 05/02/2021, it appears that inadvertently, some factual aspects have erroneously crept in. Looking to the facts and circumstances of the case in SA No.377/2020 and the facts submitted by Ld. Counsel 3MA No.3 OF 2021
for both the party today before this Tribunal in the present MA, it is necessary to modify contents of para-3 of the order dated 05/02/2021 in SA No.377/2020 suitably. Hence, I pass the following order:-
**Order**
- i The present MA is hereby allowed.
- ii Para No.3 in the order dated 05/02/2021 passed by this Tribunal in SA No.377/2020 is hereby modified and it shall be read as follows:
*"3. Ld. Counsel for the Respondent-Bank submitted that only one of the mortgaged properties as mentioned in schedule of S.A at page No.15 is released in terms of letter dated 13/01/2021 issued by Respondent No.1 Bank and that loan account is not settled and closed. He further submitted that the matter is amicably settled between the parties and HDFC Bank Ltd. has agreed to withdraw securitization process for the property purchased by Applicant of SA No. 377/2020 and to release the property in question. Accordingly, present SA be disposed of as having become infructuous."*
- iii This order shall form part of the order dated 05/02/2021 in SA No.377/2020. Registry is directed to upload this order on the website of DRT. Accordingly, application so filed by Ld. Counsel for the Applicant-Bank stands disposed of.
Pronounced in open Court on 31st Day of December, 2021.
File be consigned to record.
(Laxman Madnani) Presiding Officer DRT-II, Ahmedabad