Debts Recovery Tribunals and Appellate Tribunals
M S GAURAV TRADING COMPANY vs HDB FINANCIAL SERVICES LIMITED on 16 February 2021
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IN THE DEBTS RECOVERY TRIBUNAL LUCKNOW
Present: A. H. Khan, Presiding Officer
Dated of order 16.2.2021
In
M.A. No. 06 of 2021
Sl. No. 14 (Jabalpur)
Present:-
<table border="1"><tr><td>Ld. Counsel for the applicant</td><td>Mr. Anuj Agarwal</td></tr><tr><td>Ld. Counsel for the respondent bank</td><td>Mr. S.M. Guru</td></tr></table>
Counsel for the applicant stated that S.A. was disposed of finally vide order dt. 8.1.2020 with the consent of the parties and the applicant was directed to deposit the outstanding of the bank. The applicant had deposited two installments of Rs. 6.00 lacs, but due to Covid-19 he could not deposited the amount in terms of order dt. 8.1.2020. Now the bank started execution of the order passed under section 14 through Tehsildar. The applicant is seeking extension of time to deposit the entire dues in pursuance of order dt. 8.1.2021.
Counsel for the respondent bank stated that the order dt. 8.1.2020 passed on the consent of the parties and as such applicant is not entitled for extension of time. He stated that if applicant will deposit Rs. 20.00 lacs in one stroke the bank will grant his consent for time extension.
Heard the Ld. Counsel for the parties. The order dt. 8.1.2020 is a consented order and the applicant had undisputedly deposited two installments of Rs. 6.00 lacs each. Due to Covid-19 the entire country had faced financial crunch and the applicant is one of the victim of the covid-19, the applicant had deposited some amount after Oct. 2020 which is reflected from the statement of account and still ready to deposit the entire dues of the bank, therefore, equity demands that a fair opportunity be given to the applicant, in the event it is directed that:- The applicant will deposit Rs. 15.00 lacs by 29.2.2020 and thereafter will continue to deposit 6.00 lacs every month as directed in order dt. 8.1.2020 and will liquidate the entire dues of the bank by 31.7.2021. The applicant will not be entitled for any further time extension in future. However, in case of non payment of Rs. 15.00 lacs as initial amount and in two consecutive defaults in any of the installment the bank will be at liberty to proceed under Securitization & Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 on the process already initiated.
The misc. application is disposed of finally.
File is consigned to record.
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(A. H. Khan) Presiding Officer Addl. Charge, DRT Jabalpur