MS HOTEL TIGER IN vs ALLAHABAD BANK on 2 July 2020

CONTD. ORDER-SHEET

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<table border="1"><thead><tr><th data-bbox="61 131 151 148">DATE</th><th data-bbox="151 131 684 148">DESCRIPTION OF THE ORDER</th><th data-bbox="684 131 896 148">REMARK</th></tr></thead><tbody><tr><td data-bbox="61 158 151 191">MA 51/20<br/>02/07/20</td><td data-bbox="151 158 684 892"><p>Pr: Shri Shailesh Sharma, Advocate for Applicant<br/>Ms Shalini Choudhary, Advocate for Resp Bank</p><p>The present MA has been filed on 26/06/20 seeking extension of time by the Judgment Debtor.</p><p>A consent order dated 25/04/18 was passed by this Tribunal vide which the Defendants were held liable to pay an amount of Rs. 3,13,68,363/- with interest and the money was directed to be paid in certain installments.</p><p>Perusal of letter dated 30/10/18 Ann. A-1 reveals that a compromise was arrived at between the parties for an amount of Rs. 2.72 crores. The Applicant had failed to abide by the terms of the said compromise and therefore, his prayer seeking payment of amount of Rs. 2.72 crores in installments is summarily rejected.</p><p>Counsel for Applicant at his stage submits that the Applicant is even willing to deposit the entire amount of Rs. 3,13,68,363/- with interest but prays for fixing installments.</p><p>Counsel for Bank however, has vehemently opposed the prayer being made by the Counsel for Applicant and submits that the said relief is not maintainable and the RC has already been issued and the matter is pending execution before Ld Recovery Officer.</p><p>Duly considered the submissions. Order XX Rule 11(2) CPC lays that after passing of the decree the Court may on application by the Judgment Debtor order the payment of amount decreed by installments. In these circumstances I am inclined to modify the order dated 25/04/18 and hereby direct that the application shall be liable to pay an amount of Rs. 3,13,68,363/- minus the amount already deposited in compliance of order dated 25/04/18 alongwith interest on reducing balance w.e.f. 21/10/17. It is further directed that in case the Applicants/Certificate Debtors deposit a minimum amount of Rs. 15 Lac before the end of every month w.e.f. July 2020 and clear the entire amount as directed above within a period of 24 months, i.e., on or</p></td><td data-bbox="684 158 896 892"></td></tr></tbody></table>

CONTD. ORDER-SHEET

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<table border="1"><thead><tr><th data-bbox="93 129 190 148">DATE</th><th data-bbox="190 129 725 148">DESCRIPTION OF THE ORDER</th><th data-bbox="725 129 943 148">REMARK</th></tr></thead><tbody><tr><td data-bbox="93 148 190 895"></td><td data-bbox="190 148 725 895"><p>before 30/06/22, the execution proceedings initiated against the Certificate Debtors/present Applicants shall be kept in abeyance. However, in case of failure to deposit the amount in the manner as directed the execution proceedings shall be resumed with immediate effect on the application filed by the Bank. Copy of this order be kept in the execution file RC 311/18. With these directions the present MA is disposed of. File be consigned to the record room.</p><p style="text-align: center;"><br/><b>(Brajesh K. Sinha)</b><br/><b>Presiding Officer</b></p></td><td data-bbox="725 148 943 895"></td></tr></tbody></table>