M S K N ENTERPRISES vs PUNJAB NATIONAL BANK on 15 October 2019

CONTD. ORDER€HEET PAGE No CASE No OATE MA 1I 15lr0l19 REIIARK n e I e e e J

t h e v d t e DESCRIPT|ON OF THE ORDER t9 Matter has been taken up on the basis of urge hearing application frled by applicant. Pr: Shri.Anuj Agarwal, Adv. for the Applicant Shri.Sanjeev Dubey, Adv. for the Res. calculation and was not the actual of the correct ficul He further submits that the bank is still willing to retu Counsel for the applciant submits that this tribun had disposed the SA 302118 with the directions to tl applicant to deposit an amount of Rs.5 Lacs appro within 15 days in addition to claim amount of Rs.3.l Lacs approx. and the bank was in tum directed to retu the original title deed to the applicant. He furth submits that in compliance of the said order, j su8sbmitted a Cheque of Rs.8.50 Lacs on 26-06-19 l the same was never encashed by the bank and the baf preferred an appeal before the Hon'ble DRAT whii was dismissed vide order dtd.02-08-19 by the Hon'! DRAT. The present MA has been filed by the applicant r 19-09-19 seeking directions to the bank to accept tl DD of Rs.8.50 Lacs and release the title deed compliance of order dtd.13-06-19 passed by tt Tribunal in SA No.302l18. Counsel for the bank submits that on 2l-06-19 t1 bank issued a letter to the applicant stating t] outstanding dues in the Term Loan account is Rs.8.( Lacs and Rs.4.30 Lacs total amounting to Rs.l2.! Lacs and therefore he was supposed to pay an amoU of Rs.12.33 Lacs instead of Rs.8.50 Lacs which amor.t was actually an approx amount told by the Authorizf officer on 13-06-19 on the basis of his estimatl the title deed in case the applicants deposit an amou of Rs.12.33 Lacs. which has now increased to Rs.l2.i Lacs as on l5-10-19 and will keep on increasing day l day. Thus, it appears that the amount payable by tl applicant in the Term Loan account has fallen in dispute and the same will have to now be determined.

CONTD. ORDER-SHEET DATE PAGE No CASE No RETARK Cl u,,*f DESCRIPTIOT{ OF THE ORDER Perused the records and the statement of accounts fumished by the bank today which have been taken on record. Perusal of the same reveals that Rs.10,87,923.95 was due on 30-06-19 and in addition to the said amount an amount of Rs.1,25,675.94 is stated to be towards legal and other charges. The officer present on behalf of the bank, on being queried, submits that the amount of Rs.l.25 Lacs approx. towards legal charges includes the expenses made by the bank towards the issuance and publication of possession notice etc. Vide order dtd.13-06-19, th9 possession notice was held to be bad and was quashed] However, no compensation was granted to thq applicant. The present circumstances make it necessa4 to grant some compensation which ought to be adjustef towards the due amount in order to reach a justifiabl! and reasonable conclusion. In the event, it is directed that the applicant shal be liable to be adjusted with the compensation of amount of Rs.12,000/- (towards court fees & Counsel fee) in prosecuting the SA 302/18 in addition Rs.1,25,675.94 being claimed by bank towards le charges. Thus, the total amount of compensation to b paid to the applciant is determined to be Rs.l.37 Lac which amount after deduction from the total due 30-06-19 is Rs.9,50,923.95. Counsel for the applic submits that he shall deposit an amount of Rs.9.5 Lacs for precision. In these circumstances th amount payable by the applicant will be Rs.9.5l which shall be paid by the applicant within 10 from today and the bank shall retum the original titl deeds forthwith and shall abide by the remainin direction passed in SA 302/18. With these directions, the present MA stan finally disposed of. Record be consigned to record room. (B h Sinh Preslding Offic )