JAGDAMBA AMW vs CANARA BANK on 22 April 2019

ORDER

Pr: Ms.Tusi Saha, Adv. alongwith Shri.P.S.Parihar, Director of applicant Firm, in erson Shri.James Anthony, Adv. alongwith Shri.Sumit Kanchan, Sr.Manager and Shri.K.Pandey, Law Officer, for the respondent. Final arguments heard. The present MA has been filed on ll-04-19 eeking modification of order dtd 22 03 I 9 passed m 25 I 9 and for extension of time An appIIcation staying further proceedings has also been filed by e appI cEUI-.ts on 20-04 I9 Rep v o the MA has been ed by respondent on 20-04 I 9 whIch Is on record. The marn contention of the counseI for the Icant ls that the appI cant had appIIed for Ioan ugh one of his friend from MIs EdeIwelSS and wEls sanct on of Ioan from Ws EdeIweIss but on 0-04 1 9 the Same was decIined Copv of ti dtd reJec on 05 04-I 9 has also been fiIed by the appI cant I 20-04 I 9 It 1S turther submltted that the licant hard app Is mg to arTange for the fund and Is read to Pos t Rs I 0 Lacs wrthm three days and shall I tlt c ear e tlrE outstandire dues of the bank al th interest ongwl I 5 06 1 9 CounseI for the bank, on the oth hand, b th er Su mltS at e applicant s tryinoE to mg th er on e matter on or the other ground It s further b tted tha ondent su mr t the had confirmed the sa e n fav f th urchaser our o e on p The praver for ten gl ex slon of time Is n v opposed by the respondent th on e ground that Icants have not deposlted anv amoIl{r'-t rn Iance of order passed by thi Tribunal s Drrector of the Appli t F can ffin who ls present n submits that h tr d rn e Ie to dePosIt an am f I 0 Lacs ln th bank ount o e account to sh hi bonafi the ow s de same was not accepted He furth subject er submits that property ls worth more th€ul Rs 05 C Ich has been soId by the bank for rores I C a mea8er amount Rs rores approx He further undertakes to of .4 tl I

juH" CONTD. ORDER.SHEET PAGE No CASE No r!a lE T ,f'I !1 DATE I t l.t!l i , C: t a. a, t DESCRIPTION O hmn B lear the entire outstanding by selling his certain other rties and through other sources. He pleads that it only due to several false Cases/FIR lodged by bank his account was seized due to which he suffered losses in business resulting in the account ecoming NPA. He undertakes not to file any further lication seeking extension of time. Duly considered submissions. The effons being by the applicant to save its property appears to be uine and applicant is also ready to pay the entire ues of the bank. Perusal of letter dtd.05-04-19 reveals the proposal for loan has been rejected by delweiss. It is also seen that vide letter dtd.16-04-19 Annex.R-1) the respondent bank had granted time upto l-05-19 to the auction purchaser for depositing the amount. In these circumstances, I am inclined to take a enient view and lend an opportunity to the applicant to ave its property which is being claimed to be a uable one and am also of the opinion that no udice shall be caused to the bank in case an pportunity is granted to the applicants to repay the ues of the bank. Accordingly, the order dtd.22-03-19 hereby modified and it is directed that in case the licants deposits an amount of Rs.lO Lacs within 03 i.e. on or before 25-04-19 and further deposits an ount ofRs.10 Lacs on or before 15-05-19 and clear e entire dues of the bank on or before 15-06-19, the shall not proceed further with the auction ceedings and shall not issue sale certificate pursuant auctioi held on 27-02'19. However, in case of fauIt in making the payments as directed above, the shall be at liberty to proceed further for recovery f its dues, as per law. With these directions, the present MA and the terim application are finally disposed of' Record be consigned to record ro (B Sinha) Offrcer P ding