Debts Recovery Tribunals and Appellate Tribunals
STATE BANK OF INDIA vs TULSIDAS TRADING PVT LTD on 26 February 2021
IN THE DEBTS RECOVERY TRIBUNAL No.2, MUMBAI
(BEFORE HON’BLE PRESIDING OFFICER)
(THROUGH VIDEO CONFERENCE)
ORDER SHEET
Sr. No.16
Classifi
cation
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ORDER
In ORIGINAL APPLICATION No.1416 of 2016
State Bank of India … Applicant. Versus M/s. Tulsidas Trading & 3 Ors. … Defendants.
Mr Vivek Sawant – Advocate for the Applicants. Mrs P.C. Shah – Advocate for Defendant nos.1 to 4.
Shri Deepak M. Thakkar Presiding Officer, 26th February, 2021.
ORDER
1. The applicant and defendant nos.1 to 4 have negotiated the settlement under the 2020 one time scheme and has recorded in the consent terms (exhibit-19).
2. By this consent terms, the defendant nos.1 to 4 have agreed to make the payment in the sum of ₹2,19,19,587.22. As stated in clause (3) of the consent terms, the defendant nos.1 to 4 will have to make payment the sum of ₹10,95,980/-. Clause 4(i) of the
consent terms would reveal that the defendant nos.1 to 4 have made the payment (i) in the sum of ₹21,91,958.72 and (ii) the sum of ₹21,91,958.72. The balance payment in the sum of ₹ 1,64,39,689.78 has to be paid by defendant nos.1 to 4 on or before 24th July 2021.
3. The parties present in the courts confirms signing of the consent terms and have accordingly signed the same after understanding the same. As the aforesaid the parties have acted upon the consent terms by making the payment in terms of clause (4) (i) and (ii).
4. The defendant nos.1 to 4 have understood its consequences of the default in the consent terms.
5. If the payment in the sum of ₹1,64,39,689.78 is not paid on or before 24th July 2021, the consequences are set out in clause (11). Clause (9) of the consent terms would reveal that the consensus between the parties upon the payment of the balance amount ₹1,64,39,689.78 clause 4(iii) of the consent terms.
6. The applicant has placed on record the authority letter dated 18th December 2020. Similarly, the defendant no.1 has placed on record the resolution dated 15 th December 2020. So also defendant no.4 has placed on record resolution dated 15th December 2020 authorizing the directors to sign and execute the consent terms. Based on the consent terms, the parties seeks the disposal of the Original Application.
7. Original Application stand disposed of with no order as to costs.
Sd/- (Deepak M. Thakkar)
D.R.T.No.2, Mumbai
IN THE DEBTS RECOVERY TRIBUNAL No.2, MUMBAI (BEFORE HON’BLE PRESIDING OFFICER) (THROUGH VIDEO CONFERENCE) ORDER SHEET
26.02.2021 Sr. No.16 OA No.1416 of 2016 classifi- cation No. of Exh.
Mr Vivek Sawant – Advocate for the Applicants. Mrs P.C. Shah – Advocate for Defendant nos.1 to 4.
1. Order in Original Application No.1416 of 2016 passed separately.
2. In view of the order in Original Application No.1416 is disposed of with no order as to costs.
Sd/-
D.R.T.No.2, Mumbai Sagar