M/S KISAN COLD STORAGE AND ICE FACTORY vs UNION BANK OF INDIA on 25 May 2026

**Date: 25.05.2026**

Item No.02

Present: Sh. Parvinder Singh, Ld. Counsel for the Applicant Sh. Vandana Bhatiya, Ld. Counsel for the Respondent Bank Called out, Ld. Counsel for Applicant present physically and Ld. Counsel for the Respondent Bank present through video conferencing. Applicant in person present. Sh. Praveen Kumar Gupta, Ld. Chief Manager of the Respondent Bank present.

The prayer of the applicant is not allowable in the light of circumstances of this case. As the applicant has paid before and after passing of the award dated 02.03.2023 an amount of Rs.3,20,25,473/- after filing of the original application before this Tribunal in this matter and as per calculation of the Respondent Bank an amount of Rs.74,14,222.40ps has been adjusted against the interest as per award and a cost of Rs.1,50,000/- has also been shown in this matter and after that the Respondent bank has shown outstanding of Rs.1,38,12,408.78ps on 24.05.2026. The said details of the account has been signed by the Ld. Chief Manager Sh. Praveen Kumar Gupta and put up before the Tribunal by Ld. Chief Manager.

As the applicant has paid an amount of Rs.11,40,500/- on 28.10.2022 and again on 09.05.2023 Rs.3.00Lakh i.e. after passing of the award dated 02.03.2023 and rest of the amount has been paid by the applicant after 09.03.2023, total has been paid Rs.3,20,25,473/- as per details submitted by respondent bank against the claimed amount mentioned in the award of Rs.3,82,73,659.38ps. on 24.06.2022 and the account in question was classified as NPA on 29.12.2021, prior to the said, the covid-19 has effected business in general due to abnormal situation. The situation has shown that the applicant has made efforts for repayment of the amount of the award and also repaid expeditiously and an amount of more than 5/6 has already been paid in comparison to claimed amount of Respondent Bank. Even though as per Ld. Chief Manager of the Respondent Bank the applicant had committed for repayment of whole of the amount before July 2026 and the applicant has failed in relation to the repayment of the amount for which commitment has been made by applicants before Ld. Recovery officer and due to that Ld. Recovery officer has passed an order for attachment of the property in question.

But, today, the applicant has prayed and proposed before the Tribunal in relation to the rest of the amount that the applicant shall repay before 31.12.2026 and also stated that an amount of Rs.5,60,000/- has been deposited by the applicant today in the loan account in question against the amount of award and also stated that the applicant shall repay Rs.10.00Lakh per month and not in a position to repay more than that per month presently.

On the other hand Ld. Chief Manager/authorized officer has prayed for repayment of Rs.25.00Lakh per month.

After considering whole of the situation in the light of repayment made by the applicant, if the applicant shall repay Rs.15.00Lakh per month against the present dues of Rs.1,32,52,408.78ps but till 30.12.2026 the applicant shall repay Rs.1,32,52,408.78ps and Rs.2,52,408.78ps shall repay within a week, after that the applicants shall repay the amount in installments by repayment of minimum amount of Rs.15.00Lakhs per month. The applicants shall repay firstly Rs.15.00Lakhs on or before 25.06.2026 again Rs.15.00Lakhs on or before 27.07.2026, Rs.15.00Lakhs on or before 25.08.2026, Rs.15.00Lakhs on or before 25.09.2026, Rs.15.00Lakhs on or before 26.10.2026, Rs.15.00Lakhs on or before 25.11.2026 and lastly Rs.40.00Lakhs on or before 30.12.2026.

The applicant in relation to the amount of interest incurred and in case of any deficiency in relation to repayment last amount of Rs.40.00Lakhs shall be paid finally on or before 29.01.2027.

No further opportunity shall be claimed by the applicants. i.e. last and final opportunity is provided by this Tribunal in the light of circumstances of this case.

If the applicants shall repay the amount in the above said manner the Respondent Bank shall not take any coercive action in relation to the physical possession, auction sale etc and shall not press recovery certificate proceedings.

If applicant shall committed any default in relation to the repayment of the amount in question at any stage (i.e. if fail in repayment of Rs.15.00Lakh minimum per month as per this order), the Respondent Bank shall be entitled to take action for recovery through Recovery certificate as well as under SARFAESI Act,2002 and applicant shall not be entitled for any relief again in that case as this order has been passed on the basis of consent of the applicants. The Tribunal has provided opportunity to the applicants second time as stated by Ld. Chief Manager/Authorized officer of the Respondent Bank that the applicants have previously committed before the Ld. Recovery officer in relation to the recovery of the borrowed money/awarded amount.

In the light of circumstances of this case the relief is granted finally and the petition is disposed off in limine.

This order shall not be treated as precedent.

***If any party feels grievance by this order may approach Hon'ble Debts Recovery Appellate Tribunal, Allahabad in appeal under section 18 of the S.A.R.F.A.E.S.I. Act, 2002.***

Record be consigned.

(Umesh Kumar Sharma) Presiding Officer DRT, Dehradun