Debts Recovery Tribunals and Appellate Tribunals
MS INDIA HOUSING AND PROPERTIES AND ANOTHER vs THE NAINITAL BANK LIMITED on 19 August 2026
**ORDER-SHEET** Page No. ....
**DEBTS RECOVERY TRIBUNAL, DEHRADUN**
M.A. No. 64 of 2024
**M/s India Housing & Anr. Vs The Nainital Bank Ltd.**
**Date: 19.08.2026**
Item No.11
Present. Applicant in person
Sh. Swaran Singh, Ld. Counsel for the Applicants Sh. Varesh Mittal, Ld. Counsel for respondent bank Sh. Shantanu, Ld. Nodal Officer for Respondent bank Sh. Sandeep Mehta, Ld. Recovery Head of Respondent Bank Called out, Ld. Counsel for the parties present. Ld. Nodal Officer for respondent bank present. Ld. Recovery Head of Respondent Bank through VC present. Applicant in person present.
The Applicant has submitted One Time Settlement priorly but failed in repayment within time. The amount was of Rs.29,50,000/-. The Applicant was duty bound to pay the amount in the month of May 2020.
The Applicant has approached by filing Securitization Application NO. 10/2020 and deposited an amount of Rs.3,40,000/- no bid had been received to the respondent bank in auction proceedings.
Prior the said amount the Applicants have paid Rs.11,70,000/- till 20.11.2019 and after deposition of Rs.3,40,000/- due to pandemic, Covid- 19 lockdown, the applicant was not in a position to repay any amount, but after relaxation of lockdown the applicant has paid Rs.15.00Lacs as under:
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1. 1. Rs.2.00Lacs on 24.01.2020
2. 2. Rs.2.00Lacs on 06.04.2021
3. 3. Rs.1,50,000/- on 20.09.2021
4. 4. Rs.2.00Lacs on 22.10.2021
5. 5. Rs.3.50Lacs on 04.10.2021
6. 6. Rs.4.00Lacs on 26.10.2021
The applicant was liable to pay Rs.1,40,000/- in relation to the said One Time Settlement even though settlement failed before Covid 19 and the Applicant was duty bound to repay whole of the amount in One Time Settlement by 31.03.2020. But the Applicant has failed in repayment of total amount as un paid Rs.1,40,000/- The Ld. Recovery Head has stated that the amount as on today due is of Rs.21.00Lacs approximately and Bank is ready to settle the 
**ORDER-SHEET** Page No. ....
**DEBTS RECOVERY TRIBUNAL, DEHRADUN**
M.A. No. 64 of 2024
**M/s India Housing & Anr. Vs The Nainital Bank Ltd.**
matter at the amount of Rs.15.00Lacs on the basis of secured assets i.e. secured assets are value of Rs.15.00Lacs only.
The matter is so old, as the One Time Settlement primarily has taken place in 2019 and due to one or the other reason the applicant has not succeed to repay whole of the amount of One Time Settlement. The Applicant has submitted that he is ready to settle the matter at Rs.11.00Lacs.
But after considering whole of the situation of the matter, it shall be expedient for both the parties to settle the matter at the amount of Rs.14.00Lacs(Rupees Fourteen Lacs only).
The Applicant shall repay Rs.7.00Lacs(Rupees Seven Lacs only) within a period of 20 days from today on or before 10.09.2026 and again Rs.7.00Lacs(Rupees Seven Lacs only) within a period of 20 days on or before 30.09.2026.
After deposition of whole of the amount, the respondent bank shall provide title deeds of the property in question to the Applicant within a period of 30 days from the date of last payment.
If the Applicant shall fail in compliance of this order, the respondent bank shall be free for recovery of the amount as per norms of the bank system and this order shall not be binding on the respondent after 30.09.2026.
In the light of above observations, the petition is disposed off accordingly.
Interim order, if any vacated. All Interim Applications are disposed off in the light of above.
Record be consigned.
(Umesh Kumar Sharma) Presiding Officer DRT, Dehradun
19.8.2024