PUNJAB AND SIND BANK Vs. PUNJAB BREEDERS LTD. AND ORS.
SUPREME COURT OF INDIA
PUNJAB AND SIND BANK
Punjab Breeders Ltd. And Ors.
Click here to view full judgement.
(1.) Leave granted.
(2.) The short question arising for consideration in this case is whether the appellant-bank is entitled to fifty per cent of the increase in fair market value of property fixed at the time of settlement, in terms of the One Time Settlement (OTS) Scheme.
(3.) As per letter dated 01.03.2012, the appellant offered OTS to the first respondent for settlement of the entire dues to the bank on payment of Rs.542 lakhs, subject to a few conditions. The one relevant for the purpose of the present appeal reads as follows:
"The OTS shall be subject to Bank's right to recompense that the mortgaged properties shall not be sold within a period of three years and if the properties are sold within the next three years;
(a) The parties obtain prior permission of the bank.
(b) The parties shall share with the bank 50% of increase in FMV of the properties which is Rs.882.00 lacs at the time of sanction of this settlement.";
Copyright © Regent Computronics Pvt.Ltd.