BHAGYA PRODUCTS P. LTD. Vs. BANK OF INDIA
HIGH COURT OF DELHI
Bhagya Products P. Ltd. and Ors.
Bank of India and Ors.
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S. Ravindra Bhat, J. -
(1.) RULE . Mr. S.V. Tyagi, Advocate for respondent No. 1 and Mr. Harish Gulati, Advocate for respondent No. 2/CBI waive notice of the Rule. With the consent of the learned Counsel for the parties, the petition was heard finally.
(2.) THE dispute in this case concerns the legality of a letter/communication of the respondent dated 5.3.2007 by which the Bank of India (hereafter called "the Bank") required the petitioner to pay the balance compromise amount along with interest. The undisputed facts are that the petitioner availed of credit facilities from the Bank. The dispute is about the repayment for which parties moved a joint compromise application, a consent decree before the Debt Recovery Tribunal. During the pendency of the proceedings, the parties had entered into a compromise and filed joint memo of compromise. In terms of the document dated 7.12.2005, the petitioner agreed to re -pay the total amount, i.e. Rs. 1.4 crores.
(3.) THE relevant part of the compromise memo which was decreed in terms agreed upon, on 7.12.2005 itself by the Debt Recovery Tribunal is extracted below:
(f) Upon payment of 50% of the compromise amount i.e. Rs. 70.00 lacs the Bank would release the title deeds of the property measuring 525 sq. yds. Khasra No. 298/32 in the name of Santosh Kumar, Village Ghitorni, Tehsil Kapashera, New Delhi whereupon the said Mr. Santosh Kumar shall be free to deal with the subject matter land as he may deem fit and proper.
(g) Upon payment of another 25% of the compromise i.e. total amount of Rs. 105.00 lacs the Bank would release the title deeds of property measuring 200 sq. yards Khasra No. 298/33/1 in the name Sh. Santosh Kumar Village Ghitorni, Tehsil Kapahera, New Delhi whereupon the said Mr. Santosh Kumar shall be free to deal with the subject matter land as he may deem fit and proper.
(h) Upon payment of final 25% of the compromise amount i.e. Rs. 140 lacs the Bank would release the title deeds of property measuring 500 sq. yards Khasra No. 298/32 in the name of M/s. Bhagya Products Pvt. Ltd., Village Ghitorni, Tehsil Kapashera, New Delhi whereupon the said company shall be free to deal with the subject matter land as he may deem fit and proper.
(i) This acceptance of the offer is subject to strict compliance by the parties of all the terms stated above. Acceptance by the bank shall not in any event be construed as reducing the actual liability under the facilities granted to the company and a reflected in the a/c. Of the company with the Applicant Bank. The Bank expressly reserve all the rights in enforcing all the claims arising out of various credit facilities granted to the company and acceptance of the offer by the Bank is not in derogating of rights available to the Bank under the laws enforce and the Bank is entitled to enforce all the rights and recover all the liabilities due to the Bank from the Company and its directors/guarantors as if the offer had never been accepted by the Bank in the event of the default of any two consecutive installments/non payment of cheques or not compliance with the terms stated above.
(j) Bank would withdraw DRT case and not pursue any other complaint filed against the company or its guarantor and directors in this account once the company pays the agreed compromise as per terms above agreed upon by them. Bank WILL after receiving full amount of compromise with interest take appropriate steps in this regard.;
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