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Judgment
I.A. No.1130.2026 (application for condonation of delay)
The instant application is filed for condonation of delay of 21 days in filing the present appeal due to the reasons stated in the application. After considering all facts, the delay of 21 days in filing the present appeal is condoned. The application is accordingly allowed.
Appeal No.221/2026
Sh. Rajeeve Mehra, Ld. Senior Advocate assisted by Ms. Seema Gupta, Advocate for the respondent no.1 stated that as on 30.06.2026 a sum of Rs.3,51,39,341/- is due against the appellants. It is further stated that the appellants have already deposited with this Tribunal Rs.88 lacs along with the appeal and the said amount can ordered to be released to the respondent no.1 immediately and the balance amount may be paid by the appellants on or before 31.08.2026 along with some interest for the months of July and August 2026. Sh.Mehra further stated that if the appellants are ready to accept this proposal, the respondent no.1 will settle the outstanding dues against the appellant.
Sh. Anand Chhibber, Ld. Senior Advocate for the appellants stated that the appellants do not have any difficulty if order is passed for release of Rs.88 lacs deposited by the appellants with this Tribunal to the respondent no.1 immediately but the appellants may be allowed to make payment of the balance amount till 30.09.2026. It is further stated that the appellants will also pay interest at a reasonable rate on outstanding dues for the months of July, August and September, 2026 to the respondent no.1.
In view of the submissions made by the respective Senior Counsels for the appellants and the respondent no.1, the following directions are passed:
The amount of Rs.88 lacs already deposited by the appellants with this Tribunal as pre-deposit is ordered to be released to the respondent no.1 immediately as per rules.
The appellants are permitted to pay the balance amount which is stated to be outstanding as on 30.06.2026 on or before 25.09.2026.
The appellants are also directed to pay simple interest on the said amount for the months of July, August and September @9% per annum.
The respondent no.1 after receipt of the entire amount as detailed hereinabove shall issue NOC and release the title documents pertaining to the subject property to the appellants.
The respondent no.1 shall not take any coercive action against the subject property till 25.09.2026 and shall not proceed with the sale of the subject property till 25.09.2026.
The appellants shall also not create any third party right or interest in respect of the subject property till the payment of entire aforesaid amount.
It is made clear that in case of default on the part of the appellants in payment aforesaid amount within the settled time, the respondent no.1 shall be at liberty to proceed in accordance with law and on previous notices.
The appellants shall file an undertaking in the form of affidavit within two weeks from today regarding compliance of the above directions.
With the above direction, the present appeal stands disposed of.
Copy of this order be given dasti to the appellants and the respondent no.1.