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Judgment
Sh. Amrendra Kumar Singh, Advocate for the appellant on instruction from Nagesh Chandra who is proprietor of the appellant stated that the appellant is ready to settle with the respondent and to pay the outstanding balance to be informed by the respondent. Sh. Harsh Chopra, Advocate for the respondent stated that as per the statement of account a sum of about Rs.26.58 lacs is due against the appellant as on today and the respondent is ready to settle the account for Rs.26 lacs but it is to be paid within five months. Sh. Amrendra Kumar Singh, the counsel for the appellant stated that the appellant had deposited Rs.5.5 lac as pre-deposit and the said amount can be remitted in favour of the respondent.
On the submissions made by both the parties, the following directions are passed for amicable settlement:
The appellant shall pay to the respondent a sum of Rs.26 lacs towards full and final satisfaction of the outstanding dues in respect of the loan account bearing no.1813204 as per the schedule mentioned herein below.
The appellant has already made a pre-deposit of Rs.5.50 lacs and the said amount shall be remitted to the following account of the respondent immediately. Registry is directed to do the needful. Beneficiary Bank Account No.EARH10HARI1004818 Beneficiary Name : EARC TRUST SC -410 Beneficiary Bank : ICICI Bank
IFSC : ICIC0000106 Branch : Delhi
The balance amount of Rs.20.50 lacs shall be paid to the respondent in four equal instalments of Rs.4 lacs each commencing from August 2026 and each instalment shall be payable on or before 10th day of each calendar month. Out of the settlement amount, the balance amount shall be paid as last instalment on or before 10th day of the fifth month.
In case the appellant commits any default in the payment of any instalment as per the above schedule, in that eventuality, respondent shall be at liberty to proceed in accordance with law, including action under the SARFAESI Act.
The respondent is directed not to take possession of the subject property bearing House No.35, EWS Weavers Colony, Panipat, Haryana, measuring 50 sq.yds. However, the respondent shall be at liberty to take possession of the subject property in case of single default committed by the appellant in the payment of settlement amount as per above schedule.
With this direction, the present appeal stands disposed of.