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Judgment
Present as under:
Mr. Mangesh Patel, Counsel for Applicants/Borrowers.
Mr. Nainesh Amin, i/b M/s. N.N. Amin & Co., Counsel for Respondent No.1.
The Learned Counsel for the Applicants/Borrowers would submit that, in compliance with the order dated 14.07.2026, the Applicants/Borrowers could not deposit the 2nd instalment of the waived amount as required under the 3rd proviso to Section 18 of the SARFAESI Act; that, however, a One Time Settlement has been arrived at between the parties.
The Learned Counsel for the Applicants/Borrowers would further submit that I.A. (Diary) No. 1644/2026 has been filed with a prayer for withdrawal of the 1st instalment of ₹50 lakhs deposited as per the proviso to Section 18 of the SARFAESI Act. He would further submit that, inadvertently, the prayer for withdrawal of the Appeal could not be incorporated in the said application. However, he seeks permission to withdraw the Appeal by making an oral application. He also makes an endorsement to that effect by hand on the application. He would further submit that the present application is moved for withdrawal of the pre-deposit amount and for payment of the same directly to the Respondent No.1/Bank.
The Learned Counsel for the Respondent No.1/Bank would submit that he has no objection to the same.
Accordingly, the I.A. (Diary) No. 1644/2026 is allowed and Regular Appeal (Diary) No. 965/2026 is dismissed as withdrawn. The Registry is directed to refund the pre-deposit amount along with accrued interest, if any, to the Applicants/Borrowers.
All pending, I.As. if any, stand dismissed.