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Judgment
The pending dispute regarding the payment of loan amount was settled vide OTS dated 19.03.2020 whereby, the respondent no.1 was required to pay Rs.40.00 lacs towards full and final satisfaction of the loan account till 31.03.2020. The respondent no.1 has committed default in payment of balance amount of OTS of Rs.38.00 lacs which as per respondent no.1 paid by 28.12.2020 but as per appellant it was paid by the respondent on 16.03.2021.
The appellant due to this default has raised the claim more than Rs.55.00 lacs which was observed by this Appellate Tribunal as unwarranted and uncalled for. Sh. Rajesh Kumar, Advocate, on instruction, stated that as there was a default delay of one year in payment of balance amount of Rs.38.00 lacs, as such, the respondent no.1 at least be directed to pay interest on the said amount @ of (12%) from 01.04.2020 till 16.03.2021 which comes around Rs. 3.43 lacs. The said contention of Sh. Rajesh Kumar, Advocate on behalf of the appellant is liable to be accepted as respondent no.1 committed default in payment of OTS amount and as such is required to pay the interest @ (12%) p.a.
The respondent no.1 sought one month's time to pay the said amount but after considering all facts, the respondent no.1 is given 15 days' time from today to pay the said amount Rs.3.43 lacs to the appellant, failing which, the appellant shall be at liberty to proceed against the respondent no.1 in accordance with law.
The appellant after receipt of the said amount shall issue No Dues Certificate, and shall return the title documents pertaining to the subject property and other related documents to the respondent no.1.
It is also ordered that contempt petition which is stated to be pending before DRT after compliance of the aforesaid settlement shall stand disposed of.
The present appeal stands disposed of.