Bombay High Court
Indusind Bank Ltd vs Satish Gaikwad on 22 January, 2024
Author: R.I. Chagla
Bench: R.I. Chagla
10-IA(L) 1623.2023 EXA(L) 1618.2023.doc
Kavita S. J.
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
INTERIM APPLICATION (L) NO. 1623 OF 2023
IN
EXECUTION APPLICATION (L) NO. 1618 OF 2023
IndusInd Bank Ltd. ...Applicant/
Original Decree Holder
Versus
Satish Gaikwad ...Respondent/
Judgment Debtor
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Ms. Bijal K. Gogri i/b O.M. Gujar Law Chambers, Advocate for
Applicant/Original Decree Holder.
Mr. Himanshu Patil i/b Mahesh Bhatarikar a/w Sangharsh
Waghware, Advocate for Respondent/Judgment Debtor.
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CORAM : R.I. CHAGLA, J.
DATE : 22ND JANUARY, 2024.
ORDER :
1. The learned Counsel appearing for the Applicant states that
by order dated 12th October, 2023, this Court had recorded the
willingness which had been shown on behalf of the Judgment Debtor
KAVITA
SUSHIL
JADHAV to settle the matter. Accordingly, the parties were directed to
approach the Deputy Registrar, Main Mediation, Monitoring
10-IA(L) 1623.2023 EXA(L) 1618.2023.doc
Committee, High Court on 19th October, 2023 and the matter was
referred to the Mediation. Further, this Court had considered that
there was a charge of Bank of India on the Judgment Debtor's Flat.
Considering that there was a first charge of Bank of India, this Court
had ordered second charge of the Judgment Creditor to be put on the
said Flat. The Judgment Creditor was also restrained by way of
injunction from selling the Flat and Vehicle described in the
Disclosure Affidavit. It was made clear that this would not be
applicable, if the Suit Flat is sold in execution of any decree. This
order was operational till the next date.
2. Thereafter, the parties had proceeded for mediation and the
Mediator, Senior Advocate Rajiv Patil has filed Mediation Report
dated 18th January, 2024 which is taken on record.
3. By the Medication Report, the Decree Holder through his
authorized officer has placed final settlement offer on record i.e. one
time settlement of Rs.17 Lakh shall be paid within a period of four
months from the said order i.e. on or before 18th May, 2024. Upon
payment of the said amount, the Decree Holder shall endorse No
Dues Certificate / Claim Satisfied Statement and shall not claim any
other amount as the Decree shall stand satisfied. Further, the
10-IA(L) 1623.2023 EXA(L) 1618.2023.doc
Mediator has recorded that in the event the Judgment Debtor having
accepting the one time settlement, fails to make the aforementioned
payment of Rs.17 Lakh on or about 18th May, 2024, the Decree
Holder shall be entitled to execute the decree in accordance with law.
Both parties shall remain present before this Court on 19 th May, 2024
and make a statement before this Court in terms of the Resolution
before the Mediator and submit to the orders of this Court in the
above proceedings.
4. Having considered the contents of the Mediation Report,
the Judgment Debtor shall comply with the statement made before
the Mediator to make payment of the one time settlement offer of
loan amount of Rs.17 Lakh on or before 18th May, 2024. In the
event, the statement is complied with and payment of Rs.17 Lakh is
made on or before 18th May, 2024, the Decree Holder shall endorse
No Dues Certificate/Claim Satisfied Statement and shall not claim
any other the amount from the Claimant as Decree would stand
satisfied.
5. Further, in the event the Judgment Debtor fails to comply
with the aforementioned statement, the Decree Holder shall be
entitled to execute the decree in accordance with law.
10-IA(L) 1623.2023 EXA(L) 1618.2023.doc
6. The ad-interim order which had been passed by this Court
on 12th October, 2023 restraining the Judgment Creditor from selling
the said Flat and Vehicle described in the Disclosure Affidavit shall
continue to operate till the compliance of the aforementioned
statement i.e. payment of sum Rs.17 Lakh on or before 18th May,
2024.
7. The Interim Application shall be placed on 10th June, 2024
for compliance, on which date the parties shall remain present
alongwith their Advocates.
[R.I. CHAGLA, J.]
