The case involves an appeal regarding the payment of Rs. 24.10 crores. The appellant had offered to pay the amount, and the respondent agreed. The primary issue was the timeline for the payment. The appellant initially requested six months, but the respondent suggested accepting the offer with 25% upfront if the appellant could pay within three months. The appellant also offered to sell a mortgaged property to raise funds, with the proceeds dedicated to the payment.
Pawan Kumar Manguturam Bairagra (Appellant) owes money to Encore Asset Reconstruction Company Ltd. (Respondent). The outstanding amount is Rs. 24.10 crores. The appellant initially requested six months to pay. The respondent suggested that if the appellant pays within three months, they should accept the offer with 25% upfront. The appellant offered to sell a mortgaged property with a reserve price of Rs. 23 crores to raise funds. The respondent agreed to allow the sale of the mortgaged property, provided the proceeds are used solely for the payment. The parties eventually settled the issue, agreeing to a payment plan where 10% of the amount would be paid upfront, and another 10% would be paid within 30 days of signing the settlement agreement. The respondent was
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The case involves an appeal regarding the payment of Rs. 24.10 crores. The appellant had offered to pay the amount, and the respondent agreed. The primary issue was the timeline for the payment. The appellant initially requested six months, but the respondent suggested accepting the offer with 25% upfront if the appellant could pay within three months. The appellant also offered to sell a mortgaged property to raise funds, with the proceeds dedicated to the payment.
Pawan Kumar Manguturam Bairagra (Appellant) owes money to Encore Asset Reconstruction Company Ltd. (Respondent). The outstanding amount is Rs. 24.10 crores. The appellant initially requested six months to pay. The respondent suggested that if the appellant pays within three months, they should accept the offer with 25% upfront. The appellant offered to sell a mortgaged property with a reserve price of Rs. 23 crores to raise funds. The respondent agreed to allow the sale of the mortgaged property, provided the proceeds are used solely for the payment. The parties eventually settled the issue, agreeing to a payment plan where 10% of the amount would be paid upfront, and another 10% would be paid within 30 days of signing the settlement agreement. The respondent was
…Learned Counsel for the Appellant submits that…
Learned Counsel for the appellant referring to…
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