BALAJI EDUCATION TRUST Vs. BANK OF INDIA

JUDGEMENT

(1.) Heard learned advocate Mr. Subhash G. Barot for the petitioners and learned advocate Mr. Bharat Jani for the respondent No.1.

(2.) It has been disclosed that one Nalanda Education Society is ready and willing to takeover the management of the school run by the petitioners - trust by purchasing all its assets and thereafter, petitioners would be relieved from its liability to run the school so also to make payment of its dues to respondent No.1 - bank, since such Nalanda Education Society would directly make the payment of agreed amount between them to the respondent No.1 - bank, so as to clear the accounts of the petitioner - trust. The letter dated 26.7.2017 is to be taken on record.

(3.) In view of such disclosure, parties permitted to enter into negotiations and settle the accounts of the petitioners - trust with the respondent No.1 - bank by allowing the Nalanda Education Society to takeover the running school with all its property. It is made clear that out of the payment for the said purpose to be made by Nalanda Education Society, the amount which is in debt with respondent No.1, shall be paid directly by said Nalanda Education Society to the respondent No.1 - bank. It is also made clear that petitioners shall support such transaction and payment aforesaid would release the liability of the petitioners to that extent. It is also made clear that petitioners shall provide all necessary information and documents, both to the bank as well as Nalanda Education Society, including the Title Clearance Certificate, to confirm that there is no further encumbrance on the property held by the petitioners - trust, except the lien by mortgage of respondent No.1 - bank. It is also made clear that for completing such exercise petitioners shall not object the symbolic possession of the respondent No.1 - bank.