Authority: Special Lok Adalat, Supreme Court of India
Order Date: 21-08-2026
Case Overview
- Appellant: Syndicate Bank; Respondent: M/s Al Mustaneer Establishment for Trade & Others.
- The dispute concerned amounts owed by the bank to the respondent; the appellant sought condonation of delay in filing applications IA 43385/2017, IA 43388/2017, IA 43390/2017.
- Settlement agreement dated 30.07.2026 (recorded on 21.08.2026) provided for payment of US$171,000, of which US$169,545.48 was received by the respondent after deduction of remittance fees, as confirmed by Ms. P. Malini, General Manager, Legal Head Office, Canara Bank.
- A parallel settlement in Indian rupees was agreed at Rs 70,00,000 (Seventy Lakhs). Rs 10,00,000 was paid on the day of the award; the remaining Rs 50,00,000 to be paid in two tranches – Rs 20,00,000 within three months and Rs 30,00,000 in the subsequent three months.
- The bank agreed that receipt of the full settlement amount would result in closure of all recovery proceedings pending against the appellant and respondents. In case of default, the bank retained the right to recover the decretal amount as per law.
Final Outcome
- The award confirms that the settlement amounts have been complied with as per the agreement dated 30.07.2026 and 21.08.2026.
- All pending applications and the Special Leave Petition are disposed of.
- Upon full receipt of the Rs 70 lakh, Syndicate Bank will close all recovery proceedings; otherwise, it may enforce recovery of the decretal amount.
Topics: Banking Settlement, Court Award