M/S Shushrusha Instiute of Medical Science and Ors. versus the Cosmos Co. Operative Bank and Ors.

¶1

BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr. Justice Ashok Menon, Chairperson

¶2

I.A. No. 662/2023 And I.A. No. 665/2023 In Misc. Appeal No. 02/2019

¶3

Between

¶4

M/s. Shushrusha Institute of Medical Science & … Appellant/s Ors.

¶5

V/s.

¶6

The Cosmos Co-operative Bank & Ors. …Respondent/s Mr. V.N. Ajikumar, i/b M/s. VNA Legal, Advocate for Appellant. Mr. Rishabh Shah, i/b M/s. Raval-Shah & Co., Advocate for Respondents.

¶7

This is an application for withdrawal of this appeal in view of the settlement that has been arrived at by the parties. In accordance with the terms of settlement which was arrived at, the total sum of ₹43 lakhs is agreed to be paid to the Respondent Bank. Towards that amount, ₹22 lakhs had already been paid upon acceptance of the OTS. The sum of ₹18,73,587/- lying deposit in deposit together with the accrued interest is lying with this Tribunal.

¶8

The Appellants have also filed an application at Diary No. 1723/2023 wherein they have requested for withdrawal of the amount. The Ld. Counsel appearing for the Appellants under the instruction submits that the amount in deposit may be released to the Respondent bank on proper acknowledgement to be adjusted

¶9

1

¶10

towards the debt due as per the settlement.

¶11

The application is allowed and the appeal is disposed of with the direction that the amount in deposit before this Tribunal together with the accrued interest shall be released to the Respondent bank on proper acknowledgement.

¶12

In case there is any access amount received by the Respondent over and above the sum of ₹43 lakhs, the Ld. Counsel appearing for the Respondent on instructions agrees to hand it over to the Appellants On settlement, the title deeds of the Appellants shall be released to them on proper acknowledgement.

¶13

Sd/Chairperson

¶14

psa-04

¶15

2

M/S Shushrusha Instiute of Medical Science and Ors. v. the Cosmos Co. Operative Bank and Ors.

Case brief

What is this about?

What did the court decide?

M/S Shushrusha Instiute of Medical Science and Ors. v. the Cosmos Co. Operative Bank and Ors.

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Parties & counsel

Coram

Case details

Similar cases

Ritesh Oil Mills Pvt. Ltd. & Anr. versus Bank of Baroda & Ors.

State Bank of India versus Prashant Ruia & Anr.

State Bank of India versus Prashant Ruia and SBI Cap Trustee

Mrs Shrinivasan Sales versus State Bank of India

Mrs Sadhana Bharat Rai versus Kotak Mahindra Bank Limited

Raj International Ltd. & Ors. versus State Bank of India & Ors.