Debts Recovery Appellate Tribunal disposed of a restoration order in M.A. No. 111/2024, accepting that the matter was settled and the applicants withdrew the application given the bank's agreement to receive dues in tranches.
Application disposed of as withdrawn due to settlement; interlocutory applications dismissed as infructuous.
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BEFORE THE DEBTS RECOVERY APPELLATE TRIBUNAL, AT: MUMBAI Present: Mr Justice Ashok Menon, Chairperson
M.A. No. 111/2024(Restoration)
In
( Appeal on Diary No. 2213/2024-Disposed of)
Between
M/s Bansari Alloys Pvt. Ltd. & Anr. … Appellant/s V/s.
Chief Manager & Authorised Officer, Indian Bank.
…Respondent/s
Mr Jay Choksi, i/b Ms Poonam Utekar, Advocate for Appellants. Ms Mumtaz Khan, i/b Mr Ritesh Patadia, Advocate for Respondent No. 1 Bank.
-: Order dated: 13/12/2024:-
The application for restoration has come up for hearing today. It is submitted by the Ld. Counsel appearing for the applicants as also the respondent bank that the matter has been settled and the bank has agreed to receive the entire dues in tranches which is described in paragraph No. 5 of the consent letter. It is also conceded by the applicants that in case of default of payment in accordance with the agreed schedule, the bank is at liberty to realise the entire debt due without any further notice. Recording this statement, the application is disposed of as withdrawn.
Interlocutory applications, if any, are dismissed as infructuous.
Sd/-
Chairperson
mks-28
1
M/s Bansari Alloys Pvt. Ltd. & Anr.
Chief Manager & Authorised Officer, Indian Bank
Ashok Menon
As recorded by the court registry
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