Allowed

Harshlok Motors India Pvt. Limited v. kotak mahindra prime limited

DRAT16 Jan 2025

Case brief

AI extract

What is this about?

The applicant sought refund of Rs.80 lakhs deposited by the appellant pending an appeal. Upon the appellant's approach for payment to Kotak Mahindra Bank Ltd. following a settlement, the respondent had no objection. This application was consequently allowed with directions for immediate transfer of funds.

What did the court decide?

Allowed the application seeking refund of Rs.80 lakhs with accrued interest to be remitted to Kotak Mahindra Bank Ltd.

Harshlok Motors India Pvt. Limited versus kotak mahindra… — Banking and Recovery | DRAT (2025)

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DEBTS;RECOVERY APPELLATE TRIBUNAL-WU.MBAI

,IA b.Nb.93/2025

MisCiAppeal 89/2024

Dated: 16;0i.2O25

This IA D.Nd;93/2025 .in MiscJXp,peal-89/2024 :is filed seeking refund of .Rs.8.0; Lakhs: .along with the .accrued interest’ to; the :acGpunt of. Kotak'Mahindra.Prime .Llfnited, detajls of which are^iven below;

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BahkName; Kotak Mahindra Bank Ltd. Branch : Narirnah Point Account No.06312010000193 IFSC.Gode: KKBK00009S8

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Ld. Counsel for- the petitloner/appehant, Mr.Puneet Gogad, . submitted thaVappeilaht,filed MA.89/2024:agalnst the interim order^ dated 28.04.2023 passed by DRT. Aurangabad In ’IA;.588/2023 'in SA. 5.3/20.19. At the;tlme of filing the appeal, petitipner/appeliaht.made a deposit of Rs.80 lakhs.towards pre^deppsit. When this appeal is-, pending, appellant and the respondent had reached a. settlement through Delhi Mediation Centre-Ratiala. House Courts, New-Delhi for. Rs.2.65 Crores: repayable in four instalments. Petitidher/appellant: requires this amduht.of Rs.80 Lakhs for settling the aforesaid amount ‘ of Rs.2;65 crores. Thus, petitloner/appeljant filed this<application 1A D.r.No.93/2025 seeking to pay this: arhpunt to the respondent aforementioned^

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td. Counsel for ..the respondent Mr.yikas S.alvl and Mr.Tanmsy. S Karalkar, Authorised Officer and'. Associate Vice President pf .theresporideht bank, appeared through VC and expressed no objection for paying this amount to the respondent. Ld..Counsel.for respondent and. respondent official are both directed to .file a written memo before the DRAT, Mumbai stating that they have no objection for paying this amount to the respondent bahk..They. are;also dir.ected'ito send-an e-mail to this Tribunal immediately, expressing no objection for paymeht of this amount to the respondent.

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In view of the reasons‘stated prid that the respondent has no I -objection for paying this amount to the aforesaid bank account, ! thls applicationJs allowed'and the Registry is directed to temi’t the rarhduht of.RS.80.Lakhs -with accrued interest immediately to the t . /aforesaid :account of the respondent thrbUgh.RTG.S; Parties are directed to bearkhelr own-costs*

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dfder:cppy;sh.all be'issued today.

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SAI-
CHAIRPERSON/OW,CHENNAI
(IN CHARGE,-DRAT-.MUMBAI)
DD

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Harshlok Motors India Pvt. Limited v. kotak mahindra prime limited

Case brief

What is this about?

What did the court decide?

Harshlok Motors India Pvt. Limited v. kotak mahindra prime limited

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

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