Partly allowed

Ms Welltech Polymers v. South Indian Bank

DRAT2 Sept 2025MISC APPEAL/36/2024

Case brief

AI extract

What is this about?

In this instant application, the Appellate Tribunal allowed the withdrawal of an appeal (MA SA 36/2024) filed by the appellants against a bank, seeking refund of their pre-deposit amount with accrued interest as a condition to avail a Special Collection Scheme facility.

What did the court decide?

Withdrawal of appeal MA (SA) 36/2024 allowed. Registry directed to refund pre-deposit of Rs.48,00,000/ with accrued interest.

Ms Welltech Polymers versus South Indian Bank — Banking and Recovery | DRAT (2025)

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IN THE DEBTS RECOVERY APPELLATE TRIBUNAL AT CHENNAI

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Dated the 2^nd day of September 2025

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PRESENT: Hon’ble Mr. Justice G. Chandrasekharan

CHAIRPERSON

IA 1133/2025

MA (SA) 36/2024

(Arising out of IA 4118/2024 in SA.No. 709 of 2023 on the file of DRT-I, Ernakulam)

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Between

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M/s Welltech Polymers

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Door No. IV/623, Koovappady, Kodanad

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Ernakulam-683547, Rep. by its partners

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2. Abdul Salam K M

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Kakkattussery. Perumbavoor, Mudiekal, Marampilly, Ernakulam, Kerala-683547,

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3 Mr. Sudheer K H, Partner,

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M/s, Welltech Polymers,Kadukkappilly,

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Kurichilakode, Kodanad,Kerala-683544

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Veloor West, Ernakulam,

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4 Mr. Binu Devassy,

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Partner M/s. Welltech Polymers, Kalappurackal, Kurichilakode, Kodanad,Veloor West, Ernakulam,

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Kerala-683544,

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5 Mrs. Sarja Abdul Salam alias Sarja Abdul Kareem, W/o Abdul Salam KM, Kakkattussery, Perumbavoor, Mudiekal, Marampilly, Emakulam, Kerala-683547

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6 Mrs. Rejeena V B, W/o Sudheer K Η Kadukkappilly, Kurichilakode, Kodanad, Veloor West, Ernakulam, Kerala 683 544.

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Mrs. Lismi P V,

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Binu Devassy, residing at Kalappurackal, Kurichilakode, Kodanad, Veloor West, Ernakulam, Derala 683 544 also at

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Palely House, Thottakam, Kalady, Manickamangalam, Ernakulam. … Appellants

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And

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The Authorised Officer, Regional Office, South Indian Bank Ltd., Door No. 9/839/A1 to A9, South Indian Bank Building, Infopark Road, Kakkanad, Rajagiri Valley 682 039.

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Branch Manager, South Indian Bank Ltd., Door No. SRA-43, Shanu Tower, NH -47, Kalamassery P.O., Ernakulam 683 104. … Respondents

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Counsel for Appellants : Mr. Praveen K Joy Counsel for Respondent-1 : M/s. Ramalingam Associates

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ORDER

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This application is filed for withdrawal of the appeal in MA (SA) 36 OF 2024 and for refund of pre-deposit with accrued interest.

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Learned counsel for the petitioners/appellants submitted that the petitioners/appellants approached the respondents/Bank for OTS and the respondents/Bank insisted for withdrawal of this appeal as a pre-condition. Therefore, he seeks permission for withdrawal of this appeal and refund of pre-deposit with accrued interest for availing the OTS facility.

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Learned counsel for the respondents has no objection.

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In the circumstances stated by the learned counsel for the petitioners/appellants, this application in IA 1133/2025 is allowed. MA (SA) 36/2024 is dismissed as withdrawn.

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Registry is directed to refund the pre-deposit amount of Rs.48,00,000/with accrued interest, if any, to the

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petitioners/appellants.

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Sd/- (JUSTICE G. CHANDRASEKHARAN) CHAIRPERSON

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Ms Welltech Polymers v. South Indian Bank

Case brief

What is this about?

What did the court decide?

Ms Welltech Polymers v. South Indian Bank

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

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Case details

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