The Debt Recovery Appellate Tribunal allowed the withdrawal of an appeal filed by an asset reconstruction company against an order of the Debt Recovery Tribunal, as the appellant's claim was settled and the appeal became infructuous.
Withdrawal of the appeal permitted and the appeal dismissed as withdrawn.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
IN THE DEBT RECOVERY APPELLATE TRIBUNAL AT CHENNAI
Dated the 13th Day of April, 2026
PRESENT: HON'BLE MR. JUSTICE G. Chandrasekharan CHAIRPERSON
RA 127/2019
(Arising out of OA 485/2015 on the file of DRT-II, Chennai )
Between
Assets Reconstruction Company (India) Ltd., The Ruby, 10th Floor 29, Senapati Bapat Marg Dadar(W), Mumbai 400 028. ….Appellant
And
No. 158, C.S.T. Road, Kalina,
Santacruz (E), Mumbai 400 098.
No 22 A, Prince Arcade,
Cathedral Road, Chennai - 600086
(Amended as per Order dated 21.07.2023 in
I.A. No. 30822)
as the Provisional Liquidator of M/s. Ramco Super
Leathers Ltd., In Pov. Liquidation,
O/o. OfficiaLiquidator, Madras High Court, Corporate Bhavan, Rajaji Salai, Chennai 600 001.
1
"Sethu House 28, Alagappa Road. Chennai 600 084.
28, Alagappa Road. Chennai 600 084.
S/o. Mr RM Sethuraman. No.85, Poes Garden,
Chennai 600 086.
S/o. Mr. R.M. Sethuraman.
Door No.1, 1 Street,
East Abhiramapuram, Chennai 600 004.
S/o. Mr RM. Sethuraman,
A-2, Alsa Windsor, 4, Kothari Road, Chennai 600 034.
S/o. Mr RM. Sethuraman,
20, College Road, Chennai 600 006.
S/o. Mr RM. Palniappan,
46, Jawahar Street, New Town, Karaikudi.
"Sethu House" 28, Alagappa Road, Chennai 600 084.
2
No. 1, Cenotaph Road, Chennai 600 018.
806, Anna Salai, Chennai-600002 (Amended as per Order dated 21.07.2023 in
1.A. No. 310 of 2022)
No. 16, Circletop House, Aparna Complex,
I.A. No. 311 of 2022)
82, Dr. Radhakrishnan Salai, Mylapore, Chennai 600 004. [Amended as per Order dated 03.06.2019 in IA No. 542 of 2019).
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No.85 Poes Garden, Chennai 600 086.
Counsel for appellants : M/s. Akhil Bhansali
Counsel for respondents : M/s. Aiyar & Thamas – R1 M/s. Aiyar & Dolia – R4 to 8, R11, 12, & R19 M/s. S . Sethuraman – R14 M/s. S. Pandurangan – R15 M/s. Orbit Law Associates – R13 R9 to R11 – given up
ORDER
When the matter is taken up, learned counsel for the
appellant filed a memo stating that the borrower has settled the loan account through OTS towards final settlement of entire outstanding debt. Thus, it is submitted that this appeal has become infructuous and therefore prayed for withdrawal of this appeal
In view of the settlement of the claim with the borrower
under OTS and the memo filed, the appellant is permitted to
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withdraw this appeal and the appeal is dismissed as withdrawn. Parties shall bear their own costs. Pending IAs, if any, shall stand closed.
Sd/-
[Justice G. Chandrasekharan] CHAIRPERSON
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Assets Reconstruction Company (India) Ltd.
M/s. Phoenix ARC Private Ltd.
SBM Bank (India) Ltd.
The Official Liquidator
M/s. RSL Textiles (India) Ltd.
M/s. RSL Industries Ltd.
G. Chandrasekharan
As recorded by the court registry
25 orders share this CNR
Judgements on the same questions, provisions and authorities, from every court
