Disposed

Indian Overseas Bank v. MsPonneri Steel Industries

DRT26 Jul 2023OA/109/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal disposed of Original Application No. 109 of 2022 filed by Indian Overseas Bank for recovery of dues. The court allowed the bank's prayer to treat the claim as settled out of Court following acceptance of a Other Time Settlement (OTS) and remittance of Rs. 21.20 crores. The OA was disposed of without costs.

What did the court decide?

Allowed the prayer to treat the OA claim as settled out of Court without costs; directed return of documents Ex A-1 to Ex A-72.

Indian Overseas Bank versus MsPonneri Steel Industries — Banking and Recovery | DRT (2023)

O.A No. 109 of 2022

26.07.2023

IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

¶5

Dated this the 26^th day of July, 2023

¶6

Present: Shri Ganapathi K.R.K.

¶7

Presiding Officer

¶8

ORIGINAL APPLICATION No. 109 of 2022

¶9

Indian Overseas Bank, T.H. Road Branch, Thiruvottiyur, Chennai – 600 019.

¶10

….Applicant

¶11

-Vs.-

¶12

M/s. Ponneri Steel Industries,

¶13

Rep. by its Partner Mr. Anand Garg, S. No. 120/2B1, 121/3A & 121/3B

¶14

GNT Road, Peravallur Village,

¶15

Chennambedu Post, Ponneri Taluk,

¶16

Thiruvallur District – 601 206.

¶17

Mr. Anand Garg, S/o. Late Madanlal Garg, Old No.12, New No. 14, Agasthiyar Nagar, Halls Road,

¶18

Kilpauk, Chennai – 600 010.

¶19

Ms. Lalitha Devi Agarwal W/o. Late Manmohan Agarwal 10-51-13 Flat No.402, Siri Avenue Facor Layout, Opp: Sampath Vinayaka Temple, Visakapattanam, Andhra Pradesh – 530 003.

¶20

Ms. Shashi Goel D/o. Late Manmohan Agarwal, 1-10-32 to 37, Flat No. A902, Wellkin Park, Prakash Nagar, Secunderabad, Hyderabad, Telangana, 500 016.

¶21

Ms. Nandhini Metha D/o. Late Manmohan Agarwal 10-51-13 Flat No. 402, Siri Avenue Facor Layout, Opp: Sampath Vinayaka Temple, Visakapattanam, Andhra Pradesh – 530 003.

O.A No. 109 of 2022

26.07.2023

Ms. Sonam D/o Late. Manmohan Agarwal Flat No. 182, Bhageerathi Apartments, Sector – 9, Rohini Sector 7, North West Delhi, Delhi – 110 085.

¶26

Ms. Dolly Bhalotia D/o Late. Manmohan Agarwal No. 38, 2A, New Avadi Road, Kilpauk, Chennai – 600 010, Tamil Nadu.

¶27

Mr. Hemanth Agarwal S/o. Late Manmohan Agarwal, 10-51-13 Flat No. 402, Siri Avenue Facor Layout, Opp: Sampath Vinayaka Temple, Visakapattanam, Andhra Pradesh – 530 003. ….Defendants

¶28

Counsels on record / appeared:

¶29

Counsel for Applicant : M/s. N Somasundaar

¶30

ORDER

¶31

This OA is filed by the applicant bank for recovery of a sum of Rs.46,36,85,270.50p together with future interest and costs.

¶32

A memo is filed by applicant bank stating therein that during pendency of the above OA, defendants have approached applicant bank for settlement under OTS, which was accepted by applicant bank and accordingly, defendants had remitted a sum of Rs.21,20,00,000/-towards full and final settlement of the OA claim. Hence, applicant bank prayed that the OA claim may be treated as settled out of Court and also prayed for return of documents Ex A-1 to Ex A-72 filed along with proof affidavit.

¶33

Perused. Memo is taken on record. Allowed. In the result, this OA is disposed of as settled out of Court, however without costs. All other interlocutory applications, if any pending shall stand closed. Registry is directed to return documents Ex A-1 to Ex A-72

O.A No. 109 of 2022

26.07.2023

filed along with proof affidavit to applicant bank under proper acknowledgment as per

¶38

extant guidelines.

¶39

(Dictated to PS, transcribed by her, corrected, signed and pronounced by me in Open Court, on this the 26^th day of July, 2023)

¶40

Sd/-

¶41

(GANAPATHI K.R.K) PRESIDING OFFICER

Indian Overseas Bank v. MsPonneri Steel Industries

Case brief

What is this about?

What did the court decide?

Indian Overseas Bank v. MsPonneri Steel Industries

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

Mrs Kalpana versus Tamilnad Mercantile Bank Limited

City Union Bank Limited versus Rajalakshmai

Mr R Rajarajan S O Raja Chidambaram versus City Union Bank Limited

Indiabulls Asset Reconstruction Company Limited versus Mr S Saravanan

Indian Bank versus Mr N M Ranganathan And Other

S Elavarasan versus Indian Bank