Disposed

Edelweiss Asset Reconstruction Company Limited v. Biltube Industries Limited

DRT12 Jun 2023OA/320/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal disposed of an Original Application by accepting consent terms between parties to issue a Recovery Certificate effective after a specified payment deadline.

What did the court decide?

Disposal of Original Application; issue of Recovery Certificate for Rs. 6,78,11,24,810/- effective after 30/09/2023 if remaining amount is not paid.

Edelweiss Asset Reconstruction Company Limited versus Biltube Industries Limited — DRT (2023) — LawSathi Research

¶1

12/06/2023	Ex. No. Before Presiding Officer Dr. Rekha G. Dhakar, DRT-1, Mumbai. *Roznama in OA 320 of 2022* *Edelweiss Asset Reconstruction Company* *Limited Vs Biltube Industries Limited*	Next date
	Advocate Mr. Vinay Deshpande a/w Mr. Rupak Sawangikar i/b M/s. V. Deshpande & Co. appeared for the Applicant. Advocate Mr. Karan K. Vyas, Advocate Mr. Tushar & Advocate Mr. Kiran Bhandari appeared for the Defendant. 1. Both parties submits that Consent Terms has been arrived between the parties and the same is without undue pressure and coercion and thus they submit same may be taken on record. 2. Ld. Counsel for the Applicant submits that in terms of Consent Terms clause 4
	& 5, the Recovery Certificate may be issued for the entire amount of Rs. 6,78,11,24,810/- total as on 31/08/2022 however, the said Recovery Certificate
	would come into effect in case the
	Defendant no. 1 to 5 failed to pay entire
	agreed amount of Rs. 37 Crores in the

¶2

manner as provided in clause 4 & 5 of the Consent Terms. 3. It is also inform that most of the amount of settlement has already been received till date and the last instalment to be paid by 30/09/2023 of a sum of Rs. 10,24,00,000/4. In view of the consent terms, the present OA is hereby disposed off and the R.C. for amount of Rs. 6,78,11,24,810/- is hereby issued. However, the said R.C. would come into effect after 30/09/2023 in case Defendants failed to deposit the remaining amount of Rs. 10,24,00,000/by 30/09/2023. 5. The Consent Terms dated 09/06/2023 shall remain part of this order. 6. The Consent Terms is taken on record in term of judgment of Hon’ble High Court of Delhi in the matter of Satish Chand Gupta & Ors. Vs. SBI-W.P © 2588/2010. File be closed and consigned to record. P.O. DRT-I

¶3

Sgj/-16

Edelweiss Asset Reconstruction Company Limited v. Biltube Industries Limited

Case brief

What is this about?

What did the court decide?

Edelweiss Asset Reconstruction Company Limited v. Biltube Industries Limited

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Cases cited

Parties & counsel

Coram

Case details

Similar cases

Mr Sandeep Thadeshwar versus Iifl Home Finance Ltd.

Manoj Kumar Sharma versus Piramal Capital and Housing Finance Limited

Amool Shivaji Rokade versus The Housing Development Finance Corporation Ltd.

Punjab National Bank versus Anil Daulat Mahale

Punjab National Bank versus M/s. Rohinton Mehta Builders and Developers

Union Bank of India versus Rohit