Disposed

Shah Housecon Pvt. Ltd. v. Asset Care and Reconstruction Enterprises Private Limited

DRT12 Oct 2023SA/232/2023

Case brief

AI extract

What is this about?

This interim order records the applicants and respondents agreement to consent terms for payment of Rs 26 crores and disposal of the securitization application. The Tribunal accepted the undertaking and disposed of the matter without order as to costs.

What did the court decide?

The Securitization Application No. 232 of 2023 stands disposed of with no order as to costs.

Shah Housecon Pvt. Ltd. versus Asset Care and Reconstruction… — Company and Corporate | DRT (2023)

¶1

IN THE DEBTS RECOVERY TRIBUNAL No.2, MUMBAI (BEFORE HON’BLE PRESIDING OFFICER) ORDER SHEET

¶2

12.10.2023 Sr. No.907

¶3

		SA No.232 of 2023
classifi -cation	No. of Exh.	Shah Housecon Pvt. Ltd. Vs. Asset Care and Reconstruction Enterprise Ltd. & Anr.
		Mr Nitin Thakker, Senior Counsel i/b Mr Saurabh Nikalji – Advocate for the applicant. Mr Akash Mansukh Shah – defendant no.3 present in person. Mr Ramji Harakchand Shah - defendant no.4 present in person. Mr Mansukh Harakchand Shah - defendant no.5 present in person. Mr Charles De Souza, Mr Mayank Samuel and Mr Neelanshu Roy i/b M/s. Sirius Legal – Advocates for defendant no.1. Mr Kalpak D. Sawangikar – authorized officer present in person. None for other defendants. 1. The learned counsel for the parties has presented
	10	consent terms (exhibit-10) and affidavit-cum-
	11	undertaking (exhibit-11) filed by the applicant and defendants 3 to 5, which are taken on record. 2. The applicant, defendants 3 to 5 have presented the consent terms. They have understood the contents of the consent terms and have signed accordingly. The consent terms filed is voluntary in nature.

¶4

Page 1 of 2

¶5

The applicant has agreed to pay Rs.26 crores to the secured creditor as per clause 4(a) to 4(g). The statements and undertaking given in the consent terms is accepted and operate as an order of the Tribunal.

¶6

The parties have agreed to perform their respective part of their obligation as recorded in the consent terms. In the terms of clause 11, the parties have agreed to dispose of the Securitization Application.

¶7

Accordingly, Securitization Application No.232 of 2023 stands disposed of with no order as to costs. Sd/-

¶8

Presiding Officer, DRT-2, Mumbai

¶9

Nidhi

¶10

Page 2 of 2

Shah Housecon Pvt. Ltd. v. Asset Care and Reconstruction Enterprises Private Limited

Case brief

What is this about?

What did the court decide?

Shah Housecon Pvt. Ltd. v. Asset Care and Reconstruction Enterprises Private Limited

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

Ace ALCOBEv Private Limited and Anr. versus Bank of Maharashtra

Meeser Parekh Sons versus Piramal Capital And Housing Finance Ltd.

Mr Ashish S Chordia versus Punjab National Bank

Rajesh Murarka versus Asset Care and Reconstruction Enterprise Limited

Jalpa Shah versus Asset Care and Reconstruction Enterprise Limited

Mrs Pratap Bhanushali versus Asset Care and Reconstruction Enterprise Limited