Disposed

Cjc Educational Charitable Trust and others v. Adani Capital Private Limited Company

DRT21 Nov 2023SA/298/2023

Case brief

AI extract

What is this about?

In a SARFAESI application challenging attachment of assets under Section 14, the Tribunal disposed of the matter as settled out of court after the applicants remitted a sum of Rs. 15 lakhs towards loan closure. Possession was restored to the mortgagors without costs.

What did the court decide?

SA disposed as settled out of court; possession restored to mortgagor; interim orders vacated; pending ILAs closed without costs.

Cjc Educational Charitable Trust and others versus Adani… — Banking and Recovery | DRT (2023)

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S.A. No. 298 of 2023 21.11.2023

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IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

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Dated this the 21^st day of November, 2023

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Present: Shri Ganapathi K.R.K. Presiding Officer

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SARFAESI APPLICATION No. 298 of 2023

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CJC Educational & Charitable Trust, No. 165/72, Kamarajar Nagar, 9^th Street, Korudupet, Washermenpet,

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Chennai – 600 021.

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Mr. Chenchiah RS No. 155, Kamarajar Nagar, 9^th Street, Korukupet, Washermenpet,

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Chennai – 600 021.

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Mrs. C.Shantha Kumari, No. 155, Kamarajar Nagar, 9^th Street, Korukupet, Washermenpet, Chennai – 600 021.

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Mr. G. Munuswamy, No. 152, Kamarajar Nagar, 9^th Street, Korukupet, Washermenpet, Chennai – 600 021.

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Mrs. S. Mariamma, No. 152, Kamarajar Nagar, 9^th Street, Korukupet, Washermenpet, Chennai – 600 021. ….Applicants Vs Adhani Capital Private Limited, Rep. by its Authorized Officer, Branch Office at No. 25/1, 1^st Floor, Skip House, Museum Road, Bengaluru – 560 025. ….Respondent

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S.A. No. 298 of 2023 21.11.2023

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Counsels on record / appeared:

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Counsel for Applicant : M/s K. Thenrajan, Counsel for Respondent : M/s V. Balasubramani

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ORDER

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This SA is filed challenging the measures initiated by respondent institution under Section 14 of SARFAESI Act before Ld. CMM, Egmore in vide Crl.M.P.No.15412 of 2022dated 21.03.2023 for recovery of a sum of Rs.26,09,818.74p.

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Today, a memo is filed on behalf of applicant submitting therein that during the pendency of SA, applicants had approached respondent institution for settlement under OTS, which was considered and approved and accordingly, applicants had remitted a sum of Rs.15 lakhs viz.,Rs.92,000/- on 30.09.2023 and a sum Rs. 14,08,000/- on 05.10.2023 towards closure of loan account. Hence, it is submitted that nothing survives for adjudication in this SA and Ld. Counsel prayed for passing necessary orders.

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Copy of Memo is served to Ld. Counsel for respondent institution.

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Memo filed on behalf of applicants is taken on file. In the result, SA stands disposed as settled out of court, however without costs. In view of settlement of loan account, possession is restored to mortgagor. Interim order, if any granted and subsisting till this day stands vacated and all other IAs, if any pending stand closed.

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With the above observations, SA stands disposed.

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S.A. No. 298 of 2023 21.11.2023

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A copy of the order be communicated to the parties concerned as per extant

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guidelines.

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(Dictated to PS, transcribed by her, corrected, signed and processed through E-drt on this the 21^st day of November, 2023)

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Sd/-

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(GANAPATHI K.R.K) PRESIDING OFFICER

Cjc Educational Charitable Trust and others v. Adani Capital Private Limited Company

Case brief

What is this about?

What did the court decide?

Cjc Educational Charitable Trust and others v. Adani Capital Private Limited Company

Case brief

What is this about?

What did the court decide?

What the court decided

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