Allowed

Narendrakumar Bhanwarlal Jain v. Cholamandalam Investment and Finance Company Ltd.

DRT1 Nov 2023SA/351/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal permitted the applicant to withdraw the Securitisation Application based on an amicable settlement between the parties, resulting in the application being dismissed as withdrawn.

What did the court decide?

Permission to withdraw the Securitisation Application is granted. The application is allowed with no order as to costs.

Narendrakumar Bhanwarlal Jain versus Cholamandalam Investment and Finance Company Ltd. — DRT (2023) — LawSathi Research

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IN THE DEBTS RECOVERY TRIBUNAL No.2, MUMBAI

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(BEFORE HON’BLE PRESIDING OFFICER)

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Sr. No.12

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INTERLOCUTORY APPLICATION No.2332 of 2023 In

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SECURITISATION APPLICATION NO.351 of 2023

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Mr Narendrakumar Bhanwarlal Jain … Applicant

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Versus

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Cholamandalam Investment & … Defendants Finance Co. Ltd. & Ors.

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Mr Suraj Dinkar Gurav – Advocate for the applicant.

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Mr Alok Mishra – Advocate for defendant no.1. None for other defendants.

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Shri Deepak M. Thakkar Presiding Officer, 1^st November 2023.

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ORDER

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The applicant requests the Tribunal to grant permission to withdraw the Securitisation Application as the matter has been amicably settled between the parties. In addition to the affidavit in support of the Interlocutory Application, the applicant, through the counsel, has presented another affidavit (exhibit-11), of Mr Ashokkumar Bhanwarlal Jain & 5 Ors. (borrowers’ and mortgagors) reiterating that, in paragraph 8, Mr Ashokkumar Bhanwarlal Jain & 5 Ors., records the handing over of the physical possession of the secured assets to the authorized officer by M/s. Cholamandalam Investment and Finance Company Limited and in paragraph 9 they consented to handing over the physical possession to the

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Page 1 of 3

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authorized officer Mr Mukesh Singh. In paragraph 10, the undertaking is given not to raise any objection in future. The undertaking given in paragraph 10 by Mr Ashokkumar Bhanwarlal Jain & 5 Ors. is accepted.

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Mr Mishra does not oppose to the withdrawal application. Permission to withdraw the Securitisation Application is granted. Interlocutory Application No.2332 of 2023 is allowed with no order as to costs.

Sd/-

Nidhi

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

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01.11.2023

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Sr. No.12

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		SA No.351 of 2023
classifi- cation	No. of Exh.	Mr Narendrakumar Bhanwarlal Jain Vs Cholamandalam Investment & Finance Co. Ltd. & Ors.
		Mr Suraj Dinkar Gurav – Advocate for the applicant. Mr Alok Mishra – Advocate for defendant no.1. None for other defendants.
	11	1. Order in I.A. No.2337 of 2023 passed separately. 2. The applicant has presented affidavit (exhibit-11), which is taken on record. 3. In view of the order passed in I.A. No.2337 of 2023, Securitisation Application No.351 of 2023 stands dismissed as withdrawn with no order as to costs. 4. All pending Interlocutory Applications, if any, stands disposed of with no order as to costs.
		Sd/- Presiding Officer, DRT-2, Mumbai

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Nidhi

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Page 3 of 3

Narendrakumar Bhanwarlal Jain v. Cholamandalam Investment and Finance Company Ltd.

Case brief

What is this about?

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Narendrakumar Bhanwarlal Jain v. Cholamandalam Investment and Finance Company Ltd.

Case brief

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