Disposed

City Union Bank Limited v. Ms Aat Academy India Ltd. And Others

DRT4 Jul 2023TA/1123/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal disposed of an original application filed by a bank for debt recovery by treating it as settled out of court after the defendants remitted a sum towards full and final settlement via the OTS scheme, directing the return of documents.

What did the court decide?

Application treated as settled out of court; documents returned to applicant bank; order allowed without costs.

City Union Bank Limited versus Ms Aat Academy India Ltd. And… — Banking and Recovery | DRT (2023)

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TA No. 1123 of 2023 04.07.2023

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IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

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Dated this the 04^th day of July, 2023

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

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TRANSFERRED APPLICATION No. 1123 of 2023

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(Originally filed before DRT- II, Chennai as OA No.130 of 2019 and thereafter transferred to this Tribunal and renumbered as TA No.1123 of 2023)

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City Union Bank Limited, Rep. by its Branch Manager. 706, Anna Salai, Thousand Lights, Chennai – 600 006. ….Applicant

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M/s.AAT Academy India Limited, No.3, Raja Street, Pondy Bazzar,

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T.Nagar, Chennai – 600 017.

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Mr.U.Rathish Babu, S/o.Mr.R.V.Unnikrishnan, No.1176, Trichy Road, Ramanathapuram, Coimbatore – 641 045.

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Mr.R.V.Unnikrishnan, S/o.Krishnan Nair, No.1176, Trichy Road, Ramanahapuram Coimbatore – 641 045.

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Mrs.U.Santhakumari, W/o.Mr.R.V>Unnikrishnan, No.1176, Trichy Road, Ramanahapuram Coimbatore – 641 045.

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Mrs.Lata Janardhanan, No.1176, Trichy Road, Ramanathapuram, Coimbatore – 641 045. ….Defendants

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Counsel for Applicant : M/s.R.Balachander.

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TA No. 1123 of 2023 04.07.2023

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ORDER

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This OA is filed by the applicant bank for recovery of a sum of Rs.7,57,75,476/together with future interest and costs.

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A memo is filed by applicant bank stating therein that during pendency of the above OA,defendants had remitted a sum of Rs.4,77,67,353.52p on various dates and subsequently have approached applicant bank for settlement under OTS, which was accepted by applicant bank and accordingly, defendants have remitted a sum of Rs.1 Croretowards full and final settlement of the OA claim and accordingly closed the loan account on 24.02.2023.Hence, applicant bank prayed that the OA claim may be treated as settled out of Court and also prayed for return of documents marked as Ex A-1 to Ex A-36 to applicant bank.

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AOS of notice to defendants filed by applicant bank.Notice sent to defendants 1 and 5 returned as ‘left’, while notice to defendants 2 to 4 were duly served as per postal track report.

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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 all the documents marked as Ex A-1 to A-36 to applicant bank under proper acknowledgment 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 04^th day of July, 2023)

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Sd/- (GANAPATHI K.R.K) PRESIDING OFFICER

City Union Bank Limited v. Ms Aat Academy India Ltd. And Others

Case brief

What is this about?

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City Union Bank Limited v. Ms Aat Academy India Ltd. And Others

Case brief

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What did the court decide?

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