Disposed

Punjab National Bank v. Ms Devi Tyres

DRT14 Mar 2023TA/13/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal disposed of an outstanding amount application filed by a bank for recovery. The court allowed the applicant's prayer to treat the case as settled out of court after the defendants remitted a sum and sought document return, without awarding costs.

What did the court decide?

The OA claim treated as settled out of court; case disposed of without costs; documents to be returned to applicant bank.

Punjab National Bank versus Ms Devi Tyres — Banking and Recovery | DRT (2023)

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TA No.13 of 2022 14.03.2023

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IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

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Dated this the 14^th day of March, 2023

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

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TRANSFERRED APPLICATION No. 13 of 2022

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Punjab National Bank Rep. by its Chief Manager, Circle Sastra South Branch, Chennai, No.46-49, PNB Towers, Royapettah High Road,

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Chennai – 600 014. …Applicant Vs.

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M/s.Devi Tyres, Rep. by its Proprietor S.Prasanan, Mrs.P.Sreidevi. No.355, Thiruvallur Street, NGGO Nagar, Chengalpattu Taluk, Kancheepuram – 603 111.

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Also at

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M/s.Devi Tyres, Rep. by its Proprietor S.Prasanan, No.20, GST Road, Near Vidhyasagar College, Vedhnarayanapuram, Chengalpattu Taluk, Kancheepuram - 603 111.

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Also at

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M/s.Devi Tyres, Rep. by its Proprietor S.Prasanan, No.1/1, Municipal Building, 1KM Road, Chengalpattu – 603 001.

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M/s.Sri Devi Tyres, Rep. by its Proprietor P.Sridevi,

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TA No.13 of 2022 14.03.2023

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Mr.S.Prasanan No.37-43/6, Thirukulakundram Road, Opp. Municipal Complex, Chengalpattu, Kancheepuram – 603 001,

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Residing at

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S.Prasanan S/o.Sankaran No.45, 4^th Street, Shanthi Nagar, Vallam, Chengalpattu – 603 002.

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Mrs.P.Sree Devi W/o.S.Prasanan No.45, 4^th Street, Shanthi Nagar, Vallam,

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Chengalpattu – 603 002. ….defendants

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Counsels on record / appeared:

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Counsel for Applicants : M/s.Kavitha Singuluri.

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ORDER

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This OA is filed by the applicant bank for recovery of a sum of Rs.21,32,708.03p 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 approached applicant bank for settlement under OTS, which was accepted by applicant bank and accordingly, defendants had remitted a sum of Rs.18 lakhs towards full and final settlement of the OA claim. Hence, applicant bank prayed that the OA claim may be treated as settled out of Court and also filed another

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TA No.13 of 2022 14.03.2023

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memo praying for return of all documents contemplated to be marked as Ex A-1 to Ex

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A-45 filed along with proof affidavit.

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Copy of memo is served to Ld. counsel for defendants.

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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 documents filed along with

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proof affidavit to applicant bank under proper acknowledgment as per extant guidelines.

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(Dictated to PS, transcribed by her, corrected, signed and pronounced by me in Open Court, on this the 14^th day of March, 2023)

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

Punjab National Bank v. Ms Devi Tyres

Case brief

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Punjab National Bank v. Ms Devi Tyres

Case brief

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