Disposed

Indian Overseas Bank v. M/S Caris Pure Processing Company Pvt. Ltd.

DRT12 Jun 2023TA/1304/2023

Case brief

AI extract

What is this about?

Bank sought recovery of debt via original order. During pendency, defendants settled under One Time Settlement scheme, paying part of the amount. Court disposed of the matter as settled without costs and directed return of documents.

What did the court decide?

OA disposed as settled out of Court without costs; registry directed to return original documents to the applicant bank.

Indian Overseas Bank versus M/S Caris Pure Processing Company… — Banking and Recovery | DRT (2023)

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TA No. 1304 of 2023 12.06.2023

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IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

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Dated this the 12^th day of June, 2023

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Present: Shri Ganapathi K.R.K.

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Presiding Officer

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TRANSFERRED APPLICATION No. 1304 of 2023

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(Originally filed before DRT- II, Chennai as OA No.354 of 2019 and thereafter transferred to this Tribunal and renumbered as TA No.1304 of 2023)

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Indian Overseas Bank, Mylapore Branch, No.177, Luz Church Road, Mylapore, Chennai – 600 004,

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Rep. by its Assistant General Manager,

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Ms.M.Dhurga Devi. ….Applicant

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M/s.Caris Pure Processing Company (P) Ltd., Rep. by its Managing Director, Mr.Prince Jacob,

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No.23-C, Kohinoor Complex, Vettuvankeni,

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Injambakkam, East Coast Road, Chennai – 600 115.

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Mr.Prince Jacob,

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S/o.Mr.Jacob, Managing Director, Caris Pure Processing

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Company (P) Limited,

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No.40, Kohinoor Complex,

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Vettuvankeni, East Coast Road,

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Chennai – 600 115.

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Mrs.K.M.Shanthi, W/o.Mr.Prince Jacob,

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Managing Director, Caris Pure Processing Company (P) Ltd., No.40, Kohinoor Complex,

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Vettuvankeni, East Coast Road,

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Chennai – 600 115. ….Respondents

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TA No. 1304 of 2023 12.06.2023

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Counsels on record / appeared:

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Counsel for Applicant : M/s.Nethrasikamani..

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ORDER

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This OA is filed by the applicant bank for recovery of a sum of Rs.2,40,96,295/-

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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 have approached applicant bank for settlement under OTS, which was accepted by applicant bank and accordingly, defendants had remitted a sum of Rs.1,47,00,000/- on 07.12.2022 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 memo praying for return of original documents filed along with proof affidavit.

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Perused. Memo is taken on record. Allowed. In the result, this OA is disposed of

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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 as Ex A-1 to Ex A-60 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 12^th day of June, 2023)

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

Indian Overseas Bank v. M/S Caris Pure Processing Company Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

Indian Overseas Bank v. M/S Caris Pure Processing Company Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

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