Disposed

Punjab National Bank v. Sundaram

DRT19 Dec 2023TA/1359/2023

Case brief

AI extract

What is this about?

The applicant bank sought recovery of dues through an originating application. During proceedings, respondents remitted the entire amount. The Tribunal allowed the disposal of the OA as settled out of court without costs and closed other pending interim applications.

What did the court decide?

The originating application is disposed of as settled out of court without costs. Other pending interlocutory applications are closed.

Punjab National Bank versus Sundaram — Banking and Recovery | DRT (2023)

¶1

¶2

T.A. No. 1359 of 2023

¶3

19.12.2023

¶4

IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

¶5

Dated this the 19^th day of December, 2023

¶6

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

¶7

TRANSFERRED APPLICATION No. 1359 of 2023

¶8

(Originally filed before DRT- II, Chennai as OA No.318 of 2020 and thereafter transferred to this Tribunal and renumbered as TA No.1359 of 2023)

¶9

Punjab National Bank

¶10

Rep. by its Chief Manager ARM Branch PNB Towers, Royapettah High Road, Chennai – 600 014.

¶11

…. Applicant

¶12

¶13

1. Mr. R.K.Sundaram

¶14

S/o. R.Karunanithi No.1E/2 E, 2^nd Block, Ceebros Park, No.6, Dr.Radhakrishnan Salai, Valasaravakkam, Chennai – 600 087.

¶15

2. Mrs. S.Usha Kanna

¶16

W/o. R.K.Sundaram No.1E/2 E, 2^nd Block, Ceebros Park, No.6, Dr.Radhakrishnan Salai, Valasaravakkam, Chennai – 600 087.

¶17

3. N.Saravana Kumar

¶18

S/o. T.Natarajan No.46, Selvaganapathy Nagar, Numbal, Chennai – 600 079.

¶19

4. M/s. The Ninth Square

¶20

Prop.S.Sudharsana 10/643, Ramaswamy St, No.46, 9^th Sector, KK. Nagar, Chennai – 600 087.

¶21

¶22

T.A. No. 1359 of 2023

¶23

19.12.2023

¶24

5. Mrs. S Sudharsana D/o. R.K. Sundaram 1E/2E, Ceebros, Park, 6 Radakrishnan Salai, Valsaravakkam, Chennai – 600 087. …. Defendants

¶25

Counsels on record / appeared:

¶26

Counsel for Applicant	: M/s. M.Suresh
Counsel for D3	: M/s. N.Sumathi

¶27

ORDER

¶28

This OA is filed by applicant bank for recovery of a sum of Rs.1,15,23,689.50p together with future interest and costs.

¶29

A memo vide SR No.14530/2023 is filed by applicant bank stating therein that during pendency of the above OA, defendants have approached applicant bank and remitted the entire outstanding dues claimed in the OA i.e., 1,15,23,689.50p towards full and final settlement. It is also stated by applicant bank that there is no stay or any other proceedings / appeal pending before any Court / Tribunal against the mortgaged property. Hence, applicant bank prayed that the OA claim may be treated as settled out of Court.

¶30

Copy of full satisfaction memo is sent to other side by post and applicant bank had enclosed postal receipts evidencing the same.

¶31

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

¶32

settled out of Court, however without costs. All other interlocutory applications, if any pending shall stand closed.

¶33

¶34

T.A. No. 1359 of 2023

¶35

19.12.2023

¶36

With the above observations, TA stands disposed.

¶37

(Dictated to DD, transcribed by her, corrected, signed and processed by me through e-drt, on this the 19^th day of December, 2023)

¶38

Sd/-

¶39

(GANAPATHI K.R.K) PRESIDING OFFICER

Punjab National Bank v. Sundaram

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Sundaram

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Parties & counsel

Coram

Case details

Similar cases

G Kannan versus Axis Bank

N K Rajasundaram versus Cholamandalam Investment and Finance Company Ltd.

Chan Basha versus Idbi Bank

Bank of India versus M/S Sri Sivasakthi Auto Ancillaries Madras Private Limited

M s Sri Sheshasai Enterprises versus Union Bank of India

T Udayakumar versus Punjab National Bank