Dismissed

Bank of India v. Master Frames

DRT13 Oct 2023TA/1743/2023

Case brief

AI extract

What is this about?

The Tribunal disposed of a transferred application filed by Bank of India for recovery of a loan sum. The application was settled out of court as defendants remitted Rs. 15 Lakhs under an Operational Turnaround Scheme, leading the Tribunal to allow the settlement without costs.

What did the court decide?

The application was disposed of as settled out of court without costs. Pending interlocutory applications are closed.

Bank of India versus Master Frames — Banking and Recovery | DRT (2023)

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TA No. 1743 of 2023 13.10.2023

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IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

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Dated this the 13^th day of October, 2023

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

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TRANSFERRED APPLICATION No.1743 of 2023

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(Originally filed before DRT- II, Chennai as OA No.724 of 2019 and thereafter transferred to this Tribunal and renumbered as TA No.1743 of 2023)

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Bank of India, Usman Road Branch, Represented by its Consulted Attorney, No. 17, Mahalakshmi Street, Theagaraya Nagar, Chennai – 600 017.

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….Applicant

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1. M/s.Master Frames,

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Represented by its Partners,

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Mr.N.Hemnath Kumar and Mr.K.S.Srikanth,

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F-2, First Floor,

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TLV Kamalam Flats,

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No. 95, Bazullah Road, T. Nagar, Chennai – 600 017.

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Mr.N.Hemanth Kumar, S/o.Mr.R.Nithyanandam, 13/722, 100^th Street, 15^th Sector, K.K.Nagar, Chennai – 600 078. Partner M/s. Master Frames

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Mr.K.S.Srikanth, S/o.Mr.Subramaniam, No.105, Krishnapuram Post, Ponneri Taluk, Thiruvallur District – 601 204. Partner M/s. Master Frames ….. Defendants

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Counsels on record / appeared:

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Counsel for Applicant : Mr. M.P.Venkateswaran Counsel for Defendants 1 & 2 : M/s.V.Sethu Madhavan. Counsel for 3^rd Defendant : M/s.B.Neelambikai.

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TA No. 1743 of 2023 13.10.2023

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ORDER

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This OA is filed by the applicant bank for recovery of a sum of Rs.63,35,248/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.15 Lakhs on 23.12.2022 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.

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Copy of settlement memo is sent to other side by post and applicant bank had filed AOS. Notice to first and second defendants returned as ‘refused’ and ‘intimation delivered’, notice to third defendant is duly served.

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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

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pending shall stand closed.

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(Dictated to PS, transcribed by her, corrected, signed and processed through E-drt on this the 13^th day of October, 2023)

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

Bank of India v. Master Frames

Case brief

What is this about?

What did the court decide?

Bank of India v. Master Frames

Case brief

What is this about?

What did the court decide?

What the court decided

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