Disposed

Indiabulls Asset Reconstruction Company Limited v. Mr S Saravanan

DRT26 Jul 2023TA/240/2023

Case brief

AI extract

What is this about?

The DRT-III, Chennai disposed of an order application filed for recovery of a debt amounting to Rs. 66,38,607.61. The court allowed the applicant bank's prayer to treat the claim as settled out of court after the defendants remitted Rs. 65 lakhs under an OTS arrangement. The order documents were directed to be returned to the applicant.

What did the court decide?

The order money is treated as settled out of court; order application closed without costs. Registry directed to return filed documents Ex A-1 to Ex A-14 to the applicant bank.

Indiabulls Asset Reconstruction Company Limited versus Mr… — Execution and Attachment | DRT (2023)

T.A. No. 240 of 2023

26.07.2023

IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

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Dated this the 26^th day of July, 2023

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

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TRANSFERRED APPLICATION No. 240 of 2023

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(Originally filed before DRT- II, Chennai as OA No.64 of 2021 and thereafter transferred to this Tribunal and renumbered as TA No.240 of 2023)

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Indiabulls Asset Reconstruction Company limited, Represented by its Assistant General Manager, Also acting in its capacity as Trustee of the Indiabulls ARC-XIV Trust, Having its registered office at Indiabulls Finance Centre, 9^th Floor, Tower 1, Elphinstone Road, Mumbai – 400 013.

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….Applicant

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Mr.S.Saravanan S/o Mr.Somu, Proprietor of M/s. Suryakumar Blue Metal & Suppliers, No. 261, ThirumangaiAlwarpuram, Thiruneermalai, Chrompet, Chennai – 600 044.

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Also at, Plot No.3, Door No.5/1, Kamatchi Nagar Main Road, Anagaputhur, Chennai – 600 070.

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Also at, No.539/3 Bazaar Road, Balaji Complex, Sri PerumbudurTaluk, Padapai, Kancheepuram – 601 301.

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Mrs. Prema W/o Mr. Saravanan, No.261, ThirumangaiAlwarpuram, Thiruneermalai, Chrompet, Chennai – 600 044.

T.A. No. 240 of 2023

26.07.2023

Also at, Plot No.3, Door No.5/1, Kamatchi Nagar Main Road, Anagaputhur, Chennai – 600 070. ….Defendants

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Counsels on record / appeared:

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Counsel for Applicant : M/s. Ramalingam & Associates

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ORDER

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This OA is filed by the applicant bank for recovery of a sum of Rs.66,38,607.61p 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.65 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 prayed for return of documents Ex A-1 to Ex A-14 filed along with proof affidavit.

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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 documents Ex A-1 to Ex A-14 filed along with 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 processed through E-drt, on this the 26^th day of July, 2023)

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

Indiabulls Asset Reconstruction Company Limited v. Mr S Saravanan

Case brief

What is this about?

What did the court decide?

Indiabulls Asset Reconstruction Company Limited v. Mr S Saravanan

Case brief

What is this about?

What did the court decide?

What the court decided

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