Disposed

Encore Assets Reconstruction Company Private Limited v. M/S Sujatha Biotech

DRT19 Jul 2023TA/41/2023

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal, Chennai allowed an application filed by a bank for recovery of dues. The court accepted a memo stating that the defendants settled the claim via out-of-court settlement by remitting the full amount. The application was disposed of as settled out of court without costs.

What did the court decide?

OA disposed of as settled out of Court, however without costs. All other interlocutory applications pending shall stand closed.

Encore Assets Reconstruction Company Private Limited versus… — Banking and Recovery | DRT (2023)

T. A. No. 41 of 2023

19.07.2023

IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

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Dated this the 19^th day of July, 2023

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Present: ShriGanapathi K.R.K. Presiding Officer

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TRANSFERRED APPLICATION No. 41 of 2023

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(Originally filed before DRT- II, Chennai as OA No.455 of 2020 and thereafter transferred to this Tribunal and renumbered as TA No.41 of 2023)

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M/s. Encore Asset Reconstruction Company Private Limited, Having its registered office at Caddie Commercial Tower, Regus Business Centre, 5^th Floor, Aerocity (Dial), New Delhi- 110037 and Corporate Office at 5th Floor, Plot No. 137, Sector 44, Gurugram, Haryana- 122 002.

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….Applicant

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M/s.Sujatha Biotech, Represented its Partner Mr. C K Rajkumar And Mrs. SujathaRajkumar, No.23, Dr. Ambedhkar Road, Kodambakkam,Chennai – 600 024.

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Mr. C. K. Rajkumar (Deceased)*

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Mrs.SujathaRajkumar

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Partner of M/s Sujatha Biotech,

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W/o,Mr. Rajkumar,

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Old. No. 40, New No. 81,

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G.N. Chetty Road,T.Nagar, Chennai – 600 017.

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Ms. Rathi*

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D/o Late C. K. Rajkumar

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Old No. 40, New No. 81,

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GN Chetty Road,T Nagar, Chennai – 600 017.

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Ms. Krishika*

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D/o Late C. K. Rajkumar

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Old No. 40, New No. 81,

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GN Chetty Road,

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T Nagar, Chennai – 600 017.

19.07.2023

T. A. No. 41 of 2023

Master. Arjun*

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S/o Late C. K. Rajkumar

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Old No. 40, New No. 81,

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GN Chetty Road,

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T Nagar, Chennai – 600 017.

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….Defendants

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*LRs of deceased D-2 impleaded and amended vide order dated 19.04.2022 in IA No. 434/2022

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Counsels on record / appeared:

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Counsel for Applicant : M/s.S. Sathiyanarayanan Counsel for Defendants : M/s.P. Paul Britto Kumar

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ORDER

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This OA is filed by the applicant bank for recovery of a sum of Rs.14,32,80,303/together with future interest and costs.

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Today a memo is filed on behalf of applicant bank stating therein that during pendency of the above OA, first defendant, represented by its Partner, 3^rd defendant,have approached applicant bank for settlement under OTS, which was accepted by applicant bank and accordingly, defendants had remitted a sum of Rs.9,00,00,000/- on 21.12.2022towards 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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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 pronounced by me in Open Court, on this the 19^th day of July, 2023)

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Sd/-

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(GANAPATHI K.R.K) PRESIDING OFFICER

Encore Assets Reconstruction Company Private Limited v. M/S Sujatha Biotech

Case brief

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Encore Assets Reconstruction Company Private Limited v. M/S Sujatha Biotech

Case brief

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