Allahabad Bank v. Raja K
Case brief
What is this about?
The Debt Recovery Tribunal disposed of the application as settled out of court. The bank accepted a one-time settlement proposal filed by the borrowers during pendency. A partial sum of Rs. 22,84,000 was remitted. The application was allowed without costs.
What did the court decide?
The OA claim treated as settled out of Court without costs; all other pending interlocutory applications closed.
What the court decided
1
TA No.494 of 2023 13.10.2023
IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI
Dated this the 13th day of October, 2023
Present: Shri Ganapathi K.R.K. Presiding Officer
TRANSFERRED APPLICATION No. 494 of 2023
(Originally filed before DRT- II, Chennai as OA No.55 of 2020 and thereafter transferred to this Tribunal and renumbered as TA No.494 of 2023)
M/s.Indian Bank, Rep. by its Chief Manager, Asset Recovery Management Branch, Apex Chamber, No.20, Sir Theagaraya Road,
T.Nagar, Chennai – 600 017. ….Applicant
Vs
- Mr.K.Raja, S/o.Mr.Kuppusamy, No.58, Ganeshapuram 1st Street, Namakkal,
Trichy District.
Issues for consideration
1 issue framed by the court
Whether the outstanding amount of the loan account can be treated as settled out of court following partial remittance by the borrowers during trial pendency.
Parties & counsel
- applicant
M/s.Indian Bank, Rep. by its Chief Manager
- respondent
Mr. K. Raja
- respondent
Dr. Lakhsmi Andavan
- respondent
Mr. R. Ram Mohan
Coram
Case details
As recorded by the court registry
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