Disposed

Bank of Baroda v. M/S Airlift Associates Rep Managing Partner Mr S Thyagarajan

DRT26 Oct 2023TA/546/2023

Case brief

AI extract

What is this about?

This Tribunal disposed of an Origination Application filed by Bank of Baroda for debt recovery. The application was treated as settled out of Court after defendants remitted the full settlement amount post-deposit with the bank, proceeding without costs.

What did the court decide?

OA disposed of as settled out of Court without costs; court fee refund directed.

Bank of Baroda versus M/S Airlift Associates Rep Managing… — Banking and Recovery | DRT (2023)

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TA No. 546 of 2023 26.10.2023

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IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

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Dated this the 26^th day of October, 2023

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

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TRANSFERRED APPLICATION No. 546 of 2023

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(Originally filed before DRT- II, Chennai as OA No.213 of 2022 and thereafter transferred to this Tribunal and renumbered as TA No.546 of 2023)

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Bank of Baroda, SIET College Avenue Branch, K.B.Dasan Road, Teynampet, Chennai – 600 018, Rep. by its Chief Manager. ….Applicant

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M/s.Airlift Associates,

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Rep. by its Managing Partner Mr.S.Thyagarajan, Shop No.9, First Floor, Kasi Arcade, 116, Sir Thyagaraya Road, T.Nagar, Chennai – 600 017.

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Mr.S.Thyagarajan, S/o.Mr.O.M.Sambadam,

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Managing Partner of

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M/s.Airlift Associates,

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Old No.10, New No.23,

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Thanikachalam Road,

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T.Nagar, Chennai – 600 017.

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Mr.T.Senthilkumaran, S/o.Mr.S.Thyagarajan,

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Partner of M/s.Airlift Associates,

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Old No.10, New No.23,

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Thanikachalam Road,

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T.Nagar, Chennai – 600 017.

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Ms.T.Shanmugapriya, D/o.Mr.S.Thyagarajan,

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Partner of M/s.Airlift Associates,

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Old No.10, New No.23,

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Thanikachalam Road,

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T.Nagar, Chennai – 600 017. ….Defendants

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TA No. 546 of 2023 26.10.2023

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Counsels on record / appeared:

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Counsel for Applicant : M/s.E.Vijayaraghavan.

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ORDER

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This OA is filed by the applicant bank for recovery of a sum of Rs.43,45,882/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.52,22,337.81p on various dates and last payment on 04.05.2023, 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 filed another memo praying for refund of eligible Court fee.

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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. Applicant bank to take appropriate steps for refund of Court fee 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 October, 2023)

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

Bank of Baroda v. M/S Airlift Associates Rep Managing Partner Mr S Thyagarajan

Case brief

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Bank of Baroda v. M/S Airlift Associates Rep Managing Partner Mr S Thyagarajan

Case brief

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What did the court decide?

What the court decided

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