Disposed

Indiabulls Asset Reconstruction Company Limited v. Sathish Babu

DRT16 Aug 2023TA/554/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal disposed of an outstanding application filed by Indiabulls Asset Reconstruction Company Limited for recovery. The OA was settled out of court after the defendants remitted Rs.1.4 crores under a pre-settlement offer. The application was allowed without costs and original documents were directed to be returned.

What did the court decide?

OA allowed as settled out of court without costs; registry directed to return original documents.

Indiabulls Asset Reconstruction Company Limited versus Sathish… — Banking and Recovery | DRT (2023)

TA No. 554 of 2023

16.08.2023

IN THE DEBTS RECOVERY TRIBUNAL- III, CHENNAI

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Dated this the 16^th day of August, 2023

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

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TRANSFERRED APPLICATION No. 554 of 2023

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(Originally filed before DRT- II, Chennai as OA No.431 of 2020 and thereafter transferred to this Tribunal and renumbered as TA No.554 of 2023)

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Indiabulls Asset Reconstruction company Limited

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Rep. by its Manager

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Also acting in its capacity as Trustee of the Indiabulls ARC – IX Trust 9^th Floor, Tower 1, Elphinstone Road Mumbai – 400 013

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….Applicant

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1. Mr.B.Satish Babu

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S/o Mr.G.Balakrishnan Proprietor of M/s Sri Sai Enterprises New No.6, Old No.32, Sapthagiri Backside Ashok Nagar Near Kasi Theatre Backside Chennai – 600 083

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2. Mrs.S.Hemalatha

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W/o Mr.B.Sathishbabu New No.6, Old No.32, Sapthagiri Backside Ashok Nagar Near Kasi Theatre Backside Chennai – 600 083

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….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.1,68,81,408/together with future interest and costs.

TA No. 554 of 2023

16.08.2023

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.1,40,00,000/- 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 applicant bank has also filed another memo praying for return of all original documents marked as exhibits Ex A-1 to Ex A-15.

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Perused. Memo is taken on record. Allowed. In the result, this OA is disposed of as settled out of Court (vide separate order), however without costs. All other interlocutory applications, if any pending shall stand closed. Registry is directed to return all original documents marked as Ex A-1 to Ex A-15 to applicant bank under proper acknowledgment as per extant guidelines.

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With the above observations, OA stands disposed.

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(Dictated to Steno (DD), transcribed by her, corrected, signed and pronounced by me in Open Court, on this the 16^th day of August, 2023)

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

Indiabulls Asset Reconstruction Company Limited v. Sathish Babu

Case brief

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Indiabulls Asset Reconstruction Company Limited v. Sathish Babu

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