Disposed

Indian Overseas Bank v. Gurudev Enterprises And Another

DRT20 Jul 2023TA/559/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal disposed of an outstanding application as settled out of court after the respondent defendants remitted a sum of Rs.1,06,40,000/- towards full and final settlement. The application was disposed of without costs, and exhibits were directed for return.

What did the court decide?

Disposed of the outstanding application as settled out of court without costs; directed return of exhibits.

Indian Overseas Bank versus Gurudev Enterprises And Another — Banking and Recovery | DRT (2023)

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TA No. 559 of 2023 20.07.2023

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IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

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Dated this the 20^th day of July, 2023

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

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TRANSFERRED APPLICATION No. 559 of 2023

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(Originally filed before DRT- II, Chennai as OA No.780 of 2018 and thereafter transferred to this Tribunal and renumbered as TA No.559 of 2023)

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Indian Overseas Bank, Purasaiwalkam Branch, 15, Hunters Road, Doveton, Purasaiwalkam, Chennai – 600 024.

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….Applicant

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M/s. Gurudev Enterprises, Proprietorship concern, Represented by its Proprietor,

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Mr. Narpatchand Lodha,

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No. 49, Audiappa Naicken street,

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Sowcarpet, Chennai – 600 079.

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M/s. Shapes & Shades Retail Pvt Ltd. Represented by its Director, Dulichand Lodha, No. 49, Audiappa Naicken Street, Sowcarpet, Chennai – 600 079. ….Defendants

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Counsels on record / appeared:

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Counsel for Applicant : M/s. K. K. Sivasshanmugam

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ORDER

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This OA is filed by the applicant bank for recovery of a sum of

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Rs.2,19,15,612.99p 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,

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TA No. 559 of 2023 20.07.2023

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which was accepted by applicant bank and accordingly, defendants had remitted a sum of Rs.1,06,40,000/- on 01.02.2023 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 applicant bank had also filed another memo praying for return of all documents contemplated to be marked as exhibits Ex A-1 to Ex A-34.

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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 all documents contemplated to be marked as Ex A-1 to Ex A-34 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 20^th day of July, 2023)

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

Indian Overseas Bank v. Gurudev Enterprises And Another

Case brief

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Indian Overseas Bank v. Gurudev Enterprises And Another

Case brief

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