Disposed

South Indian Bank v. the Venkateswar Steel Traders

DRT15 Dec 2023TA/561/2023

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal disposed of a transferred application filed by the bank for recovery by recording that the defendants had settled the claim out of court and remitted a sum. The OA was treated as settled without costs, documents were returned, and court fee was refunded.

What did the court decide?

OA treated as settled out of court, original documents returned to applicant, court fee refunded.

South Indian Bank versus the Venkateswar Steel Traders — Banking and Recovery | DRT (2023)

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TA No. 561 of 2023 15.12.2023

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IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

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Dated this the 15^th day of December, 2023

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

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TRANSFERRED APPLICATION No.561 of 2023

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(Originally filed before DRT- II, Chennai as OA No.114 of 2021 and thereafter transferred to this Tribunal and renumbered as TA No. 561 of 2023)

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South Indian Bank Limited

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Having its registered Office at: “SIB House” T.B.Road Mission Quarters, Trisuur – 680 001, Kerala

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Having its Branch Office at: Chennai Industrial Finance (now Chennai Corporate) Branch Rep. by its Authorised Signatory 177, Anna Salai, Chennai Tamil Nadu – 600 002

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…. Applicant

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1. Venketeswar Steel Traders

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Rep. by its partners: Mr.Subash Chander Agarwa Land Mr.Vija Kumar Agarval Annai Gangai Amman Nagar Manli Road, Thiruvottiyur Chennai – 600 019

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Presently at: Plot No – C73 Sathangady Iron & Steel Market Sathangadu Village Manali Express Road Chennai – 600 019

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2. Mr.Subash Chander Agarwal

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S/o Mr.Ramkumar Agarwal No.X-14 1^st Floor, Horizon Apartment No.1030, T.H.Road Rajakadai, Chennai – 600 019

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TA No. 561 of 2023 15.12.2023

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3. Mr.Vijay Kumar Agarwal S/o Mr.Ramkumar Agarwal No.104, Building No.B-8 Prince Village, Phase – 1 31, Ellaya Mudali Street Tondiarpet Chennai – 600 081 .... Defendants

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Counsels on record / appeared:

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Counsel for Applicant : M/s. Shree Law 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.5,20,04,487.42p 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 had approached applicant bank for settlement, which was accepted by applicant bank and accordingly, defendants had remitted a sum of Rs.1,25,00,000/- on 25.08.2023 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 prayed for return of original documents filed along with proof affidavit and refund of court fee. Copy of memo is sent to defendants through post (Postal receipts enclosed)

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Heard. Memo is taken on record. Allowed. In the result, this OA is disposed of as settled out of Court, however without costs. Memo is signed by the applicant bank and Ld.counsel for applicant bank. Registry is directed to return original documents (Ex.A-1 – Ex.A-25) to applicant bank under proper acknowledgment as per extant guidelines.

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TA No. 561 of 2023 15.12.2023

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Registry is also directed to verify the signatures and process refund of court fee as per extant guidelines. All other interlocutory applications, if any pending shall stand closed.

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4. With the above observations, TA stands disposed.

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(Dictated to Steno (DD), transcribed by her, corrected, signed and processed by me through e-drt on this the 15^th day of December, 2023)

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

South Indian Bank v. the Venkateswar Steel Traders

Case brief

What is this about?

What did the court decide?

South Indian Bank v. the Venkateswar Steel Traders

Case brief

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What did the court decide?

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