Disposed

Indiabulls Asset Reconstruction Private Limited v. M/S.Fortune Mix India Pvt. Ltd.

DRT26 Apr 2023TA/617/2023

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal disposed of an open money application filed for recovery as the claim was settled out of court for Rs. 1.51 crores via OTS. The application was allowed without costs, primary documents were to be returned, and other pending applications closed.

What did the court decide?

OA treated as settled out of court for Rs. 1,51,00,000/- without costs; registry to return original documents; other applications closed.

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

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TA No. 617 of 2023 26.04.2023

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IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

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Dated this the 26^th day of April, 2023

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

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TRANSFERRED APPLICATION No. 617 of 2023

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(Originally filed before DRT- II, Chennai as OA No.448 of 2020 and thereafter transferred to this Tribunal and renumbered as TA No.617 of 2023)

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M/s.Indiabulls Asset Reconstruction Company Limited, Rep. by its Manager, Having its Registered office at: Indiabulls Finance Centre, 9^th Floor, Tower 1, Elphinstone Road, Mumbai – 400 013. ….Applicant

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M/s.Fortune Mix India Pvt. Ltd., Rep. by its Director Mr.Anguraj, No.67, AJM Nagar, Mettupalayam Road, Melapakkam,

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Chennai – 600 077.

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Mrs.S.Lavanya, D/o.Mr.Srinivasan, No.1/318, Singara Thottam, Erikarai Street, Vandalur, Tamil Nadu – 600 048.

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Mr.P.Anguraj, S/o.Mr.Perumal, No.3/37A, Ground Floor, Velalar Street, Thiruvallur, Seneerkuppam, Near Bus Stand, Chennai – 600 056.

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Also at:

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Mr.P.Anguraj, S/o.Mr.Perumal,

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TA No. 617 of 2023 26.04.2023

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No.23, East Street, Anaimalaiyanpatti,

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Uthamapalayam,

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Mallingapuram,

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Theni, Tamil Nadu – 625 526. ….Respondents

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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.1,51,52,785.33p 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.1,51,00,000/- 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 also filed another memo praying for return of original documents filed at Sr. No.1 to 12 along with proof affidavit.

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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 the original documents at Sr. No.1 to 12 to applicant bank under proper acknowledgment as per extant guidelines.

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(Dictated to PS, transcribed by her, corrected, signed and pronounced by me in Open Court, on this the 26^th day of April, 2023)

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

Indiabulls Asset Reconstruction Private Limited v. M/S.Fortune Mix India Pvt. Ltd.

Case brief

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Indiabulls Asset Reconstruction Private Limited v. M/S.Fortune Mix India Pvt. Ltd.

Case brief

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