Allowed

Indian Bank v. Green Enterprises and others

DRT15 Nov 2023TA/641/2023

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal disposed of Application Order No. 37 of 2022 (transferred as OA No. 641 of 2023) filed by Indian Bank for recovery of a loan. The court allowed the application out of court on the basis of an accepted settlement memo where respondents remitted Rs. 75 lakhs, without awarding costs.

What did the court decide?

Application disposed of as settled out of court; no costs awarded.

Indian Bank versus Green Enterprises and others — Banking and Recovery | DRT (2023)

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TA No. 641 of 2023 15.11.2023

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IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

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Dated this the 15^th day of November, 2023

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

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TRANSFERRED APPLICATION No.641 of 2023

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(Originally filed before DRT- II, Chennai as OA No. 37 of 2022 and thereafter transferred to this Tribunal and renumbered as TA No.641 of 2023)

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Indian Bank, Stressed Assets Management Branch, No. 55, Second Floor, Wellington Estate, Ethiraj Salai, Egmore, Chennai – 600 008. Rep. by its Chief Manager, ….Applicant

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M/s. Green Enterprises, Rep. by its Proprietrix, Mrs. M.Rama,

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No. 9, 16^th Cross Street,

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Besant Nagar,

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Chennai – 600 090.

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Mrs. M. Rama, D/o. Maruthavanan, No.367, Avvaishanmugam Salai, No.207-209, Lloyds Road, Gopalapuram, Chennai – 600 086.

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Mr. S. Srinivasan, S/o. Subramanian, No. 18, Lakshmi Naryana Flats, 1^st Floor, II Main Road, Thillai Ganga Nagar, Nanganallur, Chennai – 600 061. ….. Defendants

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Counsels on record / appeared:

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Counsel for Applicant : M/s. P.V. Murlidhar

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TA No. 641 of 2023 15.11.2023

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ORDER

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This OA is filed by the applicant bank for recovery of a sum of Rs.1,52,80,654.12p together with future interest and costs.

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Today 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.75,00,000/- 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.

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Ld. counsel for applicant bank undertakes to serve copy of settlement memo to other side and file proof thereof before the Registry. Permitted.

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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. All other interlocutory applications, if any pending shall stand closed.

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(Dictated to PS, transcribed by her, corrected, signed and processed through E-drt on this the 15^th day of November, 2023)

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

Indian Bank v. Green Enterprises and others

Case brief

What is this about?

What did the court decide?

Indian Bank v. Green Enterprises and others

Case brief

What is this about?

What did the court decide?

What the court decided

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