Disposed

South Indian Bank v. Palanivel Raj

DRT30 Nov 2023TA/671/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal, Chennai, disposed of an open application filed by a bank for debt recovery as 'settled out of court' after the defendants remitted Rs. 25 lakhs under a One-Time Settlement scheme accepted by the bank. The Tribunal directed the bank to seek refund of court fees.

What did the court decide?

The OA claimed is treated as settled out of Court without costs; applicant bank to seek refund of Court fee.

South Indian Bank versus Palanivel Raj — Banking and Recovery | DRT (2023)

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TA No. 671 of 2023 30.11.2023

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IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

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Dated this the 30^th day of November, 2023

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

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TRANSFERRED APPLICATION No.671 of 2023

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(Originally filed before DRT- II, Chennai as OA No. 85 of 2022 and thereafter transferred to this Tribunal and renumbered as TA No.671 of 2023)

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The South Indian Bank Ltd., Adyar Branch, G-1, Sruti Apartment, No.11, II Main Road, Gandhi Nagar, Adyar, Chennai – 600 020.

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….Applicant

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-Vs-

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Mr. M.D. Palanivel Raj, S/o. Late V.M. Dakshinamurthy, No.12/23, Ramaniam Towers, Greenways Road, RA Puram, Chennai – 600 028.

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Also at:

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Mr. M.D. Palanivel Raj, S/o. Late V.M. Dakshinamurthy, No.13E, 13^th Floor, Block No. 5, “NEEL KAMAL”. OMR, Navalur, Chennai – 603 103.

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Mrs. P. Suriya, W/o. Mr. M.D. Palanivel Raj, No.12/23, Ramaniam Towers, Greenways Road, RA Puram, Chennai – 600 028.

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.... Defendants

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Counsels on record / appeared:

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Counsel for Applicant : M/s. M.L. Ganesh

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TA No. 671 of 2023 30.11.2023

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ORDER

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This OA is filed by applicant bank for recovery of a sum of Rs.27,49,692.87p together with future interest and costs.

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A memo vide Dy. No.8099 dated 30.11.2023 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.25 lakhs in terms of OTS letter dated 27.10.2023 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 refund of eligible Court fee.

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Copy of memo is sent to first defendant by E-mail by applicant bank.

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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. Applicant bank to take appropriate steps for refund of Court fee as per extant guidelines.

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(Dictated to PS, transcribed by her, corrected, signed and processed through E-drt on this the 30^th day of November, 2023)

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

South Indian Bank v. Palanivel Raj

Case brief

What is this about?

What did the court decide?

South Indian Bank v. Palanivel Raj

Case brief

What is this about?

What did the court decide?

What the court decided

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