Allowed

Asset Reconstruction Company (India) Limited v. Bilcare Limited

DRT1 Aug 2023TA/78/2023

Case brief

AI extract

What is this about?

Application for withdrawal of a debt recovery proceeding due to an agreed settlement was allowed. Subsequently, the transferred original application was dismissed following the settlement and refund of court fees.

What did the court decide?

Permission granted to withdraw the Original Application; Interlocutory Application No.1504 and No.1505 allowed; Transferred Original Application No.78 of 2023 dismissed.

Asset Reconstruction Company (India) Limited versus Bilcare… — Banking and Recovery | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL No.2, MUMBAI

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(BEFORE HON’BLE PRESIDING OFFICER)

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Sr. No.15

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INTERLOCUTORY APPLICATION No.1504 of 2023 And INTERLOCUTORY APPLICATION No.1505 of 2023 In TRANSFERRED ORIGINAL APPLICATION NO.78 of 2023

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Asset Reconstruction Co. India Ltd.

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… Applicant

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Versus

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Bilcare Ltd. & Anr. … Defendants

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Mr Shantanu Roy i/b M/s. Meraki Chambers – Advocates for the applicant. None for defendants.

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Shri Deepak M. Thakkar Presiding Officer, 1^st August 2023.

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ORDER

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By this application, the applicant seeks the Tribunal’s permission to withdraw the Original Application stating that the matter has been amicably settlement between the parties for an amount in the sum of Rs.50 crores in full and final satisfaction of its dues. The applicant and defendants have filed Interlocutory Application No.1504 of 2023 being the joint application for refund of the court fees. The learned counsel seeks the Tribunal’s permission to withdraw the Original

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Page 1 of 3

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Application. Permission granted.

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Interlocutory Application No.1504 of 2023 and I.A. No.1505 of 2023 are allowed with no order as to costs.

Sd/-

Radhika

Page 2 of 3

IN THE DEBTS RECOVERY TRIBUNAL No.2, MUMBAI (BEFORE HON’BLE PRESIDING OFFICER) ORDER SHEET

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01.08.2023 Sr. No.15

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		TOA No.78 of 2023
classifi -cation	No. of Exh.	Asset Reconstruction Co. India Ltd. Vs. Bilcare Ltd. & Anr.
		Mr Shantanu Roy i/b M/s. Meraki Chambers – Advocates for the applicant. None for defendants.
		1. Order in I.A. No.1504 of 2023 and I.A. No.1505 fo 2023 passed separately. 2. In view of the order passed in I.A. No.1504 of 2023 and I.A. No.1505 of 2023, Transferred Original Application No.78 of 2023 stands dismissed with no order as to costs.
		3. The learned Registrar is directed to refund the court fees as per the Rules.
Radhika		Sd/- Presiding Officer, DRT-2, Mumbai

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Page 3 of 3

Asset Reconstruction Company (India) Limited v. Bilcare Limited

Case brief

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Asset Reconstruction Company (India) Limited v. Bilcare Limited

Case brief

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