Disposed

United Bank of India v. M/S Sri Lalkamal Enterprises

DRT6 Jul 2023TA/802/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal disposed of an outstanding application filed by a bank for recovery on the basis of a settlement reached between the parties under the Out of Court Settlement scheme, accepting that the claim was settled without costs. Subjects: banking-and-recovery, civil-procedure-and-limitation, other.

What did the court decide?

OA dispose as settled out of court without costs; future interest dismissed; other interlocutory applications closed.

United Bank of India versus M/S Sri Lalkamal Enterprises — Banking and Recovery | DRT (2023)

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TA No. 802 of 2023 06.07.2023

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IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

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Dated this the 06^th day of July, 2023

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Present: Shri Ganapathi K.R.K.

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Presiding Officer

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TRANSFERRED APPLICATION No. 802 of 2023

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(Originally filed before DRT- II, Chennai as OA No.563 of 2019 and thereafter transferred to this Tribunal and renumbered as TA No.802 of 2023)

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Punjab National Bank*, (Former United Bank of India) Rep. by its Manager, Mr. A. Sampathkumar, Mylapore Branch, No.117, Kutchery Road, Mylapore, Chennai – 600 004. ….Applicant Vs

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M/s. SRI LALKAMAL ENTERPRISES Represented by its Partners – Vimal Kumar Gandhi & Ponulingam No 1/25, GST Road, Meenambakkam, Chennai – 600 027.

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Vimal Kumar Gandhi, S/o S L Gandhi, No 7, Vembuliamman Koil Street, Chennai – 600 114.

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B. Ponulingam, S/o. Mr. Paulraj No.15, 1^st Street, Sakthi Nagar, Marakkanam, Chennai – 604 303.

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Mrs. Ponrani, W/o B Ponulingam, No. 15, 1^st Street, Sakthi Nagar, Marakkanam, Chennai – 604 303.

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Mrs. Dhanalakshmi, W/o. Saravanan, No. 15, 1^st Street, Sakthi Nagar, Marakkanam, Chennai – 604 303. ….Defendants

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*Amended as per Order dated 19.04.2022 passed in O.A. NO. 563 of 2019

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TA No. 802 of 2023 06.07.2023

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Counsels on record / appeared:

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Counsel for Applicant : M/s. P.S. Ganesh - M/s. Kurian & 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.53,22,512/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.30,04,000/-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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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.

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(Dictated to PS, transcribed by her, corrected, signed and pronounced by me in Open Court, on this the 06^th day of July, 2023)

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Sd/- (GANAPATHI K.R.K)

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PRESIDING OFFICER

United Bank of India v. M/S Sri Lalkamal Enterprises

Case brief

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United Bank of India v. M/S Sri Lalkamal Enterprises

Case brief

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