Disposed

State Bank of India v. Chhapra Hajipur Expressways Limited

DRT28 Sept 2024OA/302/2023

Case brief

AI extract

What is this about?

The National Lokadalat allowed the withdrawal of an Original Application filed by a consortium of five banks against borrowers. The court noted a prior mutual settlement reached in September 2024, where the borrower paid part of a compromise sum and agreed to a reduced total settlement, ultimately leading to the complete clearance of the dispute and the refund of court fees.

What did the court decide?

Allowed the withdrawal of the Original Application; ordered refund of court fee.

State Bank of India versus Chhapra Hajipur… — Contract and Commercial Disputes | DRT (2024)

¶1

BEFORE THE NATIONAL LOKADALAT

¶2

IN THE DEBTS RECOVERYTRIBUNAL - IAT HYDERABAD

¶3

DATED THIS THE 28TH DAY OF SEPTEMBER,2C24

¶4

PRESENTi

¶5

SHRI GUMMADI GoPICHAND, PRESIDING oFFICER,/JUDICIAL MEMBER

¶6

SHRI V. RAGHU, ADVOCATE,/MEMBER

¶7

SRI K. KRANTHI KUMAR, ADVOCATE,/MEMBER

¶8

oA.No.302/2C23

¶9

State Bank of India,

¶10

Indian Bank,

¶11

Union Bank of India,

¶12

Induslnd Bank Limited,

¶13

Punjab & Sind Bank.

¶14

Applicants

¶15

Versus

¶16

M/s. ChhapraHajipur Expressways Ltd,

¶17

M/s. Madhucon Toll Highways Ltd,

¶18

M/.sMadhucon Infra Limited,

¶19

SBICAP Trustee Company Limited,

¶20

The National Highways Authority of India....

¶21

Defendants

¶22

Reference made by:-

¶23

Applicant Bank through its counsel......... Sri G. prabhakarSarma Defendants No.1 to 3 .... Sri T. Sridhar Reddy

¶24

-:AWARD:-

¶25

Whereas the Au[i€iftE--Eank has filed instant OA in the Debts Recovery Tribunalf(xdffH'flBEbfh* for the recovery of a sum of and pendentelite interest, Rs. 1 7 3 s, e6,4r,e, {3\ ;;'ffi s"tn}$\ rutr." cost etc. again$t tlie oefen?ants. *,i i, "' 2osEPm =!l

¶26

Whereas during the pendency of the case before the DRT-1, Hyderabad, the Applicant Bank and the Defendants have mutually consented to settle the loan account and agreed to pay a sum of Rs.250 crores to the consortium lenders i.e., the Applicants No.1 to 5 banks as mentioned in OTS sanction letters dated 06.03.2024, 27 .05.2024, 19.08.2024,02.04.2024 a nd 08. 08. 20 24. The defenda nt no. 1 company paid part of compromise amount to the applicant banks 1 to 5 as under:

¶27

a) Rs.15,75,28,000/- to Applicant No.1 bank (SBI)

¶28

b) Rs.5,26,08,000/- to Applicant no.2 bank (Indian Bank)

¶29

c) Rs.5,66,08,000/- to Applicant no.3 bank (Union Bank of India)

¶30

d) Rs.5,60,08,000/- to Applicant no.4 bank (Induslnd Bank Ltd)

¶31

e) Rs.5,60,08,000/- to Applicant no.5 bank (Punjab & Sind Bank)

¶32

The defendants 1 and 2 companies further agreed that in event of failure to pay the compromise amount as per agreed terms under OTS sanction letters, the offer to accept reduced sum of Rs.250 crores shall stand automatically rescinded and the Applicants 1 to 5 banks are entitled to claim the total amount of Rs.1735,96,42,954.13ps (less the amount already paid treated as part payment of the total dues) together with interest and costs from the date of filing of OA from 08.11.2023 till the date of realisation and the Applicants No.1 to 5 banks shall be entitled to a Recovery Certificate for the entire claim made in 0A.302/2023 including sale of movable and immovable properties charged in favour of Applicants 1 to 5 banks as described in the OA schedule of properties.

¶33

In this nt Bank has filed Compromise memo dated a uthorised officers of the Applicant Banks 2SSEPZM

¶34

Now, in terms of CompromiseMemo dt.27.09.2024, the parties have mutually settled the loan account and the Defendants settled the oA under ors. The counsel for Applicants prays for withdrawal of the case as there remains nothing to recover from the Defendants. In view of the said statement made before this LokAdalat, oA.No.302/2023 as settled in the LokAdalat. Court fee be refunded as per Rules.

¶35

5' copy of this order be provided to the concerned parties or their re prese ntatives.

¶36

(Given under the hand and seal of the LokAdalat Bench on this the 28th day of Sept, 2024)

sd/-

(v. RAGHUI Member

Sd/-

Sd/-

(K. KRANTHT KUMAR) (cuMMN)r copr CHANDI Member pO /Judicial Member

¶42

ffi**
Lrwffi
" z B sEP t1121 ?
,! rl
., - *oi$
dl]i';I.i?';:{l;"
&;rnP

State Bank of India v. Chhapra Hajipur Expressways Limited

Case brief

What is this about?

What did the court decide?

State Bank of India v. Chhapra Hajipur Expressways Limited

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

All orders in this case

Similar cases

State Bank of India versus Mr. Kothapalli Sai Karthik

State Bank of India versus M/S. Decca Surgicals Private Limited

Canara Bank versus Smt . Bandameedhi Jyothi

State Bank of India versus Apex Aac Industries Represented by Its Proprietor Smt M Madhavi

State Bank of India versus Gokari Sreevani

Ms Sindhu Industries versus Canara Bank