Allowed

Jm Financial Asset Reconstruction Company Limited v. Naiknavare Housing Developments Private Limited

DRT10 Jan 2024OA/315/2023

Case brief

AI extract

What is this about?

In an intermediation between creditors and debtors, the debt recovery tribunal approved the withdrawal of an original application upon the parties reaching a monetary settlement of Rs. 120 crores. The tribunal subsequently quashed the main proceedings.

What did the court decide?

Application to withdraw the original application permitted; Original Application No. 315 of 2023 dismissed as withdrawn.

Jm Financial Asset Reconstruction Company Limited versus… — Company and Corporate | DRT (2024)

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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.26

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INTERLOCUTORY APPLICATION No.2630 of 2023 In ORIGIANL APPLICATION NO.315 of 2023

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JM Financial ARC Ltd. … Applicant

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Versus

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Naiknavare Housing Developments … Defendant Pvt. Ltd.

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Mr Manaswi Agarwal – Advocate for the applicant.

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Mr Tejaswini Kaudallu i/b M/s. Sagar Law Office – Advocates for defendant.

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Shri Deepak M. Thakkar Presiding Officer,^th January 2024.

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ORDER

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The parties have amicably settled the dispute for Rs.120 crores. The applicant’s counsel submits that defendant made the payment of Rs.85 crores and the balance Rs.35 crores shall be paid on or before 31^st March 2024. It is submitted that in case of default, to issue the Recovery Certificate for the entire amount after deducting the amount paid before committing the default. In view of above, the applicant’s counsel seeks the Tribunal’s permission to withdraw the Original Application. Permission granted.

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Interlocutory Application No.2630 of 2023 is allowed with no order as to costs.

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Sd/- (Deepak M. Thakkar) Presiding Officer, DRT-2, Mumbai

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Radhika

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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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ORDER SHEET

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10.01.2024 Sr. No.26

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		OA No.315 of 2023
classifi -cation	No. of Exh.	JM Financial ARC Ltd. Vs. Naiknavare Houseing Development Pvt. Ltd.
		Mr Manaswi Agarwal – Advocate for the applicant.
		Mr Tejaswini Kaudallu i/b M/s. Sagar Law Office – Advocates for defendant.
	9	1. The learned counsel for the applicant has presented I.A. No.2630 of 2023 supported by affidavit (exhibit-9), which is taken on record. 2. Order in Interlocutory Application No.2630 of 2023 passed separately. 3. In view of the order passed in I.A. No.2630 of 2023, Original Application No.315 of 2023 stands dismissed as withdrawn with no order as to costs. 4. All pending Interlocutory Application, if any, stands disposed of
		Sd/- Presiding Officer, DRT-2, Mumbai

¶21

Radhika

Jm Financial Asset Reconstruction Company Limited v. Naiknavare Housing Developments Private Limited

Case brief

What is this about?

What did the court decide?

Jm Financial Asset Reconstruction Company Limited v. Naiknavare Housing Developments Private Limited

Case brief

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What did the court decide?

What the court decided

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