The Tribunal disposed of a transferred recovery application after the applicant bank demonstrated that the claim had been settled through an Out of the Suite Scheme proposal, resulting in full realization of the agreed amount.
The original application (OA) was allowed to be withdrawn and disposed of as settled.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
TA No.1391 of 2023
25.07.2024
1
IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI
Dated this the 25th day of July, 2024
Present: SHRI A. S. JAYACHANDRA Presiding Officer (In – charge)
TRANSFERRED APPLICATION No. 1391 of 2023
(Originally filed before DRT- II, Chennai as OA 248/2020 and thereafter transferred to this Tribunal and renumbered as TA No 1391 of 2023)
Indian Overseas Bank Ltd., George Town Branch, Catholic Centre, No. 108, Armenian Street George Town, Chennai – 600 001. Rep .by its Authorized Officer …. Applicant
-Vs-
M/s. INOX Stainless Proprietrix : Ms. Ashika Jain Office No. 16, Old No. 209, Linghi Chetty Street, Chennai – 600 001
[Also at : No.5/1, Linghi Chetty Street, George Town Chennai – 600 001.] …. Defendant
Counsels on record / appeared:
Counsel for Applicant : M/s. N.K.S. Rukmangathan Defendant set ex-parte on 30.08.2022
PROCEEDINGS DATED 25.07.2024
to be withdrawn in view of the full satisfaction, for which, a full satisfaction memo is filed intimating the OTS proposal accepted and amount realized.
TA No.1391 of 2023
2
25.07.2024
Sd/(A.S. JAYACHANDRA) PRESIDING OFFICER (In-charge)
1 issue framed by the court
Whether the applicant bank should withdraw its original application in view of the full settlement via OTS outside the Tribunal.
Indian Overseas Bank Ltd., George Town Branch
M/s. INOX Stainless Proprietrix : Ms. Ashika Jain
A. S. Jayachandra
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
