Disposed

Idbi Bank v. M/S Archit Builders Pvt. Ltd.

DRT27 Mar 2024TA/1597/2023

Case brief

AI extract

What is this about?

The Tribunal disposed of the transferred application for recovery as settled out of Court. The applicant bank had previously reached a settlement via CoC approval under the IBC and withdrawn the CIRP. The Court recorded full satisfaction and ordered the return of original documents, closing all pending applications without costs.

What did the court decide?

Transferred application (TA) disposed of as settled out of court; Registry directed to return original documents marked as Ex A-15 to A-19 to the applicant bank.

Idbi Bank versus M/S Archit Builders Pvt. Ltd. — Banking and Recovery | DRT (2024)

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T.A. No. 1597 of 2023

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27.03.2024

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IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

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Dated this the 27^th day of March, 2024

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Present: Shri Ganapathi K.R.K. Presiding Officer

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TRANSFERRED APPLICATION No. 1597 of 2023

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(Originally filed before DRT- II, Chennai as OA 528/2019 and thereafter transferred to this Tribunal and renumbered as TA No 1597 of 2023)

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M/s. IDBI Bank Limited, Rep by its Deputy General Manager Mr. Vijay Anand K.V. Having its Office at: No.37, P.M. Towers, Greams Road, Chennai-600 006.

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….Applicant

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-Vs-

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M/s. Archit Builders Pvt. Ltd., No.14/43, School Street, Koyambedu, Chennai-600 107. Also at: No.87/3, 1^st Floor, G.N. Chetty Road, T. Nagar, Chennai-600 107.

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Mr. V. Sadhaasivam, S/o. S.R. Varadhan, No.B-3, III Floor, Plot No.74, W-595, Park Street, Anna Nagar West Extension, Chennai-600 101.

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Mrs. Ushadevi Sadhaasivam, W/o. V. Sadaasivam, No.B-3, III Floor, Plot No.74, W-595, Park Street, Anna Nagar West Extension, Chennai-600 101.

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Mr. N. Ranganathan, S/o. M. Narasimhan, No. M 324, Bharathi Street, Gnanamoorthy Nagar, East Ambattur, Chennai-600 053. …..Defendants

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T.A. No. 1597 of 2023

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27.03.2024

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Counsels on record / appeared:

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Counsel for Applicant : M/s. Shivakumar and Suresh Counsel for Defendant : M/s. S. Arulselvan

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ORDER

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This OA is filed by applicant bank for recovery of a sum of Rs.2,73,88,664.30p from defendants.

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Today a memo is filed on behalf of applicant bank submitting therein that during the pendency of OA, applicant bank had filed an application under Section 7 of IBC, against first defendant before NCLT, Chennai. During the pendency of CIRP, defendants 2 and 4 had submitted a settlement proposal under Section 12A of IBC for Rs.250 lakhs, which was accordingly approved by applicant bank and form FA was filed before Resolution Professional on 02.06.2023. During CoC held on 05.06.2023, both FCs have voted in favour of approval of Form FA and authorized RP to file an application before NCLT for withdrawal of CIRP and all other pending applications. Based on application by RP, NCLT, Chennai vide order dated 27.06.2023 allowed withdrawal of CIRP against D-1. Applicant bank had received a sum of Rs.250 lakhs along with delayed period interest of Rs.1.39 lakhs as per the terms and conditions of sanction, which has been duly adjusted towards loan accounts. Hence applicant bank prays that full satisfaction of OA claim may be recorded and prayed for permitting applicant bank to withdraw the above TA.

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T.A. No. 1597 of 2023

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27.03.2024

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Applicant bank had filed another memo vide SR No.13912/23 dated 05.10.2023 praying to return original documents marked as Ex A-15 to A-19 while seeking to record part satisfaction of the OA claim and that now full satisfaction is duly reported by applicant bank.

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Copy of memo is served to defendants, who had acknowledged the memo and also sent to Resolution Professional by E-mail.

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Heard Ld. Counsel appearing for applicant bank. Memo is taken on record. Allowed. In the result, TA is disposed of as settled out of Court, however without costs. Registry is directed to return all documents filed along with proof affidavit to applicant bank under proper acknowledgment as per extant guidelines. All other interlocutory applications, if any pending shall stand closed.

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A copy of the order be communicated to the parties concerned as per extant guidelines.

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(Dictated to PS, transcribed by her, corrected, signed and pronounced by me in Open Court, on this the 27^th day of March, 2024)

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Sd/-

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(GANAPATHI K.R.K) PRESIDING OFFICER

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T.A. No. 1597 of 2023

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27.03.2024

Idbi Bank v. M/S Archit Builders Pvt. Ltd.

Case brief

What is this about?

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Idbi Bank v. M/S Archit Builders Pvt. Ltd.

Case brief

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