Allowed

Karur Vysya Bank v. Sargam Metals Pvt. Ltd.

DRT14 Feb 2024TA/1920/2023

Case brief

AI extract

What is this about?

Debts Recovery Tribunal disposed of an original application filed by a bank for recovery of dues. The claim was settled out of court by the defendants via a One Time Settlement, with full remittance made. Petition allowed as settled without costs, and documents were ordered returned.

What did the court decide?

OA disposed of as settled out of Court without costs; documents to be returned to applicant bank.

Karur Vysya Bank versus Sargam Metals Pvt. Ltd. — Banking and Recovery | DRT (2024)

TA 1920 of 2023

14.02.2023

IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

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Dated this the 14^th day of February, 2024

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

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TRANSFERRED APPLICATION No. 1920 of 2023

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(Originally filed before DRT- II, Chennai as OA 408/2019 and thereafter transferred to this Tribunal and renumbered as TA No 1920 of 2023)

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M/s. Karur Vysya Bank Limited, Corporate Business Unit, Rep by its Power Of Attorney, Mrs. Hema. S 1^st Floor, No.1, Padmavathiyar Road, Off Peters Road, Gopalapuram, Chennai-600 086.

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….Applicant

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-Vs-

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M/s. Sargam Metal Private Limited,(Borrower) Rep by its Managing Director, Regd. Office at: Mangalam Sqare, L 13, 2^nd Floor, Dr. VSI Estate Phase II, Thiruvanmiyur, Chennai-600 041.

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Also at:

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M/s. Sargam Metal Private Limited, No.189, St.Mary’s Road, Alwarpet, Chennai-600 018.

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Also at:

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M/s. Sargam Metal Private Limited, Plot No.7A, SIPCOT Industrial Park, Chellaperumbulimedu Village, Tiruvannamalai District-631 702.

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Mr. S.Arun, (Guarantor), S/o. R.P. Sarthi, Managing Director, M/s. Sargam Metal Private Limited, Mangalam Sqare, L 13, 2^nd Floor, Dr. VSI Estate Phase II, Thiruvanmiyur, Chennai-600 041.

TA 1920 of 2023

14.02.2023

Also at: Mr.S.Arun, S/o. R.P.Sarthi, No.189, St.Mary’s Road, Alwarpet, Chennai-600 018.

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Mrs. Vijaya Arun, W/o.Arun, M/s. Sargam Metal Private Limited, Mangalam Sqare, L 13, 2^nd Floor, Dr. VSI Estate Phase II, Thiruvanmiyur, Chennai-600 041.

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Also at:

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Mrs. Vijaya Arun, W/o. Arun, No.189, St.Mary’s Road, Alwarpet, Chennai-600 018.

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M/s. Sargam Holding Company P ltd.,(Guarantor) No.189, St.Mary’s Road, Alwarpet, Chennai-600 018.

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Also at:

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M/s. Sargam Holding Company P ltd.,(Guarantor) No.2, Ramapuram Raod, Manapakkam, Chennai-600 089.

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…..Defendants

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Counsels on record / appeared:

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Counsel for Applicant : M/s. S.Namasivayam Counsel For Defendants : M/s. Ramalingam & Associates

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ORDER

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1. This OA is filed by the applicant bank for recovery of a sum of Rs.33,55,24,315/-

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together with future interest and costs.

TA 1920 of 2023

14.02.2023

2. Memo vide SR No.1980/24 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.28,41,74,832.97p on 29.01.2024 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 and also filed another memo praying for return of documents filed along with proof affidavit.

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3. Perused. Memo is taken on record. Allowed. In the result, this OA 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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(Dictated to PS, transcribed by her, corrected, signed and pronounced in open court on this the 14^th day of February, 2024)

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Sd/(GANAPATHI K.R.K) PRESIDING OFFICER

Karur Vysya Bank v. Sargam Metals Pvt. Ltd.

Case brief

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Karur Vysya Bank v. Sargam Metals Pvt. Ltd.

Case brief

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