Disposed

Punjab National Bank v. M/S Shree Ambika Sugars Ltd.

DRT3 Jun 2024TA/80/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal disposed of T.A. No.80 of 2022, holding the dues of applicants satisfied by a settlement of Rs. 130 Crores against two defendants, while allowing liberty to reopen the case against the second defendant due to pending insolvency proceedings.

What did the court decide?

TA-80/2022 disposed of as satisfied and withdrawn qua defendants 1 and 3; liberty granted to reopen case against defendant 2.

Punjab National Bank versus M/S Shree Ambika Sugars Ltd. — Insolvency and Bankruptcy | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL –I AT CHENNAI

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Dated this 3^rd Day of June, 2024

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PRESENT: SHRI A.S.JAYACHANDRA

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Presiding Officer

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T.A. No.80 of 2022

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1. Punjab National Bank,

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Large Corporate Branch,

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Rayala Towers, No.781-785, Anna Salai,

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Chennai – 600 002

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Rep. by its Chief Manager

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2. State Bank of India

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Commercial Branch,

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No.232, NSC Bose Road,

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Chennai – 600 001

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Rep by its Asst. General Manager

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3. Union Bank of India

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Chennai Main Branch

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No.139, Broadway,

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Chennai – 600 108 Rep. by its Asst. General Manager

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4. Lakshmi Vilas Bank

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Presently merged with DBS Bank India Ltd

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Commercial Banking Branch No.5, Srinivasa Towers, Cenetaph Road, Teynampet, Chennai – 600 018

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Rep. by its Manager

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5. IDBI Bank Ltd

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NPA Management Group No.115, Anna Salai, Saidapet

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Chennai – 600 015 Rep. by its Deputy General Manager

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6. Andhra Bank

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Presently merged with Union Bank of India

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Specialized Asset Recovery Management Branch Old No. 95, New No.137, First Floor, Mount Road, Anna Salai,

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Chennai – 600 002 Rep. by its Chief Manager

7. Indian Bank

Nandanam Branch

No.480, Anna Salai,

Chennai – 600 035

Rep. by its Chief Manager

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8. Canara Bank

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Prime Corporate Branch, Spencer Tower, I, Ground Floor, No.770, Anna Salai, Chennai - 600 002 Represented by its Chief Manager

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9. Corporation Bank

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Presently merged with Union Bank of India

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Industrial Finance Branch, Coimbatore - 641 018

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Represented by its Chief Manager

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10. L & T Infrastructure Finance Company Ltd

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Registered Office at Brindavan, Plot No.177, Near Shaman Motors Showroom, CST Road, Kalina Santacruz,

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Mumbai – 400098

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Represented by its Divisional Manager, Legal

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. . . Applicants

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-VERSUS-

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1. M/s. Shree Ambika Sugars Ltd

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Rep. by its Managing Director, Mr. R. V. Tyagarajan,

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Having its Registered Office at: “Eldorado”, 5^th Floor, No.112, Uthamar Gandhi Salai, Nungambakkam, Chennai – 600 034 Presently represented by its RP/Liquidator.

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2. Mr.R.V.Tyagarajan

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Chairman and Managing Director, At “Eldorado”, 5^th Floor, No.112, Uthamar Gandhi Salai, (Nungambakkam High Road), Chennai – 600 034.

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3. M/s. Thiru Arooran Sugars Ltd

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Represented by its Directors At “Eldorado”, 5^th Floor, No.112, Uthamar Gandhi Salai, (Nungambakkam High Road), Chennai – 600034 Presently represented by its RP/Liquidator.

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4. M/s. Terra Energy Ltd,

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Represented by its Directors Having its registered office, At “Eldorado”, 5^th Floor, No.112, Uthamar Gandhi Salai, (Nungambakkam High Road), Chennai -600034.

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5. M/s. Trichy Distilleries and Chemicals Ltd

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Rep. by its Directors Having its registered office, At “Eldorado”, 5^th Floor, No.112, Uthamar Gandhi Salai, (Nungambakkam High Road), Chennai-600034.

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6. Mrs. Malathi Ram

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W/o. Mr.R.V.Tyagarajan No.30, Ranjit Road, Kotturpuram, Chennai – 600 085. . . . Respondents

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: - PROCEEDINGS DT.03.06.2024 - :

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Applicant by Sh.M.L.Ganesh, Adv appears through VC and Sh.Hussain files the additional memo duly signed by the Ld Counsel and the bank.

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In the memo filed today it is clearly mentioned that the approved plan for Rs.180 Crores is distributed between secured financial creditors and others. In the

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account of secured financial creditors, a total sum of Rs.130 Crores are paid by M/s SNJ distilleries Pvt Ltd towards the loan account of the applicants.

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Perused the memo.

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As per Page 3, applicant banks and other claimants have received a total sum of Rs.130,00,41,122.00/-.

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With this payment the applicant banks submit that the OA is not pressed against the first and third defendants. It is also prayed that the applicant banks may be given liberty to reopen the case against the second defendant who is facing personal insolvency resolution process before the Ld NCLT, Chennai.

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Having heard the ld Counsel, the present TA stands disposed of by the following order

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TA-80/2022 stands disposed of as having being satisfied and withdrawn qua defendants 1 and 3.

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The applicant banks are at liberty to reopen the case by filing proper application against the second defendant, as and when so advised in view of the pendency of the insolvency proceedings against the second defendant.

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The original documents filed if any may be returned by maintaining a photocopy on record.

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A copy of this order may be communicated to all the parties concerned.

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Sd/-

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(A.S.JAYACHANDRA) PRESIDING OFFICER

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DRT-I, CHENNAI

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(Dictated to the Assistant who typed in the system, corrected, signed and pronounced in open court on this 3^rd Day of June, 2024)

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Punjab National Bank v. M/S Shree Ambika Sugars Ltd.

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. M/S Shree Ambika Sugars Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

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