City Union Bank Limited v. M/S Janata Timber and Saw Mill
DRTTA/942/2023
Case brief
AI extract
What is this about?
In this transferred Open Arbitral Application, the bank applicant sought recovery of dues. During pendency, the respondents approached the bank for an out-of-court settlement (OTS), which was accepted. The respondents remitted Rs.7.85 crore towards full and final settlement. The Tribunal allowed the application to be treated as settled out of court without costs and disposed of the OA.
What did the court decide?
The Open Arbitral Application is treated as settled out of Court without costs; other pending interlocutory applications are closed; applicant to file memo for court fee refund.