The DRT allowed Motions for Condonation and Restoration seeking to cure a 139-day delay in filing a restoration petition regarding a Recovery Application dismissed for default against a financial institution.
Condonation of delay granted and Original Application restored upon payment of Rs. 25,000 costs to TNSA.
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.
MA 14/25 & 15/25 in TA 1679/2023
17.02.2025
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IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI
Dated this the 17th day of February, 2025
Present: SMT. S.V. GOWRAMMA Presiding Officer
M.A. No.14 of 2025 & 15 of 2025 in
T.A. No. 1679 of 2023
-Vs-
Also at Mrs. Elizabeth John W/o Mr. P.W. Geevar Old No.2/436, New No.2/831 Balaji Avenue, A.N. Ezhumalai Salai Opposite to ATS Mandapam, Ayyappanthangal Chennai – 600 056 ….Respondents / Defendants
MA 14/25 & 15/25 in TA 1679/2023
2
17.02.2025
Counsels on record / appeared:
Counsel for Applicant : Sh. S. Parthasarathy
: - ORDER ON MAs NO.14/2025 & 15/2025 - :
MA 14/25 & 15/25 in TA 1679/2023
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17.02.2025
counsel was unable to appear on 25.03.2024. In the meanwhile, applicant had assigned the debt to M/s Indiabulls Asset Reconstruction Company Limited vide Assignment Agreement dated 31.10.2022. Hence the delay of 139 days occurred in taking steps to file necessary application, which is neither willful nor wanton but only due to the aforesaid reason. Thus submitting, counsel prayed for condonation of delay and also prayed for restoration of TA.
MA 14/25 & 15/25 in TA 1679/2023
17.02.2025
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separate order.
Sd/(S.V. GOWRAMMA) PRESIDING OFFICER, DRT-III, CHENNAI
(Dictated to PS, transcribed by her, corrected, signed and pronounced by me on this the 17th day
of February, 2025)
2 issues framed by the court
Whether the delay of 139 days in filing a restoration petition should be condoned for a financial institution custodian of public money.
Whether the Original Application dismissed for default should be restored to allow the applicant to adduce evidence.
Indiabulls Asset Reconstruction Company Limited
The Asset Reconstruction Company (India) Limited
M/s. Shristi Construction Equipments
Mrs. Elizabeth John
SMT. S.V. GOWRAMMA
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
