Allowed

lAKSHMI Vilas Bank v. M/S Mun Papers

DRT8 Apr 2025TA/1014/2023

Case brief

AI extract

What is this about?

The Tribunal allowed the application to permit M/s Omkara Assets Reconstruction Company, the assignee of DBS Bank India Limited, to continue the deemed takeover proceedings as the applicant in place of the original bank, relying on the Assignment Agreement dated 30.11.2023 executed under Section 5 of the SARFAESI Act, 2002.

What did the court decide?

IA No.465/24 allowed; applicant to amend the original application and file an amended copy.

lAKSHMI Vilas Bank versus M/S Mun Papers — Company and Corporate | DRT (2025)

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IA 465/24 in TA No.1014/2023

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08.04.2025

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IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

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Dated this the 08^th day of April, 2025

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Present: SMT. S.V. GOWRAMMA Presiding Officer

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I.A. No.465 of 2024 in T.A. No.1014 of 2023

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The DBS Bank India Limited Chennai Main Branch Door No.275, Thambu Chetty Street Chennai – 600 001

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….Petitioner / Assignor

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M/s Omkara Assets Reconstruction Company 9, MP Nagar, 1^st Street, Kongu Nagar Extn., Tirupur – 641 607 and Corporate Off: Kohinoor Square 47^th Floor, N.C. Kelkar Marg, R.G. Gadkari Chowk Dadar (West), Mumbai – 400 028 Represented by Authorised Officer

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….Proposed Applicant / Assignee

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-Vs-

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M/s MUN Papers Represented by Partners Mr. N.N. Subramanian

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Mrs. S. Meenakshi No.B-1. First Street, Gopalapuram Chennai – 600 086

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Mr. N.N. Subramanian

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S/o S.N. Nagappan No.8/15, 8^th Street, 1^st Floor

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Gopalapuram

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Chennai – 600 086

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Mrs. S. Meenakshi

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W/o Mr. N.N. Subramanian No.B-1. First Street, Gopalapuram Chennai – 600 086

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….Respondents / Defendants

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Counsels on record / appeared:

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Counsel for Applicant

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: M/s N.G. Durairajan

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IA 465/24 in TA No.1014/2023

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08.04.2025

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: - ORDER ON IA NO.465 OF 2024- :

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The Original Application is filed by the DBS Bank India Limited, against the Defendants, seeking main relief to order the Respondents 1 to 3, who are Defendant Nos.1 to 3 to pay jointly and severally a sum of Rs.68,65,944.10p (Rupees Sixty Eight Lakhs Sixty Five Thousand Nine Hundred and Forty Four and Ten Paise only) with further interest and costs.

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The Applicant Bank has filed the present petition i.e., IA No.465/2024 along with affidavit of Assistant Vice President – M. Rengarajan seeking to permit proposed applicant herein to be added as Assignee Applicant in place of applicant bank viz., The DBS Bank India Limited to conduct the TA No.1014/2023.

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It is submitted that the OA No.182/2020 (before DRT-II) initiated by the DBS Bank India Limited i.e., original applicant bank, which was subsequently transferred to this Tribunal and renumbered as TA No.1014/2023. During the pendency of OA at the stage of filing proof affidavit and documents, the applicant bank has assigned the debts to M/s Omkara Assets Reconstruction Private Limited vide Assignment Agreement dated 30.11.2023.

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It is therefore submitted that applicant company in the capacity of being an Assignee of M/s DBS Bank India Limited in respect of loan account of respondents 1 to 3, may be permitted to be added as a party in the above TA No.1014/25.

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Heard and perused the records of the case .

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The applicant, being a financial institution has filed the present petition for recovery of a sum of Rs.68,65,944.10p along with interest and for sale of

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IA 465/24 in TA No.1014/2023

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08.04.2025

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mortgaged properties. OA was filed before DRT-II, Chennai and assigned OA No.182/2020. Subsequently, due to bifurcation of jurisdiction, OA was transferred to this Tribunal and re-numbered as TA No.1014 of 2025. During the pendency of OA, the DBS Bank India Limited / applicant bank had assigned the debt along with underlying securities to the assignee M/s Omkara Asset Reconstruction Company Limited vide Assignment Agreement dated 30.11.2023, which is registered as Doc. No. 303 before the Joint Sub Registrar, Mumbai. The said Assignment Agrement has been executed in terms of Section 5 of SARFAESI Act, 2002

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In view of the fact that the M/s Omkara being a financial institution is the custodian of the public money held under trust, the Tribunal feels it apt to allow the IA and permit the assignee to continue the TA in place of assignor bank, as per the Assignment Agreement.

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Accordingly, IA No.465/24 stands allowed. Applicant to carry out amendment and file amended copy of OA. List the matter on 05.06.2025.

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Sd/(S.V. GOWRAMMA) PRESIDING OFFICER, DRT-III, CHENNAI

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(Dictated to PS, transcribed by her, corrected, signed and pronounced by me on this the 08^th day of April, 2025)

lAKSHMI Vilas Bank v. M/S Mun Papers

Case brief

What is this about?

What did the court decide?

lAKSHMI Vilas Bank v. M/S Mun Papers

Case brief

What is this about?

What did the court decide?

What the court decided

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