Disposed

Idbi Bank v. Consolidated Construction Consortium Ltd.

DRT2 May 2025TA/166/2022

Case brief

AI extract

What is this about?

IDBI Bank Limited filed a compensation application against multiple defendants. The Tribunal noted that a settlement proposal under IBC Section 12(A) was approved, realized amounts were accounted for, and the application was disposed of as settled outside the Tribunal.

What did the court decide?

Disposed of as settled outside the Tribunal. Applicant eligible for refund of court fee to extent permissible.

Idbi Bank versus Consolidated Construction Consortium Ltd. — Company and Corporate | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL – I AT CHENNAI

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Dated this 2^nd Day of May, 2025

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PRESENT: SHRI A.S.JAYACHANDRA

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Presiding Officer

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T.A. No.166 of 2022

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IDBI BANK LIMITED,

No.115, Anna Salai,

Saidapet,

Chennai – 600 015.

. . . APPLICANT

-Versus-

Consolidated Construction Consortium Limited ,

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No.5, II Link Street,

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C.I.T. Colony, Mylapore,

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Chennai – 600 004

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CCCL Infrastructure Limited ,

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No.5, II Link Street,

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C.I.T. Colony, Mylapore,

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Chennai – 600 004

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CCCL Pearl City Food Port SEZ Limited ,

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No.5, II Link Street, C.I.T. Colony, Mylapore,

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Chennai – 600 004

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Mr. S. Sivaramakrishnan Subramoney , No.27A, Railway Colony, 2^nd Street, Nelson Mainckam Road,

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Chennai – 600 029.

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Mr. R. Sarabeswar Ramaswami ,

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No.1A, Norton Main Road,

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Mandavelipakkam, Chennai – 600 028.

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State Bank of India ,

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Red Cross Building, 2^nd Floor, No.32, Montieth Road, Egmore, Chennai – 600 008.

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Bank of Baroda ,

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No.74, T.Nagar Branch, Thyagaraya Road, Near Panagal Park, T. Nagar, Chennai – 600 017.

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8. ICICI Bank Limited ,

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No.1, Cenotaph Road, Teynampet, Chennai – 600 018.

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Tata Capital Financial Services Limited , Having its office at Centennial Square, 1^st Floor, No.6a, Dr. Ambedkar Salai, Kodambakkam, Chennai – 600 024

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IDBI Trusteeship Services Limited ,

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Having its office at Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai – 400 001.

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. . . DEFENDANTS

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PROCEEDINGS DT.: 02.05.2025

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Applicant by Sh.S.Murugavel, Adv

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D1 by Sh.Gowtham, Adv

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D2 to D5 by Ms.Abitha Banu, Adv

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None for other defendants

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Today the Ld. Counsel for the Applicant filed a memo. Copies furnished to the other side.

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Heard on the memo.

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It is submitted that the Applicant had filed the instant TA for recovery of a sum of Rs.263,88,00,834.24/- against defendants 1 to 5 jointly and severally along with interest.

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It is reported that the ld NCLT in its order dt 12.5.2023 in IA(IBC)627/CHE/2023 in IBA-483/2020 had ordered liquidation of the defendant no-1 company.

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It is also reported that the promoters of D1 had come up with a settlement proposal under section 12(A) of IBC and by an order dt 5.1.2024, the ld NCLT ordered that the entire settlement process be completed within 30 days from the approval date i.e., on or before 4.2.2024.

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It is further reported by the Applicant that it had realized its share of Rs.28.68 crores and Rs.13.64 crores from arbitration proceedings and bank guarantee is availed by the defendant no-1. The ld counsel for defendant no-1 submits that the aspect of availing the bank guarantee is post settlement and approval of the plan and the same is superfluous for the purposes of this TA which the ld counsel for the bank is also aware of.

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The ld counsel for the Applicant bank submits that the settlement as above be noted and the TA may be disposed of as settled. In view of the submissions and after hearing the ld counsel , the TA-166/2022 stands disposed of by the following ;

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ORDER

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TA-166/2022 stands disposed of as settled outside the Tribunal. The Applicant is eligible for refund of the court fee to the extent permissible under the Rules.

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

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Sd/- (A.S.JAYACHANDRA)

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PRESIDING OFFICER DRT-I, CHENNAI

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(Dictated to PS, typed by him in the System, corrected, signed and pronounced by me on this 2^nd Day of May, 2025)

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Idbi Bank v. Consolidated Construction Consortium Ltd.

Case brief

What is this about?

What did the court decide?

Idbi Bank v. Consolidated Construction Consortium Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

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