Disposed

Asset Reconstruction Company India Limited v. M/S Easun Products of India Private Limited

DRT27 Oct 2025TA/73/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal disposed of TA No.73 of 2022 as withdrawn by the Applicant. The Tribunal annulled a recovery certificate in view of the withdrawal of the case, noting that no further claims were being pressed against the defendants.

What did the court decide?

TA 73/2022 was disposed of as withdrawn and Recovery Certificate No. 36/2023 was annulled. No further recovery certificate is to be issued.

Asset Reconstruction Company India Limited versus M/S Easun… — Banking and Recovery | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL – I AT CHENNAI

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Dated this 27^th Day of October, 2025

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PRESENT: SHRI A.S.JAYACHANDRA

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Presiding Officer

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TA No.73 of 2022

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(O.A.No.87 of 2021- DRT-II, Chennai)

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Asset Reconstruction Company (India) Limited, Repd. by its Chief Manager & Authorized Signatory Mr. Akshaay Rao, 10^th Floor, The Ruby, 29, Senapati Bapat Marg, Dadar West, Mumbai, Maharashtra – 400 028.

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. . . Applicant

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Versus

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M/s. Easun Products of India Private Limited, Repd. by its Chairman and Director, Mr. Hari Eswaran, Registered office at No. 672, Anna Salai, 6^th Floor, Temple Towers, Nandanam, Chennai – 600 035.

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Mr. Raj H. Eswaran, Son of Mr. Hari Eswaran, Pasupathnath, A Block, No. 26, Desika Road, Mylapore, Chennai – 600 004.

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The Hongkong and Shangai Banking Corporation Limited, Repd. by its Branch Manager, No. 30, Rajai Salai, Post Box 11, Chennai – 600 001.

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Axis Bank Limited, Repd. by its Branch Manager, No. 3, Old No.2, Club House Road, Anna Salai, Chennai – 600 002.

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DBS Limited, Represented by its Branch Manager, No. 806, Anna Salai, Chennai – 600 002.

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ICICI Bank Limited, Rep. by its Branch Manager, Arihant Towers, No. 24, South Phase, 4^th Floor, East Wing, Ambattur Industrial Estate, Ambattur, Chennai – 600 058. . . . Defendants

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Applicant by None.

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Defendant by Ananth, Adv.

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It is submitted that moratorium still in force.

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Put up this matter on 01.12.2025 .

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Later Shri Chetan Sagar the ld. advocate appearing for the Applicant appears and files a Memo dated 24.10.2025. The same is filed in e-filing also. He submits that in view of the development that has taken place before the ld. NCLT, as regards the defendant no. 1 now facing the liquidation process and defendant no. 2 upon whom the repayment plan having been approved by the NCLT, the Applicant does not have any further claims against Defendants No1 and 2. Therefore he submitted that the present TA does not survive for any further orders.

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Having considered the Memo and after hearing the ld counsel for the Applicant, it is to be noted as under:-

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(i) The OA is filed before the DRT 2 for recovery a sum of Rs.137,50,89,293/- seeking recovery against the Defendant no 1 and 2 only. The Defendants 3 to 6 are other lenders against whom no prayer is sought.

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(ii) The matter was disposed on 28.03.2023 by this Tribunal. However, the same is restored on record after the Defendant no 2 who remained exparte wanted to contest. The restoration order is dated 08.12.2023.

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(iii) Defendant no 2 – repayment plan approved by the NCLT is under implementation. The Applicant has already received a sum of Rs. 2,84,16,185/-. The Applicant had put up claim before the liquidator.

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(iv) The Applicant submits that the claim in the present TA is not pressed and prays for withdrawal of the TA. In view of the above, the present TA stands disposed of by the following :

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TA 73/2022 stands disposed of as withdrawn. There is no need to issue recovery certificate. The recovery certificate in RC No. 36/2023 stands annulled in view of the withdrawing of the case.

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

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Sd/-

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(A.S.JAYACHANDRA)

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PRESIDING OFFICER

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DRT-I, CHENNAI

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(Dictated to Stenographer who typed in the system, corrected, signed and pronounced in open court on this 27^th Day of October, 2025)