The Debt Recovery Tribunal recorded a jointly filed compromise memo between the applicant bank and Defendants 7 and 8, who agreed to withdraw claims and delete themselves from the proceedings due to an amicable settlement.
The claim against Defendants No. 7 and 8 was disposed of via settlement, and they were deleted from the Original Application.
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.
OA No.281/2024
14.08.2026
1
IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI
Dated this the 14th day of August, 2026
Present: SMT. S.V. GOWRAMMA Presiding Officer
ORIGINAL APPLICATION No. 281 OF 2024
HDFC Bank limited, Branch office at No. 768 & 769, 5th floor, “A” Wing, Phase-III, Spencer Plaza, Mount Road, Chennai- 600 002, Tamilnadu, India, Rep by its Authorised Signatory …Applicant -Vs-
Also at:
M/s Right Health Platter Private Limited No.124, AL block, 12 main road, 2nd street, Anna Nagar, Chennai- 600 040
Also at:
Mr. Ramnath Arumugam Flat No.2a Shivalaya apartments, No.33/3 8 Sarangapani Street, T. Nagar, Chennai- 600 017
Also at:
Mr. Yekulu Venkata Subbiah Murali Babu, 85/33, M.S. Naidu street, Old Washermentpet, Chennai- 600 021
OA No.281/2024
2
14.08.2026
Counsels on record / appeared:
Counsel for applicant bank : M/s B. Dhanraj Counsel for D-1 (rep. by OL) : M/s D. Ponnappa Bharathy Counsel for D-2 : Mr. R. Krishnakumar Counsel for D-3 : Ms. Ramya Subramaniam Counsel for D-6 : M/s Rupika Srinivasan Counsel for D-7 & D-8 : M/s Deepika Murali Defendants 4 and 5 remained ex-parte
ORDERS ON JOINT MEMO FILED BY THE APPLICANT AND THE 7TH
AND 8TH DEFENDANTS
bank under Section 19 of Recovery of Debts and Bankruptcy Act, 1993 (formerly Recovery of Debts Due to Banks and Financial Institutions
OA No.281/2024
3
14.08.2026
Act, 1993) against the defendants 1 to 6, jointly and severally for
recovery of a total sum of Rs.52,08,33,089/- (Rupees Fifty Two
Crores Eight Lakhs Thirty Three Thousand and Eighty Nine only)
together with further interest and costs.
“1. That the Applicant Bank has filed the Original Application bearing O.A. No.281 of 2024 on 03.06.2024 under Section 19 of Recovery of Debts and Bankruptcy Act, 1993 ("RDB Act") seeking recovery of the outstanding dues against the 1st Defendant Company Right Health Platter P. Ltd., and its Guarantors (2nd to 6th Defendants) along with appropriate reliefs in the Final Relief No. (d) as against the 7th and 8th Defendants as morefully prayed therein.
2. That pending consideration of the above O.A., the Applicant Bank seeks to withdraw all reliefs against the 7th and 8th Defendants in the main O.A. No. 281 of 2024 and connected IAs. The Applicant is filing the present Memo, to give up the 7th and 8th Defendants in the main OA and connected IAs.
For the reasons above mentioned, it is humbly prayed that this Hon'ble Tribunal may be pleased to take on record the Memo filed by the Applicant Bank and pass such order or other orders as deemed fit and proper for the circumstances of the case and thus render justice.”
OA No.281/2024
14.08.2026
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detailed memo setting out the particulars and reasons for withdrawing the claim against Defendants Nos. 7 and 8, as the memo dated 03.07.2026 was bereft of the necessary particulars. Accordingly, the case was adjourned to 12.08.2026.
1. OA 281/2024 has been filed by the applicant bank interalia praying to lift the corporate veil of the 7th and 8th defendants and interim application I.A. No. 1733 of 2024 seeking to exercise a lien on the Fixed deposits (FD) of USD 44, 06,0616/- equivalent to Rs. 36,77,19,766.68/- maintained by the 8th respondent with the applicant bank.
2. It is submitted that the Tribunal by order dated 13.09.2024 passed in I.A. No.1733 of 2024 granted status quo on the FDs of 8th respondent maintained with applicant bank and the same was vacated by order dated 04.12.2024 by disposing of the above application. Aggrieved by the same the applicant preferred on appeal bearing MA/47/2024 before the Hon’ble DRAT which was disposed of with directions on 13.02.2026.
3. It is submitted that the applicant bank has filed a memo dated 03.07.2026 stating that pending consideration of OA No. 281 of 2024 it seeks to withdraw all the reliefs claimed against the 7th and 8th defendants in the main OA and the connected interlocutory applications and to give up the 7th and 8th defendant from the said proceedings.
4. It is submitted that the applicant bank being the dominus litis, is entitled to elect the parties against whom it wished to pursue its
OA No.281/2024
14.08.2026
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claims. It is submitted that the applicant bank has elected to unequivocally withdraw all the reliefs claimed against the 7th and 8th defendants in OA No. 281 of 2024 as well as the connected Interlocutory applications. Consequently the continued array of the 7th and 8th defendants serves no purpose.
5. Even otherwise it is submitted that the disputes between the applicant bank and the 7th and 8th defendants have been amicably settled. In furtherance of the amicable settlement:
a) The 8th defendant withdrew its W.P. No. 22558 of 2025challenging the Ld.RBI Ombudsman order-before the Hon’ble Madras High Court on 01.07.2026 as ‘not pressed’ and
b) The applicant filed the memo dated 03.07.2026 seeking to withdrew all the reliefs claimed against the 7th and 8th defendants in O.A No. 281 of 2024 and the connected interlocutory applications.
In view of the above settlement no dispute survives between the applicant bank and the 7th and 8th defendants in relation to the subject matter of the present proceedings. Accordingly on this count as well the continued array of the 7th and 8th defendants serves no purpose. On the contrary the continued array of the 7th and 8th defendants in the present proceedings would cause unnecessary prejudice to them particularly when 8th defendants have already acted upon the settlement by withdrawing W.P. No. 22558 of 2025
6. It is submitted that the 7th and 8th defendants are in process of undertaking an Initial Public Offering (IPO). The continued pendency of the proceedings against the 7th and 8th defendants despite the applicant bank having withdrawn all reliefs against them is causing unnecessary prejudice and may adversely impact the public listing. In these circumstances the parties request this Hon’ble tribunal to record the applicant bank’s memo dated 03.07.2026 and
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14.08.2026
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this joint memo, delete the 7th and 8th defendants from O.A. No. 281 of 2024 and all connected interlocutory applications and pass appropriate orders at the earliest.
7. It is therefore prayed that this Tribunal may be pleased to:
b. Delete the 7th and 8th Defendants from OA No.281 of 2024 and all connected IAs; and
c. Pass such further or other orders as the Tribunal may deem fit and proper in the facts and circumstances of the case.”
Heard Ld. Counsel for applicant bank and defendants 7 and 8
and perused the records of the case.
OA No.281/2024
14.08.2026
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proceedings, insofar as Defendants Nos. 7 and 8 are concerned, shall stand disposed of in terms of the compromise arrived at between the parties.
Sd/(S.V. GOWRAMMA) PRESIDING OFFICER, DRT-III, CHENNAI
2 issues framed by the court
Whether the Tribunal should record a compromise memo filed jointly by the applicant bank and certain defendants to withdraw claims against them.
Whether Defendants No. 7 and No. 8 should be deleted from the array of parties in the Original Application proceeding.
1 provisions across 1 enactments
HDFC Bank Limited
M/s Right Health Platter Private Limited
M/s Zetwerk Manufacturing SG Pte Ltd
M/s Zetwerk Manufacturing Businesses P. Ltd
S.V. GOWRAMMA
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
