Disposed

M/S. Sundaram Finance Limited v. Mr. S. Sukumaran

Madras HC18 Jan 2016A/193/2016

Case brief

AI extract

What is this about?

Application filed by Official Assignee for recovery of Rs.14,50,000 from a deceased insolvent's estate. The second respondent settled by tendering a demand draft for the principal sum and cash for additional costs. The court accepted the settlement and disposed of the application.

What did the court decide?

Application disposed of after recording payment of Rs.14,50,000 as principal and Rs.35,000 as additional cost.

M/S. Sundaram Finance Limited Vs Mr. S. Sukumaran — Insolvency and Bankruptcy | Madras HC (2016)

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A(IP)No.193 of 2016 in I.P.No.25 of 2014

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A(IP)No.193 of 2016 in I.P.No.25 of 2014

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Dr.G.JAYACHANDRAN,J. &

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C.V.KARTHIKEYAN,J.

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This application has been filed by the Official Assignee for recovery of Rs.14,50,000/- with interest at the rate of 18% p.a. From 21.04.2014, till the date of realization with cost of the recovery proceedings.

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2. This application is arising out of the insolvency proceedings wherein S.Arjunlal Sunderdas (since dead) was declared as insolvent and based on the books of account, the present application has been filed, since a sum of Rs.14,50,000/- is due and payable by the second respondent herein as on 21.04.2014.

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3. The second respondent contested the suit and in the course

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of the trial, to buy peace the second respondent has come forward to settle the principal amount. To show his bona fide, he has also drawn a

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https://www.mhc.tn.gov.in/judis

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A(IP)No.193 of 2016 in I.P.No.25 of 2014

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Demand Draft in favour of the Official Assignee for a sum of Rs.14,50,000/-.

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4. This Court, after considering the facts and the submissions

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made by the learned counsels of the respective parties, is of the view that the proposal made by the second respondent is to be taken into consideration sympathetically to give quietus the issue. Recording the payment of Rs.14,50,000/- being the principal amount, the second respondent is directed to pay the additional cost of Rs.35,000/- to the Official Assignee.

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5. The learned counsel representing for the second respondent

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has tendered a sum of Rs.35,000/-(Rupees Thirty Five Thousand only) by way of cash, which shall be remitted in the account of the Official Assignee.

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https://www.mhc.tn.gov.in/judis

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A(IP)No.193 of 2016 in I.P.No.25 of 2014

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6 . Recording the full satisfaction, this Application is disposed

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of.

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(Dr.G.J.J.) (C.V.K.J.) 08.11.2022

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https://www.mhc.tn.gov.in/judis

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A(IP)No.193 of 2016 in I.P.No.25 of 2014

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DR.G.JAYACHANDRAN,J. and C.V.KARTHIKEYAN,J.

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ari

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A(IP)No.193 of 2016 in I.P.No.25 of 2014

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08.11.2022

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https://www.mhc.tn.gov.in/judis

M/S. Sundaram Finance Limited v. Mr. S. Sukumaran

Case brief

What is this about?

What did the court decide?

M/S. Sundaram Finance Limited v. Mr. S. Sukumaran

Case brief

What is this about?

What did the court decide?

What the court decided

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