EXPORT IMPORT BANK OF INDIA vs ESSAR PROJECTS LTD on 15 May 2025

i l I i I I I I I I I I I I l F I Debts Recovela Tribunal-Il, Delhi TAlLs6sl2023 EXPORT IMPORT BANK OF INDIA Vs ESSAR PROJECTS LTD 15.05.2025 Item no. 04 Present: Shri Ashish Rana, counsel for applicant bank. Shri Pallav Saxena, counselfor defendants. Matter is taken through Video Conferencing/ Hybrid Mode.

2. IA no.123912025 has been filed by the applicant bank for withdrawal of the present TA.

3. The Ld. Counsel for the applicant bank submits that the matter has been amicably settled between the parties. Upon receipt of the agreed settlement amount, the Applicant Bank has issued a Guarantee Release Letter (GRL) dated 29.04.2025. In light of this, the Applicant Bank has, inter alia, agreed to undertake all necessary filings for the withdrawal of proceedings before courts/tribunals, including the present matter, pursuant to the GRL and the discharge of the EPL Guaranteed Claim. This is in accordance with the full and final settlement of the Applicant Bank's claims under the EPL Guarantee. Therefore, the Ld. Counsel seeks permission to withdraw the present matter. Ld. Counsel for applicant bank also prayed for refund of the court fee.

4. The Ld. Counsel for the defendants submitted that he has filed LA. No. 1336/2025 seeking disposal of the present TA on the ground that the claim of the Applicant in the TA stands fully satisfied pursuant to a settlement arrived at between the applicant ban( defendant No. 1, and defendant No. 2. It is further submitted that defendant No. t has !\i deposited the agreed settlement amount with the Applicant Bank in accordance with the terms of the Settlement Agreement Letter dated LL.04.2025 and the applicant bank has issued the No Dues Certificate. Therefore, the present TA may be dismissed as withdrawn.

5. Heard the Ld. Counsel for applicant bank and perused the records.

6. The Ld. Counsel of the applicant bank has requested for refund of the court fees. It is submitted that the matter has been settled between the pafties and therefore, the court fees may be refunded as per provisions contained in the rules. In this regard the Hontle Supreme Couft has passed the order in SLP(c) No(s).723/2023 datd 28.01.2025 tidd as Jage Ram Vs Vd Kaur & Orc.The Hontle Supreme Couft has considered the matter and has held that: Para 6- The refund of court fw is prmissible only ili, the matter b referrd to Arbitration, Conciliatio4 judicial settlement, including through Lok Adalat or mediation for settlement and the case is dsidd in terms of such a settlement and not otherwie. Para 7- In the @s at hanQ the settlement in terms of which the ssond appeal was dsrdd by the High @urt is not on reference to any of the above authorities/fora rather it was an amicable settlement out of the court Para 8- Accordingly, we are of the opinion that the petitioner is not entitld to refund of the court fes and the High Court has not committd any error or illqality in refusing such a prayer."

7. In view of the above submissions, TAlL565l2O23 is dismissed as withdrawn. The applicant bank has also sought refund of court fee. The matter has not been disposed of on the basis of settlement in Lok Adalat. There appears no occasion to return the couft fee. The matter has q.l been withdrawn due to the matter has been settled between the parties. Therefore, the prayer of the applicant bank for refund of court fees is hereby aeciined. All the pending IAs stand disposed of. IA no.L239l2o25 and IA no.1335/2025 is disposed off accordingly. File be consigned to record room. Date already fixed on 10.06.2025 before this Tribunat stands cancelled. c^' (SUSHIL KUMAR RASTOGI) PRESIDING OFFICER DRT-II, Delhi P