Debts Recovery Tribunals and Appellate Tribunals
IFCI LTD vs PHC BUILDCON PVT LTD AND ORS on 28 May 2025
**Debts Recovery Tribunal-III, Delhi**
**TA/405/2022**
**IFCI Ltd Vs PhcBuildcon Pvt Ltd and Ors**
28.05.2025
Item no. 12
Present: Ms. Shruti Aradhna along with Mr. Som Raj Chaudhary, Ld. counsels for applicant FI.
Mr. Prabhat Chowdhary and Mr. Kunal Narwal, Ld. counsel for defendant no. 1, 2, 5 to 7.
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1. 1. This matter is taken up by this Tribunal through Hybrid mode.
2. 2. **IA no. 444/2025** has been filed on behalf of applicant FI prayer therein to permit the applicant to withdraw the TA.
3. 3. Above noted matter was filed by the applicant FI for recovery of a sum of Rs. 176,58,62,783/- along with interest and cost against the Defendant. During the course of pendency, parties have decided to resolve their disputes peacefully and amicable. Consequently, matter has settled between the parties and applicant FI has decided to withdraw its application in the present matter and seeking permission to withdraw it. As per the terms of the said settlement, both parties have agreed to certain condition and payments which are binding on them and the Defendants have agreed to complied.
4. 4. Considering the submissions made on behalf of applicant FI and Defendants, application IA No. 444/2025 is hereby allowed.
5. 5. File consigned into record room.
28.05.2025
sd (SHIV KUMAR - I) PRESIDING OFFICER, DRT-III, DELHI