Debts Recovery Tribunals and Appellate Tribunals
IDBI BANK vs Consolidated Construction Consortium Ltd on 2 May 2025
IN THE DEBTS RECOVERY TRIBUNAL – I AT CHENNAI
Dated this 2nd Day of May, 2025
PRESENT: SHRI A.S.JAYACHANDRA
Presiding Officer
T.A. No.166 of 2022
IDBI BANK LIMITED,
No.115, Anna Salai,
Saidapet,
Chennai – 600 015.
. . . APPLICANT
-Versus-
1.
Consolidated Construction Consortium Limited, No.5, II Link Street,
C.I.T. Colony, Mylapore,
Chennai – 600 004
2.
CCCL Infrastructure Limited,
No.5, II Link Street,
C.I.T. Colony, Mylapore,
Chennai – 600 004
3.
CCCL Pearl City Food Port SEZ Limited,
No.5, II Link Street,
C.I.T. Colony, Mylapore,
Chennai – 600 004
4.
Mr. S. Sivaramakrishnan Subramoney,
No.27A, Railway Colony,
2nd Street, Nelson Mainckam Road,
Chennai – 600 029.
5.
Mr. R. Sarabeswar Ramaswami,
No.1A, Norton Main Road,
Mandavelipakkam, Chennai – 600 028.
6.
State Bank of India,
Red Cross Building,
2nd Floor, No.32, Montieth Road,
Egmore, Chennai – 600 008.
7.
Bank of Baroda,
No.74, T.Nagar Branch,
Thyagaraya Road,
Near Panagal Park,
T. Nagar, Chennai – 600 017.
8.
ICICI Bank Limited,
No.1, Cenotaph Road,
Teynampet, Chennai – 600 018.
9.
Tata Capital Financial Services Limited, Having its office at Centennial Square, 1st Floor, No.6a, Dr. Ambedkar Salai, Kodambakkam, Chennai – 600 024
10.
IDBI Trusteeship Services Limited,
Having its office at Asian Building,
Ground Floor, 17, R. Kamani Marg,
Ballard Estate, Mumbai – 400 001.
. . . DEFENDANTS
PROCEEDINGS DT.: 02.05.2025
Applicant by Sh.S.Murugavel, Adv
D1 by Sh.Gowtham, Adv
D2 to D5 by Ms.Abitha Banu, Adv
None for other defendants
Today the Ld. Counsel for the Applicant filed a memo. Copies furnished to the other side.
Heard on the memo.
1. It is submitted that the Applicant had filed the instant TA for recovery of a sum of Rs.263,88,00,834.24/- against defendants 1 to 5 jointly and severally along with interest.
2. It is reported that the ld NCLT in its order dt 12.5.2023 in IA(IBC)- 627/CHE/2023 in IBA-483/2020 had ordered liquidation of the defendant no-1
company.
3. It is also reported that the promoters of D1 had come up with a settlement proposal under section 12(A) of IBC and by an order dt 5.1.2024, the ld NCLT
ordered that the entire settlement process be completed within 30 days from the approval date i.e., on or before 4.2.2024.
4. It is further reported by the Applicant that it had realized its share of Rs.28.68
crores and Rs.13.64 crores from arbitration proceedings and bank guarantee is availed by the defendant no-1. The ld counsel for defendant no-1 submits that the aspect of availing the bank guarantee is post settlement and approval of the plan and the same is superfluous for the purposes of this TA which the ld counsel for the bank is also aware of.
5. The ld counsel for the Applicant bank submits that the settlement as above be noted and the TA may be disposed of as settled. In view of the submissions and after hearing the ld counsel , the TA-166/2022 stands disposed of by the following ;
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ORDER
TA-166/2022 stands disposed of as settled outside the Tribunal. The Applicant is eligible for refund of the court fee to the extent permissible under the Rules. A copy of this order be communicated to all the parties to the TA.
Sd/- (A.S.JAYACHANDRA) PRESIDING OFFICER DRT-I, CHENNAI
(Dictated to PS, typed by him in the System, corrected, signed and pronounced by me on this 2nd Day of May, 2025)