Debts Recovery Tribunals and Appellate Tribunals
J.M. FINANCIAL ASSET RECONSTRUCTION COMPANY LIMITED vs M/S CONVENTION HOTELS INDIA PVT LTD on 30 April 2024
IN THE DEBTS RECOVERY TRIBUNAL –I AT CHENNAI
Dated this 30th Day of April, 2024
PRESENT: SHRI A.S.JAYACHANDRA
Presiding Officer
T.A. No.105 of 2022
J.M. Financial Asset Reconstruction Company Limited, Regd. Office at:- 7th Floor, Cnergy, Appasaheb Marathe Marg, Prabhadevi, Mumbai – 400025.
. . . Applicant
Versus
1.
M/s. Convention Hotels India Pvt. Ltd.,
Regd. Office at:- Plot No.7A I, Singayanapalaya, 3rd Cross, Whitefield Road, Bengaluru – 560048.
Also having office at:-
No.109, Aeroflex Centre,
K.H. Road, Bengaluru – 560027.
2.
Mr. Priyakant Amin,
S/o Sri.Hasmukhray Amin,
No.S-77, Golden Enclave,
HAL Airport Road,
Bengaluru – 560017.
Also at:-
Villa No.6, Regent Palace,
No.28/2, Varthur Main Road,
Thubrahalli, Near Kundalahalli Junction, Bengaluru – 560066.
3.
Mrs.Namrata Amin,
W/o Mr.Priyakant Amin,
No.S-77, Golden Enclave,
HAL Airport Road,
Bengaluru – 560017.
Also at:-
Villa No.6, Regent Palace,
No.28/2, Varthur Main Road,
Thubrahalli, Near Kundalahalli Junction, Bengaluru – 560066.
4.
Mr.Prataap Wadhwa,
S/o Late Shivakumar T Wadhwa,
No.165, 9th Main, 3rd Cross,
RMV Extension, Sadashivanagar,
Bengaluru – 560080.
5.
M/s.Karishma Herbals Pvt. Ltd.,
CM II, Sukhliyam,
Indore - 452010,
Madhya Pradesh.
6.
M/s. Hanspro.Com Pvt. Ltd.,
No.3, Hemprakash,
#90/92, Kazi Syed Street,
Mandvi, Mumbai – 400003.
7.
M/s. Mplex Networks Pvt. Ltd.,
No.109, Aeroflex Centre,
K.H. Road, Bengaluru – 560027.
. . . Defendants
Applicant by Sh.Chetan, Adv
D1, D4 and D7 by Sh.Anirudh, Adv
D2, D3, D5 and D6 by Sh.Venkatesh Mohanraj, Adv
Heard the Ld. Counsel on either side.
Citations and Judicial Treatment
Cited by
0
Decisions in the index citing it
Cites
0
Decisions referred to
In this index
0
Of the decisions it cites
Overruled / Questioned
0
No negative treatment found
Loading the citing and cited decisions…
This judgment in the centre: on the left the decisions it cites, on the right the decisions citing it. Colour is the treatment; choose a decision to open it.
: - O R D E R - :
The applicant ARC succeeded the original applicant SBI which has filed the present OA for recovery of Rs.132,62,55,139 along with interest against defendants 1 to 7 jointly and severally.
In the memo filed today it is reported that the defendants have undertaken jointly and severally to settle this matter fully and finally at Rs.69 Crores. The proposal is accepted by the applicant bank vide their letter dt 21.3.2024.
It is also reported that these defendants have paid the agreed amount as full and final settlement. Thereafter the applicant bank released the defendants from the liabilities of existing/subsisting loan/securities/guarantees/all the pledges etc. A discharge letter is also issued by the applicant dt 5.4.2024.
The memo filed by the applicant is duly signed by the Vice president of the ARC who is the authorised officer and the same is duly notarised.
The annexure depicting the course of settlement are also furnished.
After hearing the Ld. Counsel, this Tribunal notes that the matter is settled amicably and with the payments made towards full and final settlement. There remains nothing to be agitated on the cause of action pleaded and the matter is settled once for all.
The Ld. Counsel for the applicant submits that the WP no-20481 of 2023 pending before the Hon’ble High Court of Karnataka where there was an order of stay of proceedings of this Tribunal, is also withdrawn by the defendants and the same stood disposed on 24.4.2024. The Ld Counsel for the defendants 2, 3 5 and 6 submits that there has been a stalemate with the Registrar of companies concerning defendants and he expresses a wish that the same would be solved with this final order. In view of the above the following;
: - O R D E R - :
The TA-105/2022 stands disposed of as settled outside the Tribunal. There are no original documents filed. A copy of this order be given free of cost to the respective Counsel present today. Sd/- (A.S.JAYACHANDRA)
PRESIDING OFFICER
DRT-I, CHENNAI
(Dictated to Assistant who typed in the system, corrected, signed and pronounced in open court on this 30th Day of April 2024)