Debts Recovery Tribunals and Appellate Tribunals
PUNJAB NATIONAL BANK vs M/S Shree Ambika Sugars Ltd on 3 June 2024
IN THE DEBTS RECOVERY TRIBUNAL –I AT CHENNAI
Dated this 3rd Day of June, 2024
PRESENT: SHRI A.S.JAYACHANDRA
Presiding Officer
T.A. No.80 of 2022
1.
Punjab National Bank,
Large Corporate Branch,
Rayala Towers, No.781-785, Anna Salai,
Chennai – 600 002
Rep. by its Chief Manager
2.
State Bank of India
Commercial Branch,
No.232, NSC Bose Road,
Chennai – 600 001
Rep by its Asst. General Manager
3.
Union Bank of India
Chennai Main Branch
No.139, Broadway,
Chennai – 600 108
Rep. by its Asst. General Manager
4.
Lakshmi Vilas Bank
Presently merged with DBS Bank India Ltd Commercial Banking Branch No.5, Srinivasa Towers, Cenetaph Road, Teynampet, Chennai – 600 018
Rep. by its Manager
5.
IDBI Bank Ltd
NPA Management Group
No.115, Anna Salai, Saidapet
Chennai – 600 015
Rep. by its Deputy General Manager
6.
Andhra Bank
Presently merged with Union Bank of India Specialized Asset Recovery Management Branch Old No. 95, New No.137, First Floor, Mount Road, Anna Salai, Chennai – 600 002
Rep. by its Chief Manager
7.
Indian Bank
Nandanam Branch
No.480, Anna Salai,
Chennai – 600 035
Rep. by its Chief Manager
8.
Canara Bank
Prime Corporate Branch,
Spencer Tower, I, Ground Floor,
No.770, Anna Salai, Chennai - 600 002
Represented by its Chief Manager
9.
Corporation Bank
Presently merged with Union Bank of India Industrial Finance Branch, Coimbatore - 641 018
Represented by its Chief Manager
10. L & T Infrastructure Finance Company Ltd Registered Office at Brindavan, Plot No.177, Near Shaman Motors Showroom, CST Road, Kalina Santacruz, Mumbai – 400098
Represented by its Divisional Manager, Legal
. . . Applicants
-VERSUS-
1.
M/s. Shree Ambika Sugars Ltd
Rep. by its Managing Director,
Mr. R. V. Tyagarajan,
Having its Registered Office at:
“Eldorado”, 5th Floor,
No.112, Uthamar Gandhi Salai,
Nungambakkam,
Chennai – 600 034
Presently represented by its RP/Liquidator.
2.
Mr.R.V.Tyagarajan
Chairman and Managing Director,
At “Eldorado”, 5th Floor,
No.112, Uthamar Gandhi Salai,
(Nungambakkam High Road),
Chennai – 600 034.
3.
M/s. Thiru Arooran Sugars Ltd
Represented by its Directors
At “Eldorado”, 5th Floor,
No.112, Uthamar Gandhi Salai,
(Nungambakkam High Road),
Chennai – 600034
Presently represented by its RP/Liquidator.
4.
M/s. Terra Energy Ltd,
Represented by its Directors
Having its registered office,
At “Eldorado”, 5th Floor,
No.112, Uthamar Gandhi Salai,
(Nungambakkam High Road), Chennai -600034.
5.
M/s. Trichy Distilleries and Chemicals Ltd Rep. by its Directors Having its registered office, At “Eldorado”, 5th Floor, No.112, Uthamar Gandhi Salai, (Nungambakkam High Road), Chennai-600034.
6.
Mrs. Malathi Ram
W/o. Mr.R.V.Tyagarajan
No.30, Ranjit Road, Kotturpuram,
Chennai – 600 085.
. . . Respondents
: - PROCEEDINGS DT.03.06.2024 - :
Applicant by Sh.M.L.Ganesh, Adv appears through VC and Sh.Hussain files the additional memo duly signed by the Ld Counsel and the bank.
2.
In the memo filed today it is clearly mentioned that the approved plan for Rs.180 Crores is distributed between secured financial creditors and others. In the
account of secured financial creditors, a total sum of Rs.130 Crores are paid by M/s SNJ distilleries Pvt Ltd towards the loan account of the applicants.
3.
Perused the memo.
4.
As per Page 3, applicant banks and other claimants have received a total sum of Rs.130,00,41,122.00/-.
5.
With this payment the applicant banks submit that the OA is not pressed against the first and third defendants. It is also prayed that the applicant banks may be given liberty to reopen the case against the second defendant who is facing personal insolvency resolution process before the Ld NCLT, Chennai.
6.
Having heard the ld Counsel, the present TA stands disposed of by the following order
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: - O R D E R - :
TA-80/2022 stands disposed of as having being satisfied and withdrawn qua defendants 1 and 3. The applicant banks are at liberty to reopen the case by filing proper application against the second defendant, as and when so advised in view of the pendency of the insolvency proceedings against the second defendant. The original documents filed if any may be returned by maintaining a photocopy on record. A copy of this order may be communicated to all the parties concerned. Sd/- (A.S.JAYACHANDRA)
PRESIDING OFFICER
DRT-I, CHENNAI (Dictated to the Assistant who typed in the system, corrected, signed and pronounced in open court on this 3rd Day of June, 2024)