Debts Recovery Tribunals and Appellate Tribunals
IDBI BANK vs M/s. Appu Hotels Limited on 28 February 2024
IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI
Dated this the 28th day of February 2024
Present: Shri Ganapathi K.R.K.
Presiding Officer
TRANSFERRED APPLICATION No. 667 of 2023
(Originally filed before DRT- II, Chennai as OA 273/2022 and thereafter transferred to this Tribunal and renumbered as TA No 667 of 2023)
M/s. IDBI Bank Ltd.,
115, Anna Salai, Saidapet,
Chennai - 600 015.
….Applicant
-Vs-
1.
M/s. Appu Hotels Limited
Rep. by its RP Mr. Radhakrishnan Dharmarajan, Appointed by the Hon’ble National Company Law Tribunal , Bench-I, Chennai.
“PGP House”, New No.59, (Old No.57), Sterling Road, Nungambakkam, Chennai- 600 034.
2.
Dr. Palani G. Periasamy,
S/o. Shri. Palani Gounder,
No.4A, Dugar Apartments, 3rd Floor,
Raja Rangasamy Road, 4th Seaward,
Valmigi Nagar, Thiruvanmiyur,
Chennai - 600 041.
3.
Smt. Visalakshi Periasamy,
W/o. Dr. Palani G. Periasamy,
No.4A, Dugar Apartments, 3rd Floor,
Raja Rangasamy Road, 4th Seaward,
Valmigi Nagar, Thiruvanmiyur,
Chennai - 600 041.
4.
Indian Bank, Rep by its Authorized Officer, Corporate Branch, Khivraj Complex I, 3rd Floor, No.480, Anna Salai, Nandanam, Chennai - 600 035.
5.
Bank of India, Rep by its Authorized Officer, Chennai Large Corporate Branch, Tarapore Towers, 4th Floor, No.826, Anna Salai, Chennai -600 002.
6.
State Bank of India,
Rep by its Authorized Officer,
Commercial Branch,
No.232, N.S.C. Bose Road,
Chennai - 600 001.
7.
Tourism Finance Corporation of India Ltd., Rep by its Authorized Officer, 4th Floor, Tower-I, NBCC Plaza, Pushp Vihar, Sector-5, Saket, New Delhi -110 017.
…..Defendants
Counsels on record / appeared:
Counsel for Applicant
:
M/s. NVS & Associates
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ORDER
1. This OA is filed by the applicant bank for recovery of a sum of Rs.14,57,42,440.70p together with future interest and costs.
2. A memo is filed by applicant bank submitting therein that during the during pendency of the above OA, Tourism Finance Corporation of India Limited had initiated CIRP under Section 7 of IBC and subsequently first defendant was admitted into CIRP on 02.11.2020 and Mr. Radhakrishnan Dharmarajan was appointed as Resolution Professional for D-1 company. Thereafter, though the resolution plan was approved by Committee of Creditors, it was challenged by promoters before NCLAT and Hon’ble Supreme court of India. During the pendency of case before Hon’ble Supreme Court, promoter of D-1 company came forward with proposal for settlement as per Section 12A on 19.09.2022. During the 19th CoC meeting held on 12.10.2022, the proposal was put to vote and accordingly approved with 100% voting share. The same was apprised by the Promoter before Hon’ble Supreme court, which was accordingly recorded vide order in IA No.168602 of 2022 dated 03.05.2023. Thereafter, Resolution Professional moved an application for withdrawal of CIRP against D-1 as per Section 12 A of the Code. NCLT vide order dated 20.12.2023 allowed the withdrawal, consequent to which, applicant bank had received a sum of Rs.12,68,78,544.50p on 21.12.2023 as per the settlement proposal made by the promoter, towards satisfaction of the debt payable by D-1 to D-3. Hence, applicant bank prayed that the OA claim may be treated as settled out of Court.
5. Perused. Memo is taken on record. Allowed. In the result, this OA is disposed of as settled out of Court, however without costs. All other interlocutory applications, if any, pending shall stand closed. (Dictated to Steno, transcribed by her, corrected, signed and pronounced by me in Open Court, on this the 28th day of February, 2024)
Sd/- (GANAPATHI K.R.K) PRESIDING OFFICER