Debts Recovery Tribunals and Appellate Tribunals
BANK OF INDIA vs M/S ORANGE SQUARE on 20 March 2024
T.A. No. 1444 of 2023
20.03.2024
IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI
Dated this the 20th day of March, 2024
Present: Shri Ganapathi K.R.K.
Presiding Officer
TRANSFERRED APPLICATION No. 1444 of 2023
(Originally filed before DRT- II, Chennai as OA 814/2019 and thereafter transferred to this Tribunal and renumbered as TA No 1444 of 2023)
M/s. Bank of India
Royapettah Branch,
Rep by is Constituted Attorney
New No.130 (Old No.240),
Royapettah High Road,
Chennai-600 004.
….Applicant
-Vs-
1. M/s. Orange Square,
No.105, Dr. Radhakrishnan Salai,
Mylapore, Chennai-600 004.
Rep by its Partners,
Mr. L. Raghu Raman and Mr. M. S. Vasisth
2. Mr. L. Raghu Raman
S/o. Mr. P. Loganathan,
No.2/13, V.K.K. Menon Street,
Ram Nagar, Ambattur,
Chennai-600 053.
3. Mr. M.S. Vasisth,
S/o . Mr. M.S. Sridharan,
No .A2/1, Tristar Residency, 6th Main Road, Mogappair West, Chennai-600 037.
…..Defendants
Counsels on record / appeared:
Counsel for Applicant
:
M/s. M.P. Venkateswaran
T.A. No. 1444 of 2023
20.03.2024
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ORDER
1. This TA is filed by the applicant bank for recovery of a sum of Rs.67,98,848/- together with future interest and costs.
2. A memo is filed by applicant bank stating therein that during pendency of the above TA, defendants had approached applicant bank for settlement under OTS, which was accepted by applicant bank and accordingly, defendants had remitted a sum of Rs.20,00,000/- on 10.06.2022 towards full and final settlement of the TA claim. Hence, applicant bank prayed that the TA claim may be treated as settled out of Court.
3. Perused. Memo is taken on record. Allowed. In the result, this TA is disposed of as settled out of Court, however without costs. All other interlocutory applications, if any pending shall stand closed.
(Dictated to PS, transcribed by her, corrected, signed and pronounced by me in Open Court, on this the 20th day of March, 2024)
Sd/- (GANAPATHI K.R.K)
PRESIDING OFFICER