Debts Recovery Tribunals and Appellate Tribunals
INDIAN OVERSEAS BANK vs M/S Vijayalakshmi Enterprises on 9 May 2024
IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI
Dated this the 09th day of May, 2024
Present: Shri Ganapathi K.R.K.
Presiding Officer
TRANSFERRED APPLICATION No. 1453 of 2023
(Originally filed before DRT- II, Chennai as OA No.618 of 2019 and thereafter transferred to this Tribunal and renumbered as TA No.1453 of 2023)
Indian Overseas Bank
Multhialpet Branch,
230, Thambu Chetty Street,
Chennai
….Applicant
-Vs-
1.
M/s. Vijayalakshmi Enterprises (Borrower)
A partnership firm, Rep. by its Managing Partner,
M. Manimaran,
G-1, Ground Floor,
Akshatha Homes,
No.28, Ramalingam,2nd Cross Street, Gandhi Nagar, Avadi, Chennai – 600 054.
2.
M. Manimaran (Guarantor)
S/o. M.K.Mariappan,
G-1, Ground Floor,
Akshatha Homes,
No.28, Ramalingam, 2nd Cross Street, Gandhi Nagar, Avadi, Chennai – 600 054.
3.
M. Vijayalakshmi (Guarantor)
W/o .M. Manimaran,
G-1, Ground Floor,
Akshatha Homes,
No.28, Ramalingam,
2nd Cross Street, Gandhi Nagar,
Avadi, Chennai – 600 054.
4.
Lalitha Nayagam (Legal Heir of partner cum guarantor S.Arumainayagam)
W/o .Late. S.Arumainayagam,
No.48, Arunagirinadhar St,
T.M.P. Nagar, Padi,
Chennai – 600 050.
5.
A.Vijay Samraj (Legal Heir of partner cum guarantor S.Arumainayagam)
S/o .Late. S.Arumainayagam,
No.48, Arunagirinadhar St,
T.M.P. Nagar, Padi,
Chennai – 600 050.
6.
A.Gracelin Arunselvi (Legal Heir of partner cum guarantor S.Arumainayagam)
D/o .Late. S.Arumainayagam,
No.48, Arunagirinadhar St,
T.M.P. Nagar, Padi,
Chennai – 600 050.
….Defendants
Counsels on record / appeared:
Counsel for Applicant
:
M/s. K.K. Sivasshanmugam
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ORDER
1. This OA is filed by the applicant bank for recovery of a sum of Rs.1,23,73,878.78p together with future interest and costs.
2. A full satisfaction memo is filed by applicant bank stating therein that during pendency of the above OA, defendants had approached applicant bank for settlement under OTS, which was accepted by applicant bank and accordingly, defendants had remitted a sum of Rs.2,75,00,000/- on 19.02.2024 towards full and final settlement of the OA claim. Hence, applicant bank prayed that the OA claim may be treated as settled out of Court and also prayed for return of original documents filed along with proof affidavit.
3. Perused. Memo is taken on record. Allowed. In the result, this OA is disposed of as settled out of Court, however without costs. Registry is directed to return all documents filed along with proof affidavit to applicant bank under proper acknowledgment as per extant guidelines. 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 09th day of May, 2024)
Sd/- (GANAPATHI K.R.K)
PRESIDING OFFICER