Debts Recovery Tribunals and Appellate Tribunals
STATE BANK OF INDIA vs ORGEE INC on 29 April 2024
IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI
Dated this the 29th day of April, 2023
Present: Shri Ganapathi K.R.K.
Presiding Officer
TRANSFERRED APPLICATION No. 22 of 2023
(Originally filed before DRT- II, Chennai as OA No.581 of 2016 and thereafter transferred to this Tribunal and renumbered as TA No.22 of 2023)
*M/s Reliance Asset Reconstruction Company Limited Old No.398, New No.824/1, 2nd Floor, RNG Tower Nandanam, Anna salai, Chennai – 600 056
….Applicant
Vs
1.
M/s. Orgee INC,
Represented by its Proprietor,
Having office at No.24,
Barracks Road, II Floor, Periamet,
Chennai – 600 003.
Also having office at Admin Office,
10/70 – D Anaikar Complex,
1st Floor, M V Badran Street, Periamet,
Chennai – 600 003.
2.
Mr. Ismail Abdul Rashid Ghazaly
S/o. Ismail Abdul Rashid,
Flat No.542, South Avenue Road,
Kamarajar Nagar,
Thiruvanmiyur, Chennai – 600 041.
3.
Mrs. Amarunnisa
W/o. Mr. Shahul Hameed,
Door No.16, P.G.P. Nagar, 2nd Street,
Poonamallee, Chennai – 600 056.
….Defendants
Counsels on record / appeared:
Counsel for Applicant
:
M/s. Ramalingam and Associates
Counsel for Defendants
:
M/s. SR. Mounaswamynathan
*Amended vide order in MA No.90/2024 dated 20.04.2024.
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ORDER
1. This OA is filed before DRT-II, Chennai and numbered as OA No.581/2016, for recovery of a sum of Rs.99,97,653.88p from defendants 1 to 3. OA was allowed on 09.11.2017, DRC No.32 of 2018 is also generated and pending execution.
2. At this stage, due to bifurcation of jurisdiction, this case along with DRC got transferred to this Tribunal for its execution. While so, applicant bank had filed an application in MA No.90/24 to re-open the OA for the purpose of incorporating the name of assignee, since the debt was assigned in favour of M/s Reliance ARC Ltd. together with underlying securities.
3. Copy of MA along with other applications are sent to defendants by post and applicant bank had furnished postal receipts evidencing the same.
4. Heard Ld. Counsel appearing for petitioner bank and perused records. In the circumstances stated, MA No.90/24 is allowed and TA is re-opened. DRC No.32 of 2018 is recalled.
5. MA No.196/23 is taken up. This is an MA filed by applicant bank to substitute the proposed applicant, being M/s Reliance ARC Ltd., to whom the entire debt due and recoverable from respondents along with underlying securities are assigned vide Assignment Agreement dated 20.04.2017, which is since registered as Doc No.857 of 2018 on the file of SRO, Triplicane.
6. Heard Ld. Counsel appearing for petitioner bank and perused records. In the circumstances stated, MA No.196/23 is allowed. Applicant bank is permitted to cause necessary amendments to the OA and file clean copy thereof.
7. It is submitted that during the pendency of recovery proceedings, 3rddefendant had approached applicant and negotiated for settlement of the loan account. Accordingly, the loan account has been settled for a sum of Rs.56 lakhs and applicant has filed a full satisfaction memo suggesting therein that defendants had deposited the entire accepted amount. Applicant prayed for taking on file the said memo and record full satisfaction, also prayed for return of documents marked as Ex A-1 to A-14 and for closing the recovery proceedings as a consequential relief.
8. Heard. In the circumstances, full satisfaction memo filed on behalf of applicant is taken on file.
9. In the result, this OA is disposed of as settled out of Court, however without costs. Office is directed to intimate to Recovery Officer for closure of the DRC No.32/2018 pursuant to the order recording the above settlement and recording of full satisfaction memo.
10. Registry is directed to return documents marked as Ex A-1 to Ex A-14 to applicant bank under proper acknowledgment as per extant guidelines. All other interlocutory applications, if any, pending shall stand closed.
11. With the above directions, TA stands disposed. (Dictated to PS, transcribed by her, corrected, signed and pronounced by me in Open Court, on this the 29th day of April, 2024)
Sd/- (GANAPATHI K.R.K)
PRESIDING OFFICER