ICICI BANK LIMITED vs Ms MPL Motors Pvt Ltd Rep By Director And Three Others on 24 June 2024

IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

Dated this the 24th day of June, 2024

Present: SHRI A. S. JAYACHANDRA

Presiding Officer (In–charge)

TRANSFERRED APPLICATION No. 872 of 2023

(Originally filed before DRT- II, Chennai as OA 884/2018 and thereafter transferred to this Tribunal and renumbered as TA No 872 of 2023)

M/s. ICICI Bank Ltd.,

Rep. by its Debt Manager

24th South Phase, Arihant Insight,

2nd Floor, West Wing, AGRI BLG,

Ambattur Industrial Estate,

Ambattur, Chennai – 600 058.

.…. Applicant

-Vs-

1.

M/s. MPL Motors Pvt. Ltd.,

Rep. by its Directors,

Having Office at,

No.20, Thanikachalam Road,

T. Nagar, Chennai – 600 017.

2.

Mr. S. Ravindranathan

S/o. Mr. N. Singaravelu

Director,

MPL Motors Pvt. Ltd.,

No.20, Thanikachalam Road,

T. Nagar, Chennai – 600 017.

Also at:

Mr. S. Ravindranathan

S/o. Mr. N. Singaravelu

New No.10, Old No.5,

Saradambal Street,

Gokulam Colony, T. Nagar,

Chennai – 600 017.

3.

Mr. S. Gauthama Sankar,

S/o. Mr. N. Singaravelu

Director,

MPL Motors Pvt. Ltd.,

No.20, Thanikachalam Road,

T. Nagar, Chennai – 600 017.

Also at:

Mr. S. Gauthama Sankar,

S/o. Mr. N. Singaravelu

No.3-A, Ranjanas Park,

Bharani Colony,

Park No.22, Arcot Road,

Saligramam, Chennai – 600 093

4.

Mr. S. Ashok,

S/o. Mr. N. Singaravelu,

Director,

MPL Motors Pvt. Ltd.,

No.20, Thanikachalam Road,

T. Nagar, Chennai – 600 017.

Also at:

Mr. S. Ashok ,

S/o. Mr. N. Singaravelu,

No.3B, TVH Akhiraa,

No.18, Bawa Road,

Alwarpet, Chennai – 600 018

…. Defendants

Counsels on record / appeared:

Counsel for Applicant

:

M/s. S. Parthasarathy

None for defendants

PROCEEDINGS DATED 24.06.2024

1.

The Ld. counsel for the applicant bank submits that the property belonging to the 2nd defendant is sold under SARFAESI Proceedings on 21.04.2021. The amount recovered by way of sale is Rs.6.22 crores, by a private treaty.

2.

The Ld. counsel submits that OA is filed for recovery of Rs.97,86,934

along with interest.

3.

However, in the full satisfaction memo duly signed by the bank, a sum of Rs.1,30,68,000 is appropriated out of the sale proceeds pertaining to the

defaulting account, for which the present OA is filed. The Memo also speaks of the appropriation of the certain amount towards the recovery of the other loan account, which is superfluous on record for the purposes of this list.

4.

Now, the Ld. counsel submits that there is no stay against the concluded sale or any other proceedings staying the recovery process. Having perused the full satisfaction memo and after hearing the Ld counsel, applicant bank has nothing more to recover from the defendants towards the loan account now agitated in the present litigation. Consequently, the following