BANK OF INDIA vs Dharani Sugars on 12 August 2024

IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI

Dated this the 12th day of August, 2024

Present: SHRI A. S. JAYACHANDRA

Presiding Officer (In – charge)

TRANSFERRED APPLICATION No. 1481 of 2023

(Originally filed before DRT- II, Chennai as OA 838/2019 and thereafter transferred to this Tribunal and renumbered as TA No 1481 of 2023)

M/s. Bank of India,

Having its H.O. at C-5

G-Block, Bandra Kurla Complex,

Bandra (East), Mumbai- 400 051.

Having one of the Branch Office at:

Chennai Large Corporate Branch,

At Tarapore Towers, 4th Floor,

826 Anna Salai, Chennai – 600 002,

Represented by its Authorized Signatory

Smt. D. Lalitha, Chief Manager.

.…. Applicant

-Vs-

1.

M/s. Dharani Sugars & Chemicals Limited

Registered Office at: PGP House,

57, Sterling Road, Nungambakkam, Chennai.

And represented by its Executive

Chairman Dr. PalaniG. Periasamy.

2.

Dr. PalaniG. Periyasamy

S/o. Mr. Palani Gounder,

Residing at: 4A, 4th Floor,

Samudra Duggar, 11,

Raja Rangasamy Avenue,

Valmiki Nagar, Thiruvanmiyur,

Chennai – 600 042.

3.

Mrs. Smt. Visalakshmi Periasamy

W/o. Mr. Periasamy,

Residing at: 4A, 4th Floor,

Samudra Duggar, 11, Raja Rangasamy Avenue, Valmiki Nagar, Thiruvanmiyur, Chennai – 600 042.

4.

M/s. Dharani Developers Pvt. Ltd.,

Having its registered Office at Chennai

Represented by its Managing Director,

Having its registered office at: 1,

Venus colony, II street, Alwarpet,

Chennai – 600 019.

Tamil Nadu

5.

M/s. Indian Bank

Having its Head Office at Chennai

And one of its branches at Madras

George Town Branch,

Represented by its Branch Manager,

66 Rajaji Salai, Chennai – 600 001.

6.

M/s. State Bank of India

Having its Corporate Centre at

State Bank Bhavan, Madame Cama

Road, Mumbai – 400 021.

And Having its Commercial Branch at:

23 NSC Bose Road, 2 Chennai.

Represented by its Authorized Signatory.

7.

M/s. Union Bank of India

Having its Head Office at Mumbai

And one of its Branches at Chennai known as Industrial Finance Branch represented by its Branch Manager having Office at:

1st Floor 139, Broadway,

Chennai – 600 108.

8.

M/s. Indian Overseas Bank,

Having its Head Office at Chennai

And one of its branches at Thiruvanmiyur Chennai Represented by its Branch Manager having office At: 124 Lattice Bridge Road, Thiruvanmiyur, Chennai – 600 041.

9.

M/s. ICICI Bank Ltd.,

Having its registered office at Mumbai

And one of its branches at Cenatoph Road, Chennai. Represented by its Branch Manager

10.

M/s. South Indian Bank Ltd.,

Having its registered office at Thrissur And one of its branches at Chennai Industrial Finance Branch Represented by its Branch Manager Having office at: 110, Raheja Towers, 177

Anna Salai, Chennai – 600 022

11.

M/s. Federal Bank Limited.,

Having its registered office at Alwaye

And one of its branches at Anna Salai, Chennai Represented by its Branch Manager, Having office at: SVS Club Building, 61

Anna Salai, Chennai – 600 002.

12.

M/s. Central Bank of India,

Having its Head Office at Mumbai,

And one of its branches Mid corporate branch, Chennai. Represented by its Branch Manager Having office at: 48/49 Montieth Road, Egmore, Chennai – 600 008.

13.

M/s. IDBI Bank Limited.,

Having its Head Office at BKC Mumbai,

And one of its branch offices being

Specialised Corporate Branch at: 7,

Cheavalier Sivaji Ganesan Street,

Chennai – 600 017.

14.

M/s. Sugar Development Fund

Having its office at :

Ministry of Consumer Affairs,

Department of Food and Public Distribution Krishi Bhawan, New Delhi – 110 001.

Through its Nodal Agency IFCI Limited

Having one of its Regional Offices at Uthamar Gandhi Road, Nungambakkam, Chennai – 600 034.

15.

M/s. Indian Renewable Energy Development Agency Ltd., A Public Limited Government Company Having its registered office at New Delhi Having office at: India Habitat Centre, Core 4A, 1st Floor, Lodhi Road., New Delhi.

16.

M/s. Dharani Credit & Finance Pvt. Ltd., Registered Address: PGP House, 57, Sterling Road, Nungambakkam, Chennai – 600 034. Tamil Nadu.

17.

M/s. Ananthi Developers Ltd.,

Registered Address: PGP House, 57,

Sterling Road, Nungambakkam,

Chennai – 600 034. Tamil Nadu.

…. Defendants

Counsels on record / appeared:

Counsel for Applicant

:

Mr. Devadakshan

D1 by

:

Mr. R. Murugavel, General Manager of D-1

D-2 to D-17

:

Absent. No representation

PROCEEDINGS DATED 12.08.2024

1.

On the last hearing date before the Registrar, a settlement memo is filed.

2.

The Ld. counsel for the applicant bank submits that there was a settlement reached between the D1 & D2 with the applicant bank and therefore he submits that the OA may be disposed of in terms of the settlement reached.

3.

The OA is filed for recovery of Rs.32,09,22,216.09p. Perused the Memo filed by the applicant dated 03.08.2024 which is signed by the Ld. Counsel for the applicant, enclosing the restructured sanction letter dated 22.03.2024 and the MRA dated 24.05.2024.

4.

Heard the Ld. counsel and the representative of D1 company.