BANK OF INDIA vs M R Narayan and Another on 29 December 2020

1. 1. Sri. M.R. Narayan. S/o. Late. Ramachandraiah,

2. 2. Smt. Lakkamma. W/o. Ramachandraiah,

Both the Defendants are Residing at: No.16, "Cauvery Nilaya", 4^th Cross, Prashant Nagar, Devanahalli, Bangalore-562110.

**...DEFENDANTS**

**ORDERS ON IA NO.33/2020**

The Applicant Bank has filed I.A. No.33/2020 to withdraw Recovery proceedings as the matter settled out of court, between the parties.

2. The Chief Manager of the Applicant Bank came out with an affidavit stating that the O.A No.468/2015 was filed for recovery of debts from the defendants, and the same was allowed and DRC No.2711/2017

2IA No.33/2020 in RC No. 2711/2017 in

was issued. During the course of the Recovery Proceedings the defendants in the above case have entered into a compromise with the Applicant Bank and they have remitted the sum of Rs.18,00,000/- towards full and final settlement of the applicant claim, under OTS scheme filed against the defendants. The Defendants have cleared all the dues to the Applicant Bank and Applicant bank have recovered entire claim amount and closed the loan accounts.

3. The Applicant Bank further prays in the Affidavits dated 01.12.2020 to drop further recovery proceedings in the above matter and permit the Applicant bank to withdraw the Recovery Certificate No.2711/2017.

4. Perused the records. The OA is filed for recovery of a sum of Rs.35,74,531/- due from the defendants/Certified Debtors together with current and future interest and costs and the same was allowed and DRC No.2711/2017 was issued. During the pendency of the recovery proceedings the parties have entered into compromise settlement, and as stated in the affidavit a sum of Rs.18,00,000/- have been remitted by the defendants towards full and final claim of the applicant bank. As the entire claim of the applicant bank is received by the applicant bank, hence nothing survives in the present DRC No.2711/2017, as prayed in the affidavit, DRC No.2711/2017 issued is recalled and closed.

3IA No.33/2020 in RC No. 2711/2017 in

5. In view of the fact that the entire claim amount of the applicant is recovered, and the prayer for withdrawal of the Recovery Certificate bearing DRC No.2711/2017 is allowed. Accordingly, I.A. No.33/2020 stands allowed. A copy of the order is to be communicated to the Concerned R.O.

*[Dictated to the steno (TS), transcribed by her, corrected by me and then pronounced in the open court on this the 29^th day of December, 2020]*

**Sd/-** **Presiding Officer** DRT-II, Bengaluru