J.C.FLOWERS ASSETS RECONSTRUCTION COMPANY LIMITED vs M/s. Lily Realty Pvt Ltd on 16 October 2026

IN THE DEBTS RECOVERY TRIBUNAL –I AT CHENNAI

Dated this 16th Day of October, 2026

PRESENT: SHRI A.S.JAYACHANDRA

Presiding Officer

TA 150 of 2022

(OA 1311/2021 – DRT-2, Bangalore)

BETWEEN:

J.C. Flowers Asset Reconstruction Pvt. Ltd., Acting in its capacity as trustee of JCF ARC Trust 2024-25/39, Having office at 203-206, 2nd Floor, Wing A, Inspire BKC, Bandra Kurla Complex, Bandra East, Mumbai – 400 051.

. . . Applicant

And

1.

Lily Realty Pvt. Ltd.

Having its registered office at:

Also at:

2nd Floor, Dodda Mane Bldg.,

19/1, Vittal Mallya Road,

Bengaluru – 560 001.

2.

Mr. Asit Koticha,

Rameshwara Apartment, 19th Floor,

Palkhewadi, K.D. Marg,

Prabhadevi, Mumbai -400 028.

3.

Mrs. Kanan Koticha,

Rameshwara Apartment, 19th Floor,

Palkhewadi, K.D. Marg,

Prabhadevi, Mumbai -400 028.

4.

Aahana Realty Pvt. Ltd.

5.

Swarit Realty Pvt. Ltd.,

Having registered office at:

6.

IDBI Trusteeship Services Ltd.

Having its registered office at:

Ground Floor, Asian Building,

17, R Kamani Road, Ballard Estate, Fort, Mumbai – 400 001

. . . Defendants

PROCEEDINGS DATED – 16.10.2026

Applicant by Ms. Aishwarya, Adv.

D1 to D5 by Ms. Vasunthra, Adv – appears through VC.

None for D6.

The Ld. Counsel for the applicant has filed the amended memo of parties along with the memo of consent terms.

It is submitted by both the counsel that the parties have entered into Restructuring Support Finance Facility (RSF) vide the terms of settlement dated 22.04.2026; accordingly the joint memo is filed dated 02.06.2026.

Heard the Ld. Counsel on the joint memo of compromise.

ORDERS ON THE JOINT MEMO OF COMPROMISE DATED 02.06.2026

1. The joint compromise memo is filed by the applicant and the defendant no. 1 to 5 seeking disposal of the matter since settled outside the Tribunal. The same is duly signed by all the parties which is executed at Mumbai. The same is also duly notarized.

2. The OA was originally filed by Yes Bank for recovery of Rs.386,58,15,235/- against defendants 1 to 5 before the DRT – II, Bangalore OA 1311 of 2021 which is now re-numbered after the transfer of the case to this Tribunal.

3. The original applicant Yes Bank had assigned the debt claimed in favour of M/s. JC Flowers Asset Reconstruction Private Limited passing through the earlier assignee. The substitution of this ARC is allowed vide order dated 08.10.2026.

4. According to the parties the present settlement is arrived after failure of earlier two settlements.

5. The present settlement shows that the applicant ARC had granted Restructuring Support Finance Facility (RSF) to the tune of Rs.30 crores.

The same is covered under the settlement sanction letter dated 22.04.2026 which is acted upon by both the parties. Accordingly, an amount of Rs.10 crores from the designated escrow account is appropriated and adjusted in terms of the sanction letter. The settlement amount is Rs.106,40,00,000/- as per the timelines fixed which is payable under nine installments and the last installment being 31.03.2029 as mention in para no. 3 of the settlement terms.

6. It is submitted by the Ld. Counsel on both the sides that in case the defendants 1 to 5 fail, in honoring the terms of settlement as per the timelines fixed / agreed or in the case of breach, the settlement would stand revoked at the discretion of the applicant. It is also agreed that in case of such default the debt outstanding as on the date of termination along with interest and other charges post appropriation would stand re-instated for which it is agreed that the recovery certificate could be issued.

7. After going through the settlement terms and the application filed, it is seen that the parties have agreed to a settlement outside the Tribunal and the Ld. counsel submit that the TA may be disposed of in terms of the settlement mentioned in the consent memorandum dated 02.06.2026. In view of the above, the present TA stands disposed of by the following;