R.A:28/2011
OA 491 /1999 on the file of DRT - 1 chennai
Ld. Counsel Shri Kasturi Rangan appearing on behalf of the first respondent stated that a sum of Rs.2 crores deposited by the first respondent’s son is lying in a Fixed Deposit with the Indian Bank, Ethiraj Salai branch and that the first respondent’s son has given a letter to the bank for appropriation of the said sum towards the settlement of the dues of his father.
The Ld. Counsel stated that this tribunal may act upon the letter and permit the bank to appropriate the said sum of Rs. 2 crores lying with the Indian Bank, Ethiraj Salai branch as per the terms set out in the letter which includes the appropriation of the sum of Rs. 3 crores which is lying in deposit with the Alwarpet Branch of Indian Bank and which has been deposited by Shri A. Ramadas Rao.
The Ld. Counsel added that the lis is long pending and that all the parties are desirous of settling the matter. The Ld. Counsel requested that this Tribunal to pass orders permitting the bank to appropriate the sum of Rs. 2 crores lying with them as requested by the first respondent’s son.
Ld. Counsel Ms. Vasudha Thiagarajan appears on behalf of Shri Ramadas Rao and stated that Shri Ramadas Rao is only interested in an amicable settlement and that he is also ready and willing to permit the bank to appropriate the sum of Rs. 3 crores deposited by him and lying with the Alwarpet branch of the Indian Bank provided the sum of Rs. 2 crores deposited by the first respondent’s son with the Indian Bank is appropriated first.
Heard the Ld. Counsel.
It is seen that once the sum of Rs.2 crores lying with Indian Bank, Ethiraj Salai Branch and the sum of Rs. 3 crores lying in the Alwarpet Branch of the Indian Bank are appropriated the first respondent would be liable to pay only a sum of Rs.1 crore for the settlement.
In view of the facts and circumstances of the case it would be appropriate if this Tribunal passes the following order:
“Indian Bank is permitted to appropriate the sum of Rs.2 crores deposited by the first respondent’s son lying in a Fixed Deposit with the Indian Bank, Ethiraj Salai alongwith the accrued interest towards the settlement and immediately after the said sum of Rs. 2 crores is appropriated for the settlement of the loan account of the first respondent the bank is also permitted to appropriate the sum of Rs.3 crores lying deposited in the SB account of Shri A. Ramadas Rao in Alwarpet branch of Indian Bank towards the settlement”
Call on 9.1.2012 for further proceedings.
IA-290/2011 (Stay) – Call with RA on 9.1.2012.
IA-1461/2011(Implead Petition) – Call with RA on 9.1.2012.
The Chair Person of DRAT Chennai passed this order on 25th Nov 2011
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