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2023 DIGILAW 1001 (KAR)

Tanglin Developments Limited v. RBL Bank Limited

2023-08-22

KRISHNA S.DIXIT

body2023
ORDER : (Krishna S. Dixit, J.) All the stakeholders in the matter being signatories to the settlement have filed the Memo dated 22.8.2023 reporting settlement and thereby, putting a decent burial to the lis in question, allowing adjudication of subject O.As pending before the DRT to continue, in accordance with law. Learned Advocates appearing for the parties to the Settlement seek disposal of these cases in terms thereof. 2. The settlement arrived at by and between the parties as printed in the said Joint Memo reads as under: "Joint Memo For Disposal Of The Writ Petition The parties to the present Writ Petition most respectfully submit as follows: 1. It is most humbly submitted that the Respondent Nos. 7 to 12 have executed settlement agreements with the Respondent Nos. 1 to 6 (wherever they are concerned with the relevant loans), the details of which are provided in Paragraph 30 of the Writ Petition. 2. As per the terms of the settlement agreements, the Respondent Nos. 7 to 12 are to be paid the sums agreed in the settlement agreements. The Petitioner No. 2 has obtained demand drafts in accordance with the terms of the settlement agreements executed with the Respondent No. 7 to 12 and has kept the demand drafts ready to be handed over to the Respondent Nos. 7 to 12 on or before August 28, 2023. Copies of these demand drafts are annexed hereto as Annexure A to this memo. However, to achieve complete closure of the transaction by way of redemption of outstanding debentures and purchase of balance 1000 equity shares held by Respondent No. 2 in the Petitioner No. 2, the interim orders dated August 21, 2020 (as modified on August 27, 2023) passed in I.A. No. 1177 of 2020 in OA. No. 805 of 2020 on the file of the Hon'ble Debts Recovery Tribunal - II, Karnataka at Bangalore and interim order dated June 22, 2023 passed in I.A. No. 1091 of 2021 passed in O.A. No. 515 of 2021 on the file of the Hon'ble Debts Recovery Tribunal - II, Karnataka at Bangalore have to be vacated. The Respondent No. 7 to 12 have no objections in vacation of the said interim orders and the same was agreed to under the settlement agreements. 3. The Respondent No. 7 to 12 have no objections in vacation of the said interim orders and the same was agreed to under the settlement agreements. 3. Therefore, in terms of this joint memo, this Hon'ble Court may be pleased to: a. Set aside/vacate the orders dated August 21, 2020 (as modified on August 27, 2023) passed in I.A. No. 1177 of 2020 in O.A. No. 805 of 2020 on the file of the Hon'ble Debts Recovery Tribunal - II, Karnataka at Bangalore and interim order dated June 22, 2021 passed in I.A. No. 1019 of 2021 passed in O.A. No. 515 of 2021 on the file of the Hon'ble Debts Recovery Tribunal II, Karnataka at Bangalore; b. Permit/direct the Petitioner No. 2 to handover the original demand drafts which aggregates to a sum of Rs. 160,48,41,415/- (Rupees One Hundred and Sixty Crores Forty Eight Lakhs Forty One Thousand Four Hundred and Fifteen only) (copies of which are at Annexure A of this memo) to the Respondent Nos. 7 to 12 in compliance with the terms of the settlement agreements; c. Permit/direct the Petitioner No. 2 to pay Rs. 188,61,58,585/- (Rupees One Hundred and Eighty Eight Crores Sixty One Lakhs Fifty Eight Thousand Five Hundred and Eighty Five only) into the Escrow Bank Account maintained with Yes Bank Limited in accordance with the terms of the settlement agreements and to complete closure of the transaction; d. Direct that on receipt of the demand draft for Rs. 14,00,00,000/- (Rupees Fourteen Crores only) by Respondent No. 7, the IA No. 1177 of 2020 in O.A. No. 805 of 2020 on the file of the Hon'ble Debts Recovery Tribunal - II, Karnataka at Bangalore shall stand withdrawn; e. Direct that on receipt of demand draft of Rs. 22,93,41,425 (Rupees Twenty Two Crores Ninety Three Lakh Forty One Thousand Four Hundred and Twenty Five only) by the Respondent No. 9, the O.A. No. 1025 of 2022 on the file of the Hon'ble Debts Recovery Tribunal - II, Karnataka at Bangalore shall stand dismissed as withdrawn; f. The Respondents shall adhere to the terms of the settlement agreements entered into with Respondent No. 7 to 12; g. Set aside the order dated August 2, 2023 passed in IA No. 1532 of 2023 in O.A. No. 805 of 2020 on the file of the Hon'ble Debts Recovery Tribunal - II, Karnataka at Bangalore. 4. 4. The parties hereby undertake to implement their respective terms/obligations under the settlement agreements executed with the Respondent No. 7 to 12. 5. In light of the above, it is most humbly prayed that the present Writ Petition may be disposed of in terms of this memo. Place: Bangalore Date: 22/08/2023 3. The settlement Memo is signed by Mindcomp Regency Park Private Limited-Petitioner No.1, GV Techparks Private Limited-Petitioner No.2, Coffee Day Global Limited-Respondent No.1, Tanglin Developments Limited-Respondent No.2, Kotak Mahindra Bank- Respondent No.7, RBL Bank Limited-Respondent No.8, JC Flowers Asset Reconstruction Private Limited-Respondent No.9, IndusInd Bank-Respondent No.10, Bajaj Finance Limited-Respondent No.11 and Karnataka Bank Limited Respondent No.12. Learned advocates on record appearing for the respective parties, identify & vouch the signatures of their clients as would appear on the Joint Memo. 4. A perusal of the contents of the Joint Memo of Settlement prima facie shows that the same is bona fide and that there is no impediment factual or legal, for disposing of these Petitions recording the settlement. Learned Sr. Advocate Mr.Uday Holla appearing for the petitioners in W.P.No.18495/2023 has handed seven Demand Drafts to the concerned respondents, details of which are given in the following tabular form: Sl.No Name of the Party Respondent Nos. Amount DD Number 1. Kotak Mahindra Bank Respondent No.7 Rs. 14,00,00,000/- 688851 2. RBL Bank Limited Respondent No.8 Rs. 7,00,00,000/- 688850 3. J.C.Flower Asset Reconstruction Pvt. Ltd (Yes Bank Loan Facility to TDL) Respondent No.9 Rs.22,93,41,415 /- 688906 4. J.C.Flower Asset Reconstruction Pvt. Ltd (Yes Bank SLL Facility) Rs.50,00,00,000/- 688907 5. IndusInd Bank Limited Respondent No.10 Rs.17,45,00,000/- 688909 6. Bajaj Finance Limited Respondent No.11 Rs.27,00,00,000/- 688908 7. Karnataka Bank Limited Respondent No.12 Rs.22,00,00,000/- 688910 Seven bank drafts handed by the petitioners have been accepted and acknowledged by the learned advocates representing the respondents mentioned in the table above. It is assured by the petitioners in W.P.No.18495/2023 that the subject bank drafts shall be honoured on due presentation. They are apprised of the possible consequences if the same are not honoured as assured. Ordered accordingly and Writ Petitions are disposed off; as a consequence, the impugned order dated 2.8.2023 passed on I.A.No.1532/2023 in O.A.No.805/2020 and Order dated 21.8.2020 as modified on 27.8.2020 passed on I.A.No.1177/2020 in the said O.A. and also the Order dated 22.6.2021 passed on I.A.No.1091/2021 in O.A.No.515/2021, stand quashed. Ordered accordingly and Writ Petitions are disposed off; as a consequence, the impugned order dated 2.8.2023 passed on I.A.No.1532/2023 in O.A.No.805/2020 and Order dated 21.8.2020 as modified on 27.8.2020 passed on I.A.No.1177/2020 in the said O.A. and also the Order dated 22.6.2021 passed on I.A.No.1091/2021 in O.A.No.515/2021, stand quashed. Nothing mentioned herein above or in the Settlement Memo shall cast its shadow or light on the subject pending O.As which shall be heard & decided on their own merits, all contentions of the parties having been kept open.