Ifin Securities Finance Ltd. v. Zylog Systems Limited

IN THE HIGH COURT OF JUDICATURE AT MADRAS

DATED : 25.03.2024

CORAM:

THE HONOURABLE MR.JUSTICE A.A.NAKKIRAN C.S.No.386 of 2016 and A.No.1843 0f 2023 IFIN SECURITIES FINANCE LIMITED (Formerly Incorporated as Narayanan Sriram Investments Pvt. Ltd., A company incorporated under the Companies Act 1956 and having its registered office at "Continental Chambers", III Floor, 142, Mahatma Gandhi Road Nungambakkam, Chennai-600 034.

Represented by its Legal-Executive Ms.Kalai Chithram.M.V .. Plaintiff Vs.

1.Zylog Systems Limited having its registered office at 155, Thiruvallur Saalai Kumaran Nagar, Sholinganallur Chennai-600 119.

2.Sudarshan Venkatraman 3.The Official Liquidator UTI Building, II Floor Rajaji Salai, Beach Road Mannady, George Town 1/4

Chennai-600 001.

Tamil Nadu (3rd defendant was impleaded as per order dated 17.09.2021 in Appl.

No.1999 of 2021) .. Defendants Prayer: Civil Suit filed under Order IV Rule 1 of the Original Side Rules of the High Court of Judicature at Madras read with Order VII Rule 1 of Civil Procedure Code, praying to pass the following judgment and decree: a) directing the defendants 1 and 2 jointly and severally to pay to the plaintiff a sum of Rs.2,66,92,251/- together with interest at 18% per annum on Rs.1,50,00,000/- from the date of plaint till the date of realisation. b) for costs of the suit.

For Plaintiff : Mr.N.Alagu Narayanan For Defendants : Mr.B.Dhanaraj for D3

JUDGMENT

When the matter came up for hearing today, the learned counsel for the plaintiff seeks permission of this Court to withdraw this suit with a liberty to approach the Official Liquidator to claim the money and he has also made an endorsement to that effect.

2. In view of the aforesaid submission and endorsement made by the 2/4

learned counsel for the plaintiff, this Civil Suit is dismissed as withdrawn with a liberty to approach the appropriate forum. No costs. Consequently, connected application is closed.

25.03.2024 Index:Yes/No Speaking/Non-speaking Order uma A.A.NAKKIRAN,J.

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