M. Govindaraj, J.

1. The present writ petition is directed against the order passed by the Debts Recovery Tribunal - I, Chennai, dated 29.06.2016 in Memo dated 18.06.2016 in O.A.No.925 of 2000.

2. Originally, in the year 1996, the petitioner had availed term loan of Rs.5 Crores from Times Bank Limited. By the end of 1998, the petitioner repaid 50% of the borrowed amount and the balance was to be paid. While the matter stood thus, the Times Bank Limited was taken over by the first respondent/HDFC Bank Ltd. The first respondent, in the year 2000, initiated recovery proceedings, by filing O.A.No.925 of 2000, before the Debts Recovery Tribunal-I, for recovery of a sum of Rs.3,44,62,144.80, with future interest. The petitioner admitted the liability to an extent of Rs.2.35 Crores and contested the excess amount demanded. While the Original Application was pending before the Tribunal, an interim Debt Recovery Certificate in DRC No.259 of 2002 was issued for an admitted amount of Rs.2.35 crores. The petitioner paid a sum of Rs.55,00,000/- towards interim recovery certificate.

3. In the year 2006, the petitioner entered into a Memorandum of Understanding with one Subuthi Finance Lim