Allowed

Mrs.Vasantha & Ors. v. Indian Overseas Bank Ltd. & Ors.

DRAT5 Jun 2025MISC APPEAL/38/2021

Case brief

AI extract

What is this about?

The Debt Recovery Appellate Tribunal at Chennai allowed appeals MA 37/2021 and MA 38/2021 filed by four successors-in-interest of the deceased borrower against orders in main appeals. The Tribunal set aside two earlier interest allowance orders from the DRT and directed remand for a merits decision after production of documents.

What did the court decide?

Impugned orders allowing interest in IA 135/2005 and IA 136/2005 set aside; main appeals rested with DRT for merits decision.

Mrs.Vasantha & Ors. versus Indian Overseas Bank Ltd. &amp… — Company and Corporate | DRAT (2025)

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IN THE DEBT RECOVERY APPELLATE TRIBUNAL AT CHENNAI

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Dated the 5^th day of June, 2025

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PRESENT: HON’BLE MR. JUSTICE G. CHANDRASEKHARAN

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CHAIRPERSON

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MA 37/2021 and MA 38/2021

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(Arising out of IA 135/2005 & IA 136/2005 in MA Nos.253, 254 & 255/2004 on the file of DRT - I, Chennai)

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Between

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1. Vasantha W/o late A.Krishnan

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2. K. ThillaiRajan S/o (late) A.Krishnan

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3. K.Durgapriya D/o (late) A.Krishnan

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4. K. Vivekanandan S/o (late) A.Krishnan

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All are residing at: No.24/2 Indira Gandhi Street, Kaveri Nagar, Saidapet, Chenani -600 015 …..Appellants

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And

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1. The Chief Manager Indian Overseas Bank, E-104B, 3^rd Main Road, GOCHS Colony, Besant Nagar, Chennai – 600 090 (Amended as per IA 196/2020 dated 19.03.2020)

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2. M/s.Kinch Electronics

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No.101, Royapettah High Road, Chennai 600 004 Represented by its proprietirx Mrs. Radhasankar, No.12, Veera Perumal Street, Triplicane, Chennai- 600 055.

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3. Bhaskar S/o Mr.S.Mangappan No.9, Kamba Street, Chelli Nagar Chennai - 600 073 …..Respondents

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Counsel for Appellants : Mr.K.S.V.Sethuraman Counsel for Respondent 1 : Mr. F.B.Benjamin George Counsel for Respondent 2 & 3 : None

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COMMON ORDER

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MA 37/2021 is filed against the order passed in IA 135/2005 in MA Nos.253, 254 and 255/2004.

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MA 38/2021 is filed against the order passed in IA 136/2005 in MA Nos.253, 254 and 255/2004.

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Ld. Counsel for appellants submitted that appellants have complied with the cost imposed by this Tribunal by its common order dated 15.05.2025 and filed memo to that effect evidencing the same.

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In view of compliance of costs, these appeals MA 37/2021 and MA 38/2021 are allowed.

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The orders passed in IA 135/2005 and IA 136/2005 are hereby set aside. The Ld. Presiding Officer, DRT – 1, Chennai is directed to restore MA Nos.253, 254 and 255/2004 and decide these appeals on merits and in accordance with law, after affording opportunities to both the parties to produce documents, if any and make submissions.

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Sd/-

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(JUSTICE G. CHANDRASEKHARAN) CHAIRPERSON

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Mrs.Vasantha & Ors. v. Indian Overseas Bank Ltd. & Ors.

Case brief

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Mrs.Vasantha & Ors. v. Indian Overseas Bank Ltd. & Ors.

Case brief

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