Allowed

Canara Bank v. Anbalagan

DRT14 Jun 2023MA/81/2023

Case brief

AI extract

What is this about?

The Tribunal allowed the Bank's application to condone a delay of 338 days in re-presenting its Original Application. The order noted the delay was caused by the Bank's inaction regarding a document trace but did not condone the interest claim for the defaulted period immediately, reserving it for the Recovery Certificate stage.

What did the court decide?

MA allowed; condonation of 338 days delay permitted subject to future consideration of interest claim for the defaulted period.

Canara Bank versus Anbalagan — Banking and Recovery | DRT (2023)

¶1

MA No.81/2023 in OASR No.7685/21 1

¶2

14.06.2023

¶3

IN THE DEBTS RECOVERY TRIBUNAL – III, CHENNAI

¶4

Dated this the 14^th day of June, 2023

¶5

Present: Shri Ganapathi K.R.K. Presiding Officer

¶6

MA No.81/23 in OASR No.7685/2021

¶7

Canara Bank, Thirumazhapadi Branch, Rep. by its Manager, No.4, Main Road, Thirumazhapadi,

¶8

.....Petitioner

¶9

Vs.

¶10

Mr.M.Anbalagan, S/o.Shri.Manickam, Old No.1/402, New No.4/145, Main Road, Keezhakavattankurichi Village, Ariyalur Taluk, Ariyalur District – 621 715. ….Respondent

¶11

Counsel for Applicant : M/s.M.Muthukumaran. O R D E R

¶12

This MA is filed by the Petitioner / Applicant Bank for condonation of delay of

¶13

338 days in re-presenting the Original Application after complying with the office objections.

¶14

It is the case of the petitioner / applicant bank submitted that the returns were duly contemplated to be complied upon, however as applicant bank could not trace out one vital document immediately, which was traced out at a later point of time. Hence,

¶15

they could not re-present the OA within time granted by this Tribunal and therefore prays to condone the delay.

¶16

MA No.81/2023 in OASR No.7685/21 2

¶17

14.06.2023

¶18

On perusal of records, it is seen that this is an OA filed for recovery of sum of Rs.43,43,985/- together with future interest at the rate of 16.55% p.a. compounded with half yearly rests from defendant. It is not explained anywhere in the petition as to how applicant bank will be entitled to claim interest at the contractual rate for the period of delay, which is owing to their inaction and not attributable to any action of the defendant. As the period of delay is on the very high side, condonation of the same by levying formal amount in the form of costs payable either to the Library Fund or to any Charity organization as a measure of reprimand would not be justifiable when compared with the levy of interest burden on the defendant for the period of default on the part of the applicant bank for no fault of the borrower.

¶19

However, in the circumstances, this MA is allowed on the condition that the subject of levy of interest for the defaulted period (338 days) which is condoned at this stage of the OA proceedings shall stand for consideration at the time of issuance of Recovery Certificate by the progress of the case and the conduct of the case on behalf of the applicant bank till the stage of issuance of the recovery certificate. Registry is directed to put up a note accordingly for consideration of claim of interest for this default period at the time of drawing of the Recovery Certificate in case for an order thereto by the Tribunal.

¶20

Registry is directed to number the OA, if otherwise found to be in order.

¶21

(Dictated to PS, transcribed by her, corrected, corrected, signed and processed through E-drt on this the 14^th day of June, 2023)

¶22

Sd/- (GANAPATHI K.R.K) PRESIDING OFFICER

Canara Bank v. Anbalagan

Case brief

What is this about?

What did the court decide?

Canara Bank v. Anbalagan

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

Similar cases

Canara Bank versus Total Supply Chain And Food Solution Pvt. Ltd. And Four Others

Indian Overseas Bank versus M/S Caris Pure Processing Company Pvt. Ltd.

Mrs Vijay Vani Panati versus The Authourised Officer Piramal Capital Housing Finance Limited

Rr Manohar versus PNB Housing Finance Limited

M s Venishaa Foundations versus Canara Bank

Sri Sai Hari Exports versus The Authourised Officer Bajaj Finance Limited