Idbi Bank Limited v. Ramphal
Case brief
What is this about?
The tribunal allowed the bank's application for recovery of Rs. 27.46 lakhs against an agriculturist borrower. The court reducted the interest rate to 8% annually due to pandemic impact and agricultural market conditions.
What did the court decide?
Recovery Certificate issued; Defendant liable to pay Rs. 27,45,534.83 with simple interest @8% p.a. from filing date.
What the court decided
DEBTS RECOVERY TRIBUNAL-2, CHANDIGARH, PRESIDED OVER BY M.M. DHONCHAK
ORIGINAL APPLICATION NO.1652/2022
DATE OF INSTITUTION: 09.09.2022
DATE OF DECISION: 17th DAY OF MAY, 2023
IDBI Bank Limited , company registered under the Companies Act, 1956 (1 of 1956) and a Company within the meaning of Section 2 (20) of the Companies Act, 2013 and a Banking Company within the meaning of Section 5 (c) of the Banking Regulation Act, 1949 (10 of 1949), having its registered office at IDBI Tower, WTC Complex, Cuffe Parade, Mumbai400005 and a Branch amongst others at Swaraj Housing Co-Operative Society Limited, Hisar Cantt., Gate No. 2, Satroad, Hisar, Haryana, through Sh. Ashwani Jain, Branch Head and authorized signatory of IDBI Bank Limited
....Applicant Bank
Versus
Sh. Ramphal S/o Sh. Ajmer R/o Village and Post Office Bhatla, Tehsil Hansi, District Hisar, Haryana-125033
.....Defendant
Argued by: Sh. Tejinder K. Joshi counsel for the applicant bank Defendant ex parte vide order dated 02.02.2023
Issues for consideration
2 issues framed by the court
Whether the applicant bank is entitled to recovery of the outstanding loan amount from the defaulting borrower.
Whether the tribunal should modify the rate of interest claimed by the applicant bank considering prevailing economic conditions.
Parties & counsel
- applicant
IDBI Bank Limited
Coram
M.M. Dhonchak
Case details
As recorded by the court registry
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