Bank of India v. Sangeeta
Case brief
What is this about?
In an ex parte recovery application, the Tribunal allowed the Bank of India's claim against the borrower and guarantors. The court adjusted the sought future interest to 9% simple interest and directed sale rights on mortgaged property.
What did the court decide?
Payment of Rs.88,74,574/- with future interest @9% per annum simple; order permitting sale of mortgaged property to recover dues; issuance of Recovery Certificate.
What the court decided
Presented on: 25.12.2021 Registered on: 13.04.2022 Decided on: 10.05.2023 Duration: Y M D 1 4 16
IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G. Murumkar, Presiding Officer) ORIGINAL APPLICATION No.411/2022
Bank of India
A Body Corporate Constituted under the Banking Companies (Acquisition & Transfer of Undertakings Act V of 1970) having its Head Office at Star House, C-5, G Block, Bandra-Kurla Complex, Bandra (East), Mumbai – 400 051 and Branch Offices at various Places inter-alia at Umadi, Taluka Jath, District Sangli
… Applicant
Versus
- Mrs. Sangeeta Madgonda Jakune R/at: AP Umadi, Tal. Jath, District Sangli
- Mr. Madgonda Malsiddha Jakune R/at: AP Umadi, Tal. Jath, District Sangli
- Mr. Sanganbasappa Ramanna Mali R/at: AP Umadi, Tal. Jath, District
[SRD]
(OA No.411/2022)
Issues for consideration
2 issues framed by the court
Whether the recovery application is maintainable when defendants fail to appear after service of summons.
Whether the prayed future interest rate of 13.75% should be limited to 9% per annum simple.
Parties & counsel
- applicant
Bank of India
Coram
Dilip G. Murumkar
Case details
As recorded by the court registry
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