DRT-II Chennai allowed a Transfer Application filed under Section 19 of the RDDB Act, permitting the appellant bank to recover Rs. 21,03,522.31 with interest from the respondents via asset sale.
Recovery of Rs.21,03,522.31 with 9% p.a. simple interest by sale of property and tractor; issuance of Recovery Certificate.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
IN THE DEBT RECOVERY TRIBUNAL –II CHENNAI
Dated this 30th day of November, 2023
PRESENT: SHRI T.RAJESH PRESIDING OFFICER
TA.No.325 OF 2022
(Old OA.No.301/2019–DRT-I, Chennai)
State Bank of India, Chidambaram Branch, Rep.by its Manager, No.3, South Car Street, Chidambaram, Cuddalore District. Pin – 608 001.
.. APPLICANT.
Vs.
Counsel for Applicant : Mr.D.Mukundan. Defendants : Exparte.
ORDER
Recovery of Debt and Bankruptcy Act seeking recovery of Rs.21,03,522.31 with further interest from the date of filing of the TA
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and also by allowing the same to be recovered from the defendants
by sale of tractor and schedule mentioned properties.
The deceased husband of 1st defendant being the borrower had
applied for and availed the following facilities from the applicants:
| Credit Facility | Amount |
|---|---|
| Term loan | Rs.4,76,000/- |
| KCC advance | Rs.51,000/- |
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approached seeking repayment. However the 1st defendant had took over the loan by executing revival letters.
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ii) What orders are to be passed?
Both these issues are gone into and decided together.
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i) TA.No.325OF 2022 stands allowed. ii) Applicant is permitted to recover an amount of Rs.21,03,522.31 (Rupees Twenty One Lakhs Three Thousand Five Hundred and Twenty Two and Thirty One Paisa only) with future and pendentelite interest @ 9% p.a. (simple) from the date of filing of the OA till realization after giving credit to all the amount recovered and received during the pendency of the TA and by sale of the property and Tractor .
iii) It is made clear that the liability of the defendants is limited to the extent of their assets inherited from the deceased borrower.
iv) A Recovery Certificate is to be drawn and issued to the recovery officer to enable recovery of the amount as per the above terms.
v) Applicant is allowed to realize cost of the proceedings for which cost memo is to be filed in 7 days’ time from the date of receipt of the copy of the order.
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Section 19(21)(i) of the RDB Act, read with Rule 16 of DRT (Procedure)
Rules, 1993.
(Dictated to PA, transcribed by him, corrected, signed and pronounced by me in the Open Court, this 30th day of November, 2023)
Sd./- (T. RAJESH) PRESIDING OFFICER DRT-II, CHENNAI
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2 issues framed by the court
Whether the applicant succeeded in proving the OA claim?
What orders are to be passed in the Transfer Application?
3 provisions across 2 enactments
State Bank of India, Chidambaram Branch
S.Devagi
S.Jayashri
T.RAJESH
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
