This transfer application filed under Section 19 of the RDB Act sought recovery of a loan amount of Rs. 11,01,631 with interest. The Tribune allowed the application due to lack of rebuttal from defendants appearing ex parte.
Permitted to recover Rs.11,01,681 with future interest @11.25% p.a.; schedule property to be sold; Recovery Certificate issued.
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.409 OF 2022
(Old TA.No.402/2018–DRT-I, Chennai) (Old OA.No.148/2018–DRT-III, Chennai)
Canara Bank,
(Erstwhile Syndicate Bank), Arni Road Branch, Represented by its Senior Branch Manager 16, Arni Road, Kosapet, Vellore.
… Applicant.
Vs.
Vellore - 632 202.
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Counsel for Applicant : M/s.K.V.Subramanian Associatez. Defendants : Exparte. ……
ORDER
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applicant to file this TA seeking recovery of the amount due in the account with further interest and cost.
Both these issues are gone into and decided together.
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as claimed in the TA is outstanding in the account, which the applicant
is entitled to get recovered from the defendants and their assets (including the schedule mentioned property). The claim of the applicant is well within the period of limitation and there is no Capitalization of penal interest. Since the transaction is a commercial interest as claimed is allowed. But the prayer for monthly rest and penal interest is rejected.
i) TA No.409/2022 stands allowed.
ii) Applicant is permitted to recover an amount of Rs.11,01,681/- (Rupees Eleven Lakhs One Thousand Six Hundred and Eighty One only) with future and pendentelite interest @ 11.25% p.a. (simple) from the date of filing of the TA till realization from the defendants after giving credit to all the amount recovered and received during the pendency of the TA .
iii) The schedule property to be proceeded against and sold and if the sale proceeds are not sufficient the defendants and their other assets are liable to be proceed against.
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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.
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 transfer application claim against the defendants.
What orders are to be passed regarding the recovery of the claimed amount.
2 provisions across 1 enactments
Canara Bank
Thirumalai Infotech
Mrs. Kuppa Bai
Mr. Saravanan.S.
Mr. Vivek.R.
T. RAJESH
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
