The Tribunal allowed the transfer application filed by Canara Bank against two defendants for recovery of an outstanding agricultural term loan along with interest and cost, permitting sale of mortgaged properties.
Recovery of Rs. 11,04,584/- with interest at 9% p.a., sale of mortgaged properties, issuance of Recovery Certificate, and准许 of costs.
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IN THE DEBT RECOVERY TRIBUNAL –II CHENNAI Dated this 30th day of November, 2023
PRESENT: SHRI T.RAJESH PRESIDING OFFICER
TA.No.428 OF 2022
(Old TA.No.190/2019–DRT-I, Chennai) (Old OA.No.130/2017–DRT-III, Chennai)
CANARA BANK, Thanjavur Main Branch, Represented by its Senior Manager, South Main Street, Thanjavur. Pin- 613 009.
… Applicant.
Vs.
ORDER
of Debt and Bankruptcy Act seeking recovery of Rs.11,04,584/- with
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further interest from the date of filing of the TA and by allowing the same to be recovered from the defendants jointly and severally and by the sale of schedule mentioned mortgaged properties.
The defendants being the borrower had applied for and availed a Term loan facility from the applicant for Rs.3,94,000/- for the purchase of a tractor which is scheduled in the TA.
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Both these issues are gone into and decided together.
ii) Applicant is permitted to recover an amount of Rs. 11,04,584/- (Eleven Lakhs Four Thousand Five Hundred and Eighty Four only) with future and pendentelite interest
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@ 9% p.a.(simple) from the date of filing of the TA till realization from the defendants after giving credit to all the amounts recovered and received during the pendency of the TA and by sale of hypothecated vehicle.
iii) The schedule B properties be proceeded against and sold and if the sale proceeds are not sufficient the defendants
and their other assets are liable to be proceeded against.
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?
What orders are to be passed for recovery of the dues?
3 provisions across 3 enactments
Canara Bank, Thanjavur Main Branch
Shri T. Rajesh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
