This order allowed a transfer application filed by a bank against borrowers and a guarantor. The tribunal found the debt of approximately Rs. 14.22 lakhs proved and awarded recovery along with 9% simple interest.
Recovery of Rs. 14,22,033.39 with future and pendentelite interest @9% p.a. (simple) and issuance of a 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.429 OF 2022
(Old OA.No.205/2019–DRT-I, Chennai)
M/s. City Union Bank Ltd., Anna Nagar Branch, Rep by its Chief Manager, F-46, I Avenue, Anna Nagar East, Chennai – 600 102.
… Applicant.
Vs.
… Defendants.
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Counsel for Applicant : M/s.A.Karthikeyan. Defendants : Exparte. …… ORDER
further interest from the date of filing of the TA and by allowing the same to be recovered from the defendants jointly and severally.
The 1st and 2nd defendants being the borrower and 3rd defendant being the guarantor had applied for and availed an education loan for Rs. 6,00,000/- for studies of the 3rd defendant from the applicant.
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the account and the same being declared as NPA with effect from 30.09.2013.
20.03.2018 by issuing a letter.
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ii) What orders are to be passed?
Both these issues are gone into and decided together.
ii) Applicant is permitted to recover an amount of Rs.14,22,033.39 (Rupees Fourteen Lakhs Twenty Two
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Thousands Thirty Three and Thirty Nine Paisa only) with future and pendentelite interest @9% 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) A Recovery Certificate is to be drawn and issued to the recovery officer to enable recovery of the amount as per the above terms.
iv) 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.
13 Communicate a copy of the order to the parties concerned in terms of
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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1 issue framed by the court
Whether the applicant succeeded in proving the debt recovery claim?
1 provisions across 1 enactments
M/s. City Union Bank Ltd., Anna Nagar Branch
Mr. T.K. Kannan
T. Rajesh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
