The court allowed an application under Section 19(1) of the RDB Act. Finding the Defendant liable based on unchallenged documents, the Applicant was permitted to recover the dues plus interest and costs.
Applicant permitted to realize Rs.57,84,458/- plus interest at 14% per annum and costs from the Defendant.
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.
BEFORE THE DEBTS RECOVERY TRIBUNAL –II AT CHENNAI
Dated this 22nd day of May, 2023
PRESENT: SHRI T. RAJESH
PRESIDING OFFICER
TA No.545 of 2022
(Originally filed before DRT-I, Chennai as OA No.281 of 2020 and thereafter transferred to this Tribunal and renumbered as TA No.545 of 2022)
Punjab National Bank Nungambakkam Branch No.9, Nungambakkam High Road Chennai – 600 034 Represented by its Chief Manager
…Applicant
Versus
Mr. E. Venkatesh S/o Elumalai Old No.121, 3rd Street Periyar Avenue, Vadakupattu Extension Vellakkal, Chennai – 600 100
Also at
18, Kamaraj Nagar, Maduravoyal Chennai – 600 095 …Defendant
Counsel for the Applicant Bank : Mr. S. Vaidyanathan Counsel for Defendant : Ex-parte
FINAL ORDER
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(a) Whether the applicant had succeeded in proving the liability of the defendant?
These issues are considered together.
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by letter dated 14.3.2016 requested for rephasement of the loan and the applicant conveyed its sanction by letter dated 14.3.2016 rescheduling the loan. Exhibit A-6 evidences that the defendant executed Supplementary Term Loan agreement thereby agreeing to repay the loan in 53 installments of Rs.1,06,480/from March 2016. Exhibit A-7 evidences that the defendant confirmed the balance and security on 30.06.2017 by executing balance and security confirmation letters. Exhibit A-8, the statement of accounts in respect of the loan account produced and certified under the Banker’s Book Evidence Act, clearly indicates that the amount claimed by the applicant is due from the defendant. It is clear from the statement of accounts that penal interest is not capitalized.
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view that the pendent lite interest can be awarded at reduced rates and therefore proceeds to award interest at the rate of 14% per annum (simple).
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(Dictated to PS, transcribed by him, corrected, signed and pronounced by me in Open Court on this the 22nd day of May, 2023)
Sd/(T. RAJESH ) PRESIDING OFFICER DRT-II, CHENNAI
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2 issues framed by the court
Whether the applicant had succeeded in proving the liability of the defendant?
What order as to cost of the proceedings need be passed?
2 provisions across 1 enactments
Punjab National Bank Nungambakkam Branch
T. Rajesh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
