The arbitral tribunal allowed the transfer application filed by a bank against defendants for recovery of a defaulted business loan, permitting recovery of the principal amount along with future and pendentelite interest.
Recovery of Rs.24,35,425.77 with future and pendentelite interest at 12% p.a.; 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 28th day of December, 2023
PRESENT: SHRI T.RAJESH PRESIDING OFFICER
T.A.No.554 of 2023
(Old OA.No.126/2020–DRT-I, Chennai)
M/s.Deusche Bank AG, 4-4A, Western Tower, Sunny Side, Ground Floor Shafi Mohammed Road, Thousand Lights, Chennai – 600 006.
… Applicant.
Vs.
Counsel for Applicant : M/s.Saikrishnan Associates. Defendants : Exparte.
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ORDER
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same, no effort was made by the defendants to get the account regularized over to pay back the amount. Even as no repayment was made despite repeated requests, the applicant had on 26.06.2019 caused to issue a lawyer notice requiring repayment of the amount due in the account.
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Both these issues are gone into and decided together.
i) TA No.554/2023 stands allowed.
ii) Applicant is permitted to recover an amount of Rs.24,35,425.77 (Rupees Twenty Four Lakhs Thirty Five Thousand Four Hundred Twenty Five and Seventy Seven
only) with future and pendentelite interest @ 12% p.a.
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(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.
(Dictated to PA, transcribed by him, corrected, signed and pronounced by me in the Open Court, this 28th day of December, 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 regarding recovery and interest?
1 provisions across 1 enactments
M/s.Deusche Bank AG
M/s.Adgear Media Private Ltd.
Mr.S.Krishnan
T. RAJESH
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
