In TA No.571 of 2022, the Debt Recovery Tribunal allowed Bank of Baroda's claim against Rajaram Engineering Works for Rs.39,22,336/-, awarding interest at 10% simple and ordering issuance of a Recovery Certificate.
Recovery of Rs.39,22,336/- with finding of pendentelite and future interest @ 10% simple; issuance of 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.571 OF 2022 (Old OA No.154/2021 - DRT-I, Chennai)
BANK OF BARODA, Regional Stressed Asset Recovery Branch, (ROSARB), Chennai Rural Region, Rep. by its Chief Manager, IFSC .No.BARBOSARCMT, No.123, Mezzanine Floor, Dugar Towers, RL Road, EGMORE, CHENNAI-600008. … APPLICANT
Vs.
M/s. RAJARAM ENGINEERING WORKS, Rep.by its PROPRIETOR Mr. G.RAJARAM, 238, SIDCO Women Industrial Park, Thirumullaivoyal, Chennai-600062. … DEFENDANT Counsel for Applicant : M/s.S.Pandurangan. Defendant : Exparte. …..
O R D E R
Recovery of Debt and Bankruptcy Act seeking recovery of Rs.39,22,336/- with further interest from the date of filing of the OA
and also by allowing the same to be recovered from defendant.
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ii) What orders are to be passed?
Both these issues are gone into and decided together.
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that the amount as claimed in the OA is outstanding in the account,
which the applicant is entitled to get recovered from the defendant and hypothecated assets. The claim of the applicant is well within the period of limitation and there is no Capitalization of penal interest. Since the applicant has claimed contractual rate of interest from the date of filing the OA, taking note of fact that the applied rate of interest is on the higher side, this Tribunal is of the opinion that pendentelite and future interest can be awarded at a reduced rate of @ 10% simple.
i) TA.No.571/2022 stands allowed. ii) Applicant is permitted to recover an amount of Rs.39,22,336/- with future and pendentelite interest @ 10% simple from the date of filing of the TA till realization from the defendant 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.
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( 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 had succeeded in proving the OA claim?
What orders are to be passed?
2 provisions across 1 enactments
BANK OF BARODA, Regional Stressed Asset Recovery Branch, (ROSARB), Chennai Rural Region
T.RAJESH
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
