The Tribunal allowed the transfer application filed by Canara Bank against borrowers and guarantor for recovery of a housing loan amount of Rs.29,55,560/- with interest. The claims were found uncontroverted and admissible.
Recovery of Rs.29,55,560/- with interest @9.50% from defendants; sale of schedule property; issuance of Recovery Certificate.
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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.771 OF 2023 (Old OA.No.21/2019–DRT-I, Chennai)
Canara Bank,
(Erstwhile Syndicate Bank), Vellore Main Branch, Represented by its Chief Manager, Regional Office II, No.2/3, 2nd Floor, Gurumisiri Complex, Kamarajar Street, Tambaram West Chennai – 600 045.
… Applicant.
Vs.
No.140, New Street, Veera Reddy Palayam, Thellur Village, Ussoor Post, Vellore District – 632 105.
No. 140, New Street,
Veera Reddy Palayam, Thellur Village, Ussoor Post,
Vellore District – 632 105.
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S/o.Mr.Anbalagan.G., No.2/12, New Street, Veera Reddy Palayam, Thellur Village, Ussoor Post, Vellore District-632 105.
Also at: No.35, Mariyamman Koil Street, Veera Reddy Palayam, Thellur Village, Ussoor Post, Vellore District – 632 105. … Defendants. Counsel for Applicant : M/s.K.V.Subramanian Associatez. Defendants : Exparte.
ORDER
The 1st defendant being the borrower and 2nd defendant being the co-
borrower along with the 3rd defendant the guarantor had applied for
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and availed housing loan for Rs.24,70,000/- from erstwhile Syndicate Bank. The facility availed was for Rs. 24,70,000/-.
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The following issues arise for consideration in this matter:
ii) What orders are to be passed?
Both these issues are gone into and decided together.
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applicant were found admissible. From the statement of accounts as produced by the applicant, it is evident that the amount as claimed in the TA is outstanding in the account, which the applicant is entitled to get recovered from the defendants and their assets (including the schedule mentioned property). The claim of the applicant is well within the period of limitation and there is no Capitalization of penal interest. Since the facility is a home loan the prayer for compounding with monthly rests and penal interest are rejected.
i) TA No.771/2023 stands allowed. ii) Applicant is permitted to recover an amount of Rs.29,55,560/- (Rupees Twenty Nine Lakhs Fifty Five Thousands Five Hundred and Sixty only) with future and pendentelite interest @9.50% (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.
iii) The schedule property to 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.
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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 had succeeded in proving the transfer application claim?
What orders are to be passed regarding the recovery of the amount due?
1 provisions across 1 enactments
Canara Bank
Aravindan.P.
A.Aruna
Tholkappian
T. RAJESH
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
