In this transfer application, the Debt Recovery Tribunal allowed a transfer for recovery of outstanding agricultural loans against the borrowers and permitted annexed schedule property to be sold for realization of dues.
Rs.22,11,925/- with future and pendentelite interest @9% p.a. (simple) allowed; schedule property to be sold; Recovery Certificate issued.
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.803 OF 2023 (Old OA.No.631/2019–DRT-I, Chennai)
Bank of Baroda,
(Formerly Vijaya Bank), Rep. by its Branch Manager, Cuddalore Branch, No.74, Car Street, Cudddalore – 607 002.
… Applicant.
Vs.
Keerapalayam, Vellakarai Post, Cuddalore Taluk – 607 003.
Counsel for Applicant : Mr.S.Pandurangan. Defendants : Exparte. ……
1
ORDER
to recover the same by proceeding against schedule mentioned property .
The 1st defendant being the borrower had availed a three crop loans for Rs.70,000/-, Rs.3,00,000/- and Rs.4,00,000/- and 2nd defendant applied for and availed a crop loan for Rs.3,00,000/- from the erstwhile Vijaya Bank.
2
documents, hypothecation over the crops, pump set and pipe lines was marked as being the security for repayment of the loan.
3
Both these issues are gone into and decided together.
4
Capitalization of penal interest. However as the facility is agricultural
one, pendentelite and future interest is awarded @ 9% (simple)
i) TA No.803/2023 stands allowed. ii) Applicant is permitted to recover an amount of Rs.22,11,925/(Rupees Twenty Two Lakhs Eleven Thousands Nine Hundred and Twenty Five only) with future and pendentelite interest @9% p.a. (simple) from the date of filing of the TA till realisation from the defendants after giving credit to all the amounts recovered and received during the pendency of the TA and by sale of hypotheca.
iii) The schedule property to be proceeded against and sold and if the dale proceeds are not sufficient the defendants and their other assets are liable to be proceeded against.
5
v) 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.
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
6
2 issues framed by the court
Whether the applicant had succeeded in proving the Transfer Application claim?
What orders are to be passed regarding recovery of dues?
1 provisions across 1 enactments
Bank of Baroda
Mr.S.Gangasalam
Mrs.G.Selvarani
T.RAJESH
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
