DRT-II, Chennai allowed the Transfer Application filed by Bank of Baroda against M/s Ambur Shoes and others for recovery of a loan amount of Rs. 12.51 crores, permitting sale of scheduled properties and issuance of a Recovery Certificate.
Recovery of Rs. 12,51,13,220.25 with interest; sale of schedule properties; 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 29th day of December, 2023
PRESENT: SHRI T.RAJESH PRESIDING OFFICER
T.A.No.82 of 2023
(Old OA.No.814/2019–DRT-I, Chennai)
Bank of Baroda,
IFSC Code No. VIJB0003043, Rep. by its Chief Manager, Stressed Assets Recovery Management Branch, No.144, Moore Street, Chennai – 600 001. … Applicant
Vs.
…Defendants.
1
Counsel for Applicant : M/s.S.Panduranagan. Counsel for Defendants : M/s.N.Nanda Kumar.
ORDER
The 1st defendant firm represented by 2nd and 3rd defendants had availed various credit facilities from the erstwhile Vijaya Bank and in lieu of the same had executed various loan documents. It is the case of the applicant that the defendants had availed the packing credit limit of Rs.75 lakhs which was enhanced to Rs.200 Lakhs and further to Rs. 350 Lakhs. The said facility was enhanced several times though lastly it was enhanced to Rs.1000 Lakhs with a sub limit of FDBP/FUDBP
with a limit of Rs.300 Lakhs.
2
3
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 05.03.2018 caused to issue a demand notice requiring repayment of the amount due in the account.
4
Both these issues are gone into and decided together.
ii) Applicant is permitted to recover an amount of Rs. 12,51,13,220.25 (Rupees Twelve Crores Fifty One Lakhs
5
Thirteen Thousands Two Hundred Twenty and Twenty Five paisa only) with future and pendentelite interest @15.05% p.a. on 12,10,29,511.50 and @18.50% p.a. on 40,83,708.75, both with monthly rests from the date of filing of the TA till realization from the defendants and sale by hypothecated assets after giving credit to all the amounts recovered and received during the pendency of the TA including the amounts received from sale of schedule ‘C’ mentioned property.
6
Rules, 1993.
(Dictated to PA, transcribed by him, corrected, signed and pronounced by me in the Open Court, this 29th day of December, 2023)
Sd./- (T. RAJESH) PRESIDING OFFICER DRT-II, CHENNAI
7
2 issues framed by the court
Whether the applicant succeeded in proving the Transfer Application claim?
What orders are to be passed regarding recovery of the outstanding amount?
3 provisions across 2 enactments
Bank of Baroda
M/s.Ambur Shoes
Arif Ahmed Meddaikar
Naseera Kouser
T.RAJESH
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
