allowed the debtor's application lodged for recovery. The court upheld the bank's claim for outstanding dues after default, permitted interest and penal charges?
Allowed recovery of principal amount Rs.11,41,668.13 with future and pendent interest @ 10.65% p.a. and penal interest @ 2% from the date of filing.
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.833 OF 2023
(Old OA.No.185/2019–DRT-I, Chennai)
Lakshmi Vilas Bank, (Now part of DBS Bank India Ltd.), Karanodai Branch, S.No.103/B, Sri Dhanalakshmi Complex, Bazar Main Road, GNT, Karanodai, Chennai-600067. … APPLICANT.
Vs.
M/s. Chithraj Creative Printers, Rep.by its Proprietor, Mr. S.Rajesh, No.10/1, Srinivasa Nagar Main Road Koyambedu, Chennai-600107. …...DEFENDANT. Counsel for Applicant : M/s.Y.T.Aravind Gosh. Defendants : Exparte. …… ORDER
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Thirteen Paisa only) with further interest from the date of filing of the TA and also by allowing the same to be recovered from the defendant personally and also by the proceedings against his assets.
over the stocks in trade was marked as being the security for repayment of the loan.
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same, no effort was made by the defendants to get the account regularized over to pay back the amount.
Both these issues are gone into and decided together.
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i) TA No.833/2023 stands allowed. ii) Applicant is permitted to recover an amount of Rs.11,41,668.13 (Rupees Eleven Lakhs Forty One Thousands Six Hundred Sixty Eight and Thirteen Paisa only) with future and pendentelite interest @ 10.65% p.a. with penal interest @2% 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.
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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.
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 succeeded in proving the OA claim against the defaulting borrower?
What orders are to be passed for recovery of the outstanding dues?
2 provisions across 1 enactments
Lakshmi Vilas Bank, (Now part of DBS Bank India Ltd.)
T. RAJESH
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
