Allowed

Uco Bank v. Rathna Stores Pvt. Ltd.

DRT23 Nov 2023TA/859/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed a petition by a certificate debtor seeking modification of an amended Demand Recovery Certificate. The revision was necessary to incorporate an interest rate revised by a higher appellate court (DRAT) in a previous appeal. Counsel for the bank did not object, and the tribunal directed the preparation of a fresh DRC.

What did the court decide?

Office directed to prepare fresh DRC with revised interest rate as per DRAT decisions.

Uco Bank versus Rathna Stores Pvt. Ltd. — Banking and Recovery | DRT (2023)

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MA No.143 of 2021 in TA No.859 of 2023

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23.11.2023

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IN THE DEBTS RECOVERY TRIBUNAL – III, CHENNAI

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Dated this the 23^rd day of November, 2023

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Present: Shri Ganapathi K.R.K. Presiding Officer

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MA No. 143/2021 in TA No.859/2023

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(Originally filed before DRT- II, Chennai as OA No. 649 of 2015 and thereafter transferred to this Tribunal and renumbered as TA No.859 of 2023)

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S. Ravishankar,

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Son of Late Mr. P.S. Sivaperumal, Director, M/s. Rathna Stores Pvt. Ltd., (now under Liquidation), No.9 & 10, N.S.B. Road, Thiruchirapalli.

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.....Petitioner/Certificate Debtors/Defendant-2

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UCO Bank,

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No.67, Mid Corporate Branch, Burkit Road (Ground Floor), T. Nagar, Chennai – 600 017.

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The Branch Now transferred to: New No.26, Old No.21, Ground Floor, South Dhandpani Street, T. Nagar, Chennai – 600 017. ….Respondent/Certificate Creditors/Applicant

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Counsels on record / appeared:

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Counsel for Petitioner : M/s. Antony Selvam Counsel for respondent : M/s. Hemalatha

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O R D E R

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This is a petition filed by defendants praying to issue an amended DRC, pursuant to order of Hon’ble DRAT in an appeal preferred by applicant bank with regard to the levy of interest in the final order passed.

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MA No.143 of 2021 in TA No.859 of 2023

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23.11.2023

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No representation for defendants. Representative counsel for applicant bank is present along with bank official. It is submitted that applicant bank had preferred an appeal before Hon’ble DRAT against the orders of this Tribunal, which is since allowed and the rate of interest in the final order has been accordingly revised. It is also submitted that a revised calculation memo has been duly filed into the Tribunal. Ld.counsel for applicant bank / respondent in MA No.143/2021 submitted no objection to allow the petition. Consequently, MA No.143/2021 is allowed.

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In the result, office is directed to prepare fresh DRC with revised interest rate as per directions of Hon’ble DRAT, in continuation to the existing DRC.

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With the above directions, MA stands disposed.

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A copy of the order be communicated to the parties concerned as per extant guidelines.

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(Dictated to Steno (DD), transcribed by her, corrected, signed and pronounced by me on this the 23^rd day of November, 2023)

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Sd/- (GANAPATHI K.R.K) PRESIDING OFFICER

Uco Bank v. Rathna Stores Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

Uco Bank v. Rathna Stores Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

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