The DRT allowed an applicant bank's transfer application for recovery of a loan of Rs. 19,14,040/- by a defaulting borrower, permitting future interest and sale of hypothecated vehicles.
Recovery of Rs. 19,14,040/- with interest; authorization to sell hypothecated vehicle; issue 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 28th day of December, 2023
PRESENT: SHRI T.RAJESH PRESIDING OFFICER
TA.No.90 OF 2022
(Old OA.No.345/2020–DRT-I, Chennai)
Bank of Baroda, Bharathy Road, Cuddalore - 607 001. … Applicant.
Vs.
Mr.A.Krishnamoorthy, S/o.Adhinarayanan, No.9 Dowalth Nagar, Opp. K.N.C. Semandalam, Cuddalore - 607 001. … Defendant. Counsel for Applicant : Mr.O.F.Raju. Defendant : Exparte. …… ORDER
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The defendant who was running a lodge in Cuddalore had submitted an application for car loan for purchase of a Maruthi Dezire Car pursuant to which a loan for Rs. 4,74,000/- was sanctioned.
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same, no effort was made by the defendant to get the account regularized over to pay back the amount. Even as no repayment was made despite repeated request, the applicant had on 14.10.2017 cause to issue a legal notice requiring repayment of the amount due in the account.
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Both these issues are gone into and decided together.
the view that the future as well as pendentelite interest can be awarded at simple rate.
i) TA No.90/2022 stands allowed. ii) Applicant is permitted to recover an amount of Rs.19,14,040/(Rupees Nineteen Lakhs Fourteen Thousands and Forty only) with future and pendentelite interest @ 11.8% (simple) on Rs.6,70,624 and 9.15% (simple) on Rs. 12,43,416/- from the date of filing of the TA
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till realization from the defendant after giving credit to all the amount recovered and received during the pendency of the TA.
iii) The schedule mentioned vehicle to be proceeded against and sold.
iv) A Recovery Certificate is to be drawn and issued to the recovery officer to enable recover 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 28th day of December, 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 transfer application claim?
What orders are to be passed regarding recovery of the outstanding amount?
2 provisions across 1 enactments
Bank of Baroda
Mr. A. Krishnamoorthy
T.RAJESH
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
