Debts Recovery Tribunal allowed an application filed by a bank to recover an outstanding loan sum of Rs. 1.24 crore along with interest and costs from two defendants, confirming the bank's evidence as unrebutted.
Recovery of Rs. 1,24,68,047.88 with interest @11.95% p.a., costs, and a direction to sell schedule properties to recover dues.
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.
BEFORE THE DEBTS RECOVERY TRIBUNAL –II AT CHENNAI
Dated this 30th day of November, 2023
PRESENT: SHRI T. RAJESH
PRESIDING OFFICER
TA No.92 of 2023
(Originally filed before DRT-I Chennai as OA No.783/2019 and thereafter transferred
to this Tribunal and renumbered as TA No.92 of 2023)
Indian Overseas Bank Arumbakkam Branch Represented by its Chief Manager, Mr. S.I. Suresh 1063, Periar EVR High Road, Opp. Bus Stand Arumbakkam, Chennai – 600 106 …Applicant
Versus
Counsel for the Applicant Bank Defendants
: M/s N.S. Revathi : Ex- parte
FINAL ORDER
1
The 1st defendant is a Proprietorship concern represented by 2nd defendant as its Proprietrix. It is stated that the 1st defendant represented by 2nd defendant approached the applicant for grant of credit facility for the purpose of its business and considering the said request the applicant sanctioned cash credit facility of Rs.1,00,00,000/- to the 1st defendant and having availed the said facility the 1st defendant executed necessary loan and security documents on 1.12.201. It is also stated that the 2nd defendant deposited the title deeds of the schedule mentioned property on 31.12.2015 with an intention to create equitable mortgage over the same and confirmed the same by executing Memorandum of Deposit of Title deeds dated 8.8.2016 registered as Doc. No.6929 of 2016 at SRO, Redhills.
2
3
it is evident that the amount as claimed in the OA is outstanding in the account, which the applicant is entitled to get recovered from the defendants and their assets. The claim of the applicant is well within the period of limitation and there is no capitalization of penal interest.
4
(Dictated to PS, transcribed by him, corrected, signed and pronounced by me in Open Court, on this the 30th day of November, 2023)
Sd/(T. RAJESH ) PRESIDING OFFICER DRT-II, CHENNAI
5
2 issues framed by the court
Whether the applicant had succeeded in proving the OA claim as against the defendants?
What orders are to be passed regarding the recovery of the outstanding amount?
2 provisions across 1 enactments
Indian Overseas Bank Arumbakkam Branch
M/s Samaya Global Trading Company
Ms. Vetriselvi
T. RAJESH
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
