Allowed

Zambad Infrastructure Limited v. International Asset Reconstruction Company Limited

DRT15 Jan 2024APPEAL/3/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed Appeal No. 03/2022 filed by Zambad Infrastructure Limited against the defendants and directed that henceforth interest must be paid at 8% simple on money kept in an interest-bearing fixed deposit account.

What did the court decide?

Directed the respondent to grant interest @ 8% simple on the amount kept in an interest-bearing fixed deposit account henceforth.

Zambad Infrastructure Limited versus International Asset… — Banking and Recovery | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL, AURANGABAD (BEFORE HON’BLE PRESIDING OFFICER, CAMP AT NANDED) ORDER SHEET

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15 Sr	.01.20 . No.9	24 APPEAL No.3/2022
Classific ation	No. of Exh.
		APPEAL NO. 03/2022 Zambad Infrastructure Limited ..Applicant Versus
		International Asset Reconstruction Company Limited ..Defendants
		Mr. Deshpande K B - Advocate for the applicant. None for defendants The matter is taken through Hybrid. 1. The learned counsel for the applicant submits that the applicant has served the respondents. The main grievance of the applicant is regarding the rate of interest. According to the applicant the rate of interest is 4%. It appears that the Recovery officer has granted 4% interest looking in to the fact that it is the interest of the saving account. 2. In view of the above, I pass the following order : ORDER A. The Appal No.03/2022 is allowed.
		B. However, the bank must keep the amount in the interest-bearing fixed deposit account hence forth and it is further directed to give interest @ 8% simple. C. Consign the file to the Record Room and orders be uploaded on official web-site.
		(Vimal Gupta) Presiding Officer Debts Recovery Tribunal, Aurangabad

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[APK]

Zambad Infrastructure Limited v. International Asset Reconstruction Company Limited

Case brief

What is this about?

What did the court decide?

Zambad Infrastructure Limited v. International Asset Reconstruction Company Limited

Case brief

What is this about?

What did the court decide?

What the court decided

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Parties & counsel

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