State Bank of India v. R.Virupaksha
Case brief
What is this about?
Allowed an application under Section 19(1) of the RDB Act for a Recovery Certificate of Rs. 84,17,794.49, finding evidence un-rebutted in the ex-parte proceedings.
What did the court decide?
Issuance of Recovery Certificate to recover Rs. 84,17,794.49 with future and pendentelite interest at 10.25% p.a.
What the court decided
IN THE DEBT RECOVERY TRIBUNAL –II CHENNAI Dated this 1st day of February, 2024
PRESENT: SHRI T.RAJESH PRESIDING OFFICER
OA.No.100 of 2022
State Bank of India, (IFSC: SBIN0070843), Station Road Branch, Durga Bhavani Square, Nehru Nagar, Denkanikottai Road, Hosur – 635 109. Krishnagiri District. … Applicant. Vs. R.Virupaksha, PAN :AGPPV8079E, Proprietor, Ohm Sri Krishna Cement Blocks, No.9/5 Amman Nagar ITI, Near Kottai Mariamman Temple, Hosur – Mathigiri Road, H.C.F Po. Hosur – 635 110. …Defendant. Counsel for Applicant : M/s.K.Chandrasekaran. Defendant : Exparte. …..
ORDER
- The Application is filed Under Section 19 (1) of the Recovery of Debts And Bankruptcy Act, 1993 seeking for issuance of a Recovery Certificate for Rs.84,17,794.49 due in the credit facility of Cash Credit availed by the defendant.
- The Applicant contends that a credit facility of Rs. Rs.60,00,000/- was availed by the defendant from erstwhile State Bank of Travancore, which was later amalgamated with the Applicant. It is also stated
1
that the facility is secured by hypothecation of raw materials, stocks
Issues for consideration
2 issues framed by the court
Whether the applicant proved their claim for issuance of a Recovery Certificate?
What orders are to be passed regarding the recovery of the duie amount?
Parties & counsel
- applicant
State Bank of India
- respondent
R.Virupaksha
Coram
T.Rajesh
Case details
As recorded by the court registry
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