The Debts Recovery Tribunal allowed an application filed by Canara Bank to recover Rs. 14,06,766/- along with future interest for default on loan facilities. The court reduced the claimed interest rate to 9% per annum.
Defendants ordered to pay Rs. 14,06,766/- with future interest @9% per annum from 19.03.2018; Recovery Certificate issued.
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.
Presented on : 19.03.2018 Registered on : 23.12.2021 Decided on : 21.03.2024 Duration : Y M D 06 00 02
IN THE DEBTS RECOVERY TRIBUNAL AT PUNE (Before Shri Dilip G Murumkar, Presiding Officer) ORIGINAL APPLICATION No. 235/2022.
Canara Bank, (Erstwhile Syndicate Bank),
A Banking Company incorporated under the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970 having its head office at Manipal, District Udupi, Karnatak State and branch office at – Sr.No. 13/3/C/IC/2, Banakar Colony, Opp. Akashwani Hadapsar, District Pune 411028.
.. Applicant
Versus
APPEARANCES
| For Applicant | Advocate M.V. Kini and Co. |
|---|---|
| For Defendants | Exparte. |
(OA No. 235/2022)
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TOTAL CLAIM AMOUNT –Rs.14,06,766/-
JUDGMENT (Delivered on 21st March, 2024)
As per the loan application of defendant No.1, the applicant Bank sanctioned and disbursed the Credit Facilities for Micro and Small Enterprises of Rs.10,00,000/- to defendant No.1 vide Sanction Letter dated 17.12.2013. Defendant No.2 stood guarantor for the repayment of loan sanctioned and disbursed to defendant No.1.
In order to secure the aforesaid Credit facility, the defendants executed necessary loan and security documents in favour of the applicant Bank along with deed of hypothecation of goods in favour of the applicant Bank.
Thereafter, defendant No.1 wrote a letter dated 15.12.2017 to the applicant Bank requesting to extend repayment schedule for one year and also executed
(OA No. 235/2022)
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Acknowledgement of Debt dated 15.12.2017.
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reliefs as claimed.
Hence, I pass the following order :-
ORDER
(B) Defendant Nos. 1 and 2 either jointly or severally shall pay to the applicant Bank the sum of Rs.14,06,766/- (Rupees Fourteen Lakhs Six Thousand Seven Hundred Sixty Six only) along with future interest @9% per annum from the date of filing of the Original Application i.e. 19.03.2018 till full payment/realization of the amount mentioned in this operative order.
(OA No. 235/2022)
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Sd/(Dilip G. Murumkar) Place : Pune Presiding Officer Date : 21.03.2024 Debts Recovery Tribunal, Pune.
(OA No. 235/2022)
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2 issues framed by the court
Whether the applicant bank is entitled to recover the principal amount and future interest from the defendants.
Whether the rate of future interest should be adjusted from 10.25% to 9% per annum.
Canara Bank
Dilip G Murumkar
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
