Canara Bank v. Buta Singh
Case brief
What is this about?
The DRT allowed the bank's application to recover aloan of Rs. 28.32 lakhs. It reduced the claimed interest rate to 8% p.a. and ordered the issuance of a recovery certificate.
What did the court decide?
Ordered the defendant to pay Rs. 28,32,917.00 with costs and simple interest at 8% p.a.; issued Recovery Certificate.
What the court decided
DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO.40/2022 PRESIDED OVER BYMRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 23.12.2021
DATE OF DECISION: 21.11.2024
Canara Bank, a Bank Constituted by the banking companies (Acquisition & Transfer of Undertakings) Act 1970 with its head office at 112 JC Road, Banglore and branches amongst other places one at Personal Banking Branch at Samrala, through its Attorney and principal officer Sh. Sachin Kumar, Senior Manager.
……..Applicant
Versus
Sh. Buta Singh S/o Sh. Gajjan Singh, R/o Village Mushkabad, Tehsil Samrala, District Ludhiana, Punjab.
….……Defendants
Advocates:
Argued by Sh. Binny Baweja, Advocate for Applicant (through VC) Defendants is ex parte
Issues for consideration
3 issues framed by the court
whether the bank is entitled to recover the outstanding loan amount including interest from the defendant
what rate of interest should be applicable on the loan account pending realisation
whether a recovery certificate should be issued against the defendant
Parties & counsel
- applicant
Canara Bank
Coram
Mridulesh Kumar Singh
Case details
As recorded by the court registry
Similar cases
Judgements on the same questions, provisions and authorities, from every court