Canara Bank v. Ali
Case brief
What is this about?
The Tribunal allowed the bank's application for a Recovery Certificate. The court directed the defendant to repay outstanding loan amounts with interest following a default on a Lok Adalat compromise agreement.
What did the court decide?
Recovery Certificate issued directing payment of approximately Rs. 37 lakhs along with interest at varying rates; mortgaged property directed for sale upon default.
What the court decided
Fair order
IN THE DEBTS RECOVERY TRIBUNAL – 1 AT ERNAKULAM
DATED THIS 30th DAY OF JANUARY, 2024
PRESENT: Su. WILLYAHM, B.Sc., M.L. [DISTRICT JUDGE - Retd] PRESIDING OFFICER
OA No.525/2023
Between
Canara Bank Having its Head Office at 112 J. C. Road, Bangalore – 560 002 & Having one of their branch office at Sreemoolanagaram Branch Vadakkumchery Building, Kalady Road Sreemoolanagaram – 683 580
----Applicant
And
Ali A. M. S/o. Marakkar A. P. Anjikatt House Edanad, Thettali Chowara P.O. Ernakulam – 683 571
----Defendant
This Original application coming on 09.01.2024 for final hearing before me in the presence of Mr. Prem Das, Advocate for the Applicant bank and Ms. Tintu K. M., Advocate representing Mr. Sunil Nair Palakkatt, Counsel for the Defendant and upon hearing arguments of learned counsels for the parties and upon perusing the material records, this Tribunal delivered the following:
Issues for consideration
3 issues framed by the court
Whether the Applicant Bank is entitled to issue a Recovery Certificate after default on the terms of the Lok Adalat compromise award.
The amount to be recovered from the Defendant including principal and interest on various loans.
The property to be directed for sale upon failure to pay the recovered debts.
Parties & counsel
- applicant
Canara Bank
- respondent
Ali A. M.
Coram
Su. WILLYAHM
Case details
As recorded by the court registry
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