Indian Bank v. M/s Diamond Chain
Case brief
What is this about?
The DRT allowed the bank's application for recovery, directing respondents to pay the outstanding loan, adjusted sale proceeds, with future interest as per the order.
What did the court decide?
Respondents directed to pay Rs. 3,10,98,167.69 adjusted for sale proceeds, with future interest and penal interest; recovery from personal assets if default continues.
What the court decided
OA 755 of 2022
Registered on:27.12.2022
Decided on: 07.03.2024
IN THE DEBT RECOVERY TRIBUNAL-I AT MUMBAI ORIGINAL APPLICATION NO. 755 of 2022
INDIAN BANK a Banking Company established under the relevant provisions of Banking Companies (Acquisition And Transfer of Undertakings) Act V, 1970) and having its Corporate Office at 254-260, Avvai Shanmugan Salai, Royapettah, Chennai 600 014 and amongst one of its Stressed Assets Management Vertical Branch office situated at 73, Mittal Chamber, Opp. Inox Theatre, Nariman Point, Mumbai 400 021 (Maharashtra),
…. APPLICANT
VERSUS
- M/S DIAMOND CHAIN Through its Proprietor, Mr. Pravin Champalal Parekh, having his address situated at 14, 21/23, Mumbadevi Mension, Dhanji Street, Kalbadevi, Mumbai-400 003. And
At Unit No.58/A, Sidhpura Industrial Estate Gaiwadi Road, Goregaon (West), Mumbai -400 104 And
At Shop No.12, Ground Floor, Seth B. N. Agarwal, Shyamkamal-D Cooperative Housing Society Limited, 'D' Building, Plot No.2, B. N. Agarwal Market, Vile Parle (East), Mumbai - 400 057. And
Issues for consideration
3 issues framed by the court
Whether the Original Application for recovery of dues against the borrowers and guarantors deserves to be allowed.
Whether the liability of the borrowers and guarantors is joint and several.
Whether the amount recovered from sale of secured assets should be adjusted before decreeing the balance.
Parties & counsel
- applicant
Indian Bank
- respondent
M/s Diamond Chain
- respondent
Mr. Pravin Champalal Parekh
- respondent
Mrs. Pistadevi Champalal Parekh
Coram
Case details
As recorded by the court registry
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