Applicant T.A. allowed. Debts Recovery Tribunal issued Recovery Certificate for outstanding loan amount plus interest against 1st defendant, who failed to repay housing and insurance loans due to project abandonment by 2nd defendant.
Recovery Certificate issued for Rs.16,17,532.40 plus interest @9% p.a. (simple) with permission to realize costs.
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.
IN THE DEBT RECOVERY TRIBUNAL –II CHENNAI
Dated this 21st day of March, 2024
PRESENT: SHRI T.RAJESH
PRESIDING OFFICER
TA.No.188 of 2023
(Old OA.No.197/2019 - DRT-I, Chennai)
State Bank of India, Retail Assets Central Processing Centre, SARC Division, Represented by the Chief Manager, No.16, Whannels Road, Egmore, Chennai – 600 008.
… Applicant.
Vs.
ORDER
And Bankruptcy Act, 1993 seeking for issuance of a Recovery
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Certificate for Rs.16,17,532.40 due in Housing Term Loan and Suraksha Loan availed by the defendants.
2
the defendants pay back the amount failed forcing the Applicant to
file this Application.
Both these issues are decided together.
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deposit of title deeds. Also, even though 2nd defendant had not continued the project and abandoned the construction. Nothing is available on record to fasten the liability on 2nd defendant. Since the claim is arrived at by calculating interest at agreed rate which is on the higher side and the loan availed is for housing purpose, pendentelite and future interest is awarded @9% p.a. (simple).
ii) Applicant is permitted to recover an amount of Rs.16,17,532.40 (Rupees Sixteen Lakhs Seventeen Thousands Five Hundred Thirty Two and Paise Forty only) with future and pendentelite interest @9% p.a. (simple) from the date of filing of the TA till realization from the 1st defendant and also from his assets including the sale of schedule mentioned property, after giving credit to all the amounts recovered and received during the pendency of the TA.
4
(Procedure) Rules, 1993.
(Dictated to PA, transcribed by him, corrected, signed and pronounced by me in the Open Court, this 21st day of March, 2024)
Sd./- (T. RAJESH) PRESIDING OFFICER DRT–II, CHENNAI
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2 issues framed by the court
Whether the applicant had proved the admitted claim for recovery of loan dues?
What orders are to be passed regarding interest and recovery?
1 provisions across 1 enactments
State Bank of India, Retail Assets Central Processing Centre, SARC Division
Mr. V. Saravana Prakash
M/s. Real Value Promoters Private Limited
T. Rajesh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
