Allowed application under Section 19(1) RDB Act for recovery certificate. Court held applicant's evidence un-rebutted and sufficient to prove claim, awarding recovery of principal plus interest at 8% p.a.
Issued recovery certificate for Rs. 46,83,242/- plus future interest @ 8% p.a. (simple) and awarded 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 19th day of March, 2024
PRESENT: SHRI T.RAJESH PRESIDING OFFICER
TA.No.680 of 2022
(Old OA.No.172/2022 - DRT-I, Chennai)
Indian Overseas Bank, Ulundurpet Branch, (IFSC : IOBA0000145), Represented by its Senior Manager, ALC Campus, Vriddhachalam Main Road, Ulundurpet, Villlupuram District - 606 107. … Applicant.
Vs.
M/s.Jayashree Enterprises, Represented by its Proprietor, Mrs.Kala, W/o.Mr.A.Kulasekaran, No.3/572, Cuddalore - Chittor, Mettukuppam, Pavandur Post, Thirukoilur Taluk, Villupuram District - 606 107. … Defendant. Counsel for Applicant : M/s.Ananda Gomathy. Defendant : Exparte. …… ORDER
And Bankruptcy Act, 1993 seeking for issuance of a Recovery Certificate for Rs.46,83,242/- due in the Term Loan availed by the defendant.
1
Both these issues are decided together.
2
and are sufficient to prove the TA claim. Hence the Applicant is found
to be entitled for the TA claim. The TA claim is made within limitation and there is no capitalization of penal interest. Since the TA claim is arrived at by calculating interest at agreed rate which is on the higher side, pendentelite and future interest is awarded @8%
p.a. (simple).
ii) Applicant is permitted to recover an amount of Rs.46,83,242/(Rupees Forty Six Lakhs Eighty Three Thousands Two Hundred and Forty Two only) from the defendant personally and also from her assets with future and pendentelite interest @8% p.a. (simple) from the date of filing of the TA till realization including the sale of schedule mentioned hypothecated assets, after giving credit to all the amounts recovered and received during the pendency of the TA.
3
(Procedure) Rules, 1993.
(Dictated to PA, transcribed by him, corrected, signed and pronounced by me in the Open Court, this 19th day of March, 2024)
Sd./- (T. RAJESH) PRESIDING OFFICER DRT–II, CHENNAI
4
1 issue framed by the court
Whether the Applicant had proved the time-of-action (TA) claim?
2 provisions across 1 enactments
Indian Overseas Bank, Ulundurpet Branch
T. RAJESH
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
