Allowed

Union Bank of India (Corporation Bank) v. Velayutham

DRT27 Mar 2024TA/794/2022

Case brief

AI extract

What is this about?

In an application under Section 19(1) of the RDB Act, the Tribunal allowed the bank's recovery claim of approx. Rs. 5.87 Crores against 34 individual borrowers and a corporate guarantor, permitting realization through sale of assets and issuance of a recovery certificate.

What did the court decide?

Permitted recovery of Rs.5,87,60,631/- plus interest by sale of assets or personal liability enforcement and directed issuance of Recovery Certificate.

Union Bank of India (Corporation Bank) versus… — Contract and Commercial Disputes | DRT (2024)

¶1

BEFORE THE DEBTS RECOVERY TRIBUNAL –II AT CHENNAI

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Dated this 27^th day of March, 2024

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PRESENT: SHRI T. RAJESH

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PRESIDING OFFICER

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TA No.794 of 2022

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(Originally filed before DRT-I, Chennai as OA No.162 of 2020 and thereafter transferred

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to this Tribunal and renumbered as TA No.794 of 2022)

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Union Bank of India (Erstwhile Corporation Bank) V. Kootu Road Branch (Melnariappanur) Rep. by its Chief Manager Sheep Farm (Post) Via. Thalaivasal Tamilnadu - 636 112

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…Applicant

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Versus

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P. Velayutham

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S/o Ponnusamy

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No.3/16, North Street, Mangalore Thittakudi Taluk

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Cuddalore District

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G. Balu S/o Ganesan 1/98, North Street, Puthur Post Veppur Taluk, Cuddalore District

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S. Stalin S/o Shanmugam South Street, Kanchimylore Cuddalore District

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P. Karunanidhi S/o Ponnusamy, Avatti Thittakudi (Taluk) Cuddalore District

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P. Venkatesan S/o Perumal

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No.72, North Street, Rettakurichi Veppur Taluk, Cuddalore District

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P. Sivakumar S/o Periyasamy No.2, South Street, M. Pudur Veppur Taluk, Cuddalore District

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N. Elaiyaraja S/o Narayanan No.2/684, Mudhaliyar Street Sirupakkam, Thittakudi Taluk Cuddalore District

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A. Kannan S/o Ayyasamy No.71A, Mudiyanur Village Kallakurichi Taluk Villupuram District

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G. Arumugam S/o Ganapathi East Street, Mylapore Cuddalore District

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M. Vijay S/o Marimuthu No.1289, Boyer Street Sirupakkam, Vepur Taluk Cuddalore District

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S. Vijayakumar S/o Sengottuvel No.4/284, Sivagangaipuram Kalpaganur Post, Attur Taluk Salem District.

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K. Chinnasamy S/o Kadamban No.159, Velakurichi Village Kallakurichi Taluk Villupuram District

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P. Ramasamy S/o Poomalai

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No.2/355, South Street, M. Pudur Malayanur Post, Cuddalore District

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S. Vigneshwaran S/o Sundarrajan No.970, Mudhaliyar Street Sirupakkaml, Veppur Taluk Cuddalore District

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S. Suresh S/o Sekar No.832, Anna Nagar Sirupakkam, Veppur Taluk Cuddalore District

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N. Sivakumar S/o Narayanasamy No.1/46A, Middle Street

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M. Koothanur, Malayanur Post Veppur Taluk, Cuddalore District

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P. Periyasamy S/o Pichamuthu No.1/5, Pillaiyar Koil Street Vadapondi, Nagalur Post Kallakurichi Taluk

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K. Duraiyan S/o Kandasamy 108, Palandiyur Pethanaicken Palayam (post) Attur Taluk, Salem District

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P. Nallathambi S/o Periyasamy 131-11, Ramanaickenpalayam Village Kalpaganur Post, Attur Taluk Salem District

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P. Selvaraj S/o Perumal No.3/270, East Street, Bairavanatham Village Pappireddipatti Taluk Dharmapuri District

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P. Murugan S/o Palamalai 2/9, East Street, Varambalur Village Post Virudhachalam Taluk, Cuddalore District

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R. Chinnasamy S/o Ramasamy, West Street Kanchimaylur, Thittakudi Taluk Cuddalore District

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T. Kannan S/o Thangarasu Door No.1350/1, Vanniyar Street Sirupakkam, Cuddalore District

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N. Ayyanar S/o Nathan 214A, 16^th Ward, Amman Kovi Medu Ariyur, Tirukoilur Taluk Villupuram District

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A. Govindaraj S/o Andi

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No.50, Nathampattu Pagada Pattu Post, Attur Taluk Salem District

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C. Marimuthu

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S/o Chennasamy No.1/133, South Street, Kanjrankulam Cuddalore District

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D. Ganapathy S/o Dharmalingam No.3/155, Katchiperumanatham Village Paravalur Post, Vridhachalam Taluk Cuddalore District

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S. Mayavel S/o Samidurai

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No.3/137, Katchi Perumanatham Village Paravaloor Post, Virudhachalam Taluk Cuddalore District

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P. Thangarasu S/o Periyan No.288, New Colony Kanchinrankulam, Poynapadi Post Cuddalore District

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S. Venkatesan S/o Subramaniyan No.2-142/A, Kattukottai Sirupakkam Post, Vepur Taluk Cuddalore District 31. P. Aruljothi S/o Pazhani 145, Thiruvalluvar Nagar Nagalur Post, Kallakurichi Taluk Villupuram District 32. R. Govindarasu S/o Ranganathan 652, Kaliamman Kovil Street Kanur Post, Kattumannar Kovil Taluk Cuddalore District 33. M. Govindasamy S/o Munusamy No.94, North Street, Pazhaiya Uchimedu Konagarayapalayam, Kallakurichi Taluk Villupuram District 34. M. Poomalai S/o Maruthai 231, South Street, Vilambavur Vridachalam Taluk Villupuram District 35. Thiru Arrooran Sugars Ltd., Represented by its Chairman & Managing Director At No.112, Uthamar Gandhi Salai Eldoradi, 5^th Floor, Nungambakkam, Chennai – 600 034 …Defendants

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Counsel for the Applicant Bank : M/s R. Santhanam Counsel for Defendants : Ex-parte

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FINAL ORDER

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This application is filed by the applicant bank under Section 19(1) of Recovery of

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Debts and Bankruptcy Act, 1993 against the defendants jointly and severally

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for recovery of an aggregate sum of Rs.5,87,60,631/- in the following manner from the date of filing of the OA till date of its realization along with costs of the application and sale of schedule properties: -

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(i) A sum of Rs.17,31,498/- together with interest at the rate of 10.9025% per annum (inclusive of 2% overdue interest) with quarterly rests from defendants 1 and 35 being the amount due under loan account No.560931000303605) availed by the 1^st defendant;

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(ii) A sum of Rs.15,02,263/- together with interest at the rate of 10.90% per annum (inclusive of 2% overdue interest) with quarterly rests from defendants 2 and 35 being the amount due under loan account No.560931000303613) availed by the 2^nd defendant;

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(iii) A sum of Rs.16,18,154/- together with interest at the rate of 10.90% per annum (inclusive of 2% overdue interest) with quarterly rests from defendants 3 and 35 being the amount due under loan account No.560931000303621) availed by the 3^rd defendant;

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(iv) A sum of Rs.17,97,797/- together with interest at the rate of 10.90% per annum (inclusive of 2% overdue interest) with quarterly rests from defendants 4 and 35 being the amount due under loan account No.560931000303631) availed by the 4^th defendant;

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(v) A sum of Rs.16,18,154/- together with interest at the rate of 10.90% per annum (inclusive of 2% overdue interest) with quarterly rests from defendants 5

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and 35 being the amount due under loan account No.560931000303648) availed by the 5^th defendant;

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(vi) A sum of Rs.15,18,753/- together with interest at the rate of 10.90% per annum (inclusive of 2% overdue interest) with quarterly rests from defendants 6 and 35 being the amount due under loan account No.560931000303656) availed by the 6^th defendant;

¶68

(vii) A sum of Rs.14,19,304/- together with interest at the rate of 10.90% per annum (inclusive of 2% overdue interest) with quarterly rests from defendants 7 and 35 being the amount due under loan account No.560931000303664) availed by the 7^th defendant;

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(viii) A sum of Rs.15,96,706/- together with interest at the rate of 10.90% per annum (inclusive of 2% overdue interest) with quarterly rests from defendants 8 and 35 being the amount due under loan account No.560931000303672) availed by the 8^th defendant;

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(ix) A sum of Rs.18,19,886/- together with interest at the rate of 10.90% per annum (inclusive of 2% overdue interest) with quarterly rests from defendants 9 and 35 being the amount due under loan account No.560931000303680) availed by the 9^th defendant;

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(x) A sum of Rs.15,82,918/- together with interest at the rate of 10.90% per annum (inclusive of 2% overdue interest) with quarterly rests from defendants 10

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and 35 being the amount due under loan account No.560931000022711) availed by the 9^th defendant;

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(xi) A sum of Rs.14,56,227/- together with interest at the rate of 10.90% per annum (inclusive of 2% overdue interest) with quarterly rests from defendants 11 and 35 being the amount due under loan account No.560931000303699) availed by the 11^th defendant;

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(xii) A sum of Rs.16,38,054/- together with interest at the rate of 10.90% per annum (inclusive of 2% overdue interest) with quarterly rests from defendants 12 and 35 being the amount due under loan account No.560931000303710) availed by the 12^th defendant;

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(xiii) A sum of Rs.15,33,789/- together with interest at the rate of 10.90% per annum (inclusive of 2% overdue interest) with quarterly rests from defendants 13 and 35 being the amount due under loan account No.560931000303729) availed by the 13^th defendant;

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(xiv) A sum of Rs.17,10,818/- together with interest at the rate of 10.90% per annum (inclusive of 2% overdue interest) with quarterly rests from defendants 14 and 35 being the amount due under loan account No.560931000303737) availed by the 14^th defendant;

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(xv) A sum of Rs.16,05,119/- together with interest at the rate of 10.90% per annum (inclusive of 2% overdue interest) with quarterly rests from defendants 15

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and 35 being the amount due under loan account No.560931000303745) availed by the 15^th defendant;

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(xvi) A sum of Rs.16,18,870/- together with interest at the rate of 10.90% per annum (inclusive of 2% overdue interest) with quarterly rests from defendants 16 and 35 being the amount due under loan account No.560931000303753) availed by the 16^th defendant;

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(xvii) A sum of Rs.17,05,806/- together with interest at the rate of 10.90% per annum (inclusive of 2% overdue interest) with quarterly rests from defendants 17 and 35 being the amount due under loan account No.560931000303761) availed by the 17^th defendant;

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(xviii) A sum of Rs.16,23,765/- together with interest at the rate of 10.90% per annum (inclusive of 2% overdue interest) with quarterly rests from defendants 18 and 35 being the amount due under loan account No.560931000303771) availed by the 18^th defendant;

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(xix) A sum of Rs.16,48,530/- together with interest at the rate of 10.90% per annum (inclusive of 2% overdue interest) with quarterly rests from defendants 19 and 35 being the amount due under loan account No.560931000303788) availed by the 19^th defendant;

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(xx) A sum of Rs.14,10,798/- together with interest at the rate of 10.90% per annum (inclusive of 2% overdue interest) with quarterly rests from defendants 20

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and 35 being the amount due under loan account No.560931000303796) availed by the 20^th defendant;

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(xxi) A sum of Rs.16,21,159/- together with interest at the rate of 10.90% per annum (inclusive of 2% overdue interest) with quarterly rests from defendants 21 and 35 being the amount due under loan account No.560931000303801) availed by the 21^st defendant;

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(xxii) A sum of Rs.17,49,391/- together with interest at the rate of 10.90% per annum (inclusive of 2% overdue interest) with quarterly rests from defendants 22 and 35 being the amount due under loan account No.560931000303818) availed by the 22^nd defendant;

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(xxiii) A sum of Rs.15,36,508/- together with interest at the rate of 10.90% per annum (inclusive of 2% overdue interest) with quarterly rests from defendants 23 and 35 being the amount due under loan account No.560931000303826) availed by the 23^rd defendant;

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(xxiv) A sum of Rs.15,36,508/- together with interest at the rate of 10.90% per annum (inclusive of 2% overdue interest) with quarterly rests from defendants 24 and 35 being the amount due under loan account No.560931000303834) availed by the 24^th defendant;

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(xv) A sum of Rs.16,21,159/- together with interest at the rate of 10.90% per annum (inclusive of 2% overdue interest) with quarterly rests from defendants 25

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and 35 being the amount due under loan account No.560931000303842) availed by the 25^th defendant;

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(xxvi) A sum of Rs.15,56,322/- together with interest at the rate of 10.90% per annum (inclusive of 2% overdue interest) with quarterly rests from defendants 26 and 35 being the amount due under loan account No.560931000303850) availed by the 26^th defendant;

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(xxvii) A sum of Rs.16,28,367/- together with interest at the rate of 10.90% per annum (inclusive of 2% overdue interest) with quarterly rests from defendants 27 and 35 being the amount due under loan account No.560931000303869) availed by the 27^th defendant;

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(xxviii) A sum of Rs.18,33,688/- together with interest at the rate of 10.90% per annum (inclusive of 2% overdue interest) with quarterly rests from defendants 28 and 35 being the amount due under loan account No.560931000303877) availed by the 28^th defendant;

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(xxix) A sum of Rs.24,71,835/- together with interest at the rate of 10.90% per annum (inclusive of 2% overdue interest) with quarterly rests from defendants 29 and 35 being the amount due under loan account No.560931000303885) availed by the 29^th defendant;

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(xxx) A sum of Rs.24,71,835/- together with interest at the rate of 10.90% per annum (inclusive of 2% overdue interest) with quarterly rests from defendants 30

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and 35 being the amount due under loan account No.560931000303893) availed by the 30^th defendant;

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(xxxi) A sum of Rs.24,71,835/- together with interest at the rate of 10.90% per annum (inclusive of 2% overdue interest) with quarterly rests from defendants 31 and 35 being the amount due under loan account No.560931000303907) availed by the 31^st defendant;

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(xxxii) A sum of Rs.24,71,838/- together with interest at the rate of 10.90% per annum (inclusive of 2% overdue interest) with quarterly rests from defendants 32 and 35 being the amount due under loan account No.560931000303915) availed by the 32^nd defendant;

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(xxxiii) A sum of Rs.24,71,835/- together with interest at the rate of 10.90% per annum (inclusive of 2% overdue interest) with quarterly rests from defendants 33 and 35 being the amount due under loan account No.560931000303923) availed by the 33^rd defendant;

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(xxxiv) A sum of Rs.11,61,145/- together with interest at the rate of 10.90% per annum (inclusive of 2% overdue interest) with quarterly rests from defendants 34 and 35 being the amount due under loan account No.560931000303931) availed by the 34^th defendant;

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(xxxv) A sum of Rs.5,87,60,631/- together with interest at the rate of 10.90% per annum (inclusive of 2% overdue interest) with quarterly rests from 35^th defendant being the amount due under the loan account of defendants 1 to 34;

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The subject matter of the case is the “Short Term Agricultural Loans” availed by the defendants 1 to 34 from the erstwhile applicant bank.

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It is the case of the applicant that the defendants 1 to 34 availed Short Term Agricultural Term Loans for aforementioned amounts from the applicant bank and the said loans were provided for the purpose of financing harvesting and other related activities of sugarcane harvest work in the selected working areas through the 18^th defendant. It is also the case of the applicant that the 35^th defendant stood as Corporate Guarantor and requested the applicant bank to grant financial assistance to defendants 1 to 34 for the aforesaid purpose.

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It is also the case of the applicant that the 35^th defendant represented that the defendants 1 to 34 are sugarcane cutting labourers working in Chittur Zone and also functions as registered cane Harvest Gang Leaders in their Mill. It is the further case of the applicant that the 35^th defendant requested the applicant to provide Short Term Loan to defendants 1 to 34 for the purpose of providing wages to the cane cutting labourers under them and also for other harvest related work. It is stated that the 35^th defendant requested the applicant to sanction loan to the Team Leaders against their earnings accruing from such cane harvest payments which is recovered from cane cost from the individual ryots. It is also stated that the 35^th defendant also undertook to repay the loan amount with interest from the amount retained / withheld from the agriculturists towards the sugarcane cutting charges. It is further stated 35^th defendant gave an undertaking that the loan amount to be granted to the defendants 1 to 34 would be covered under the Corporate Guarantee on 19.03.2014 in favour of

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applicant. It is stated that the 35^th defendant requested and recommended for grant of loan to the defendants 1 to 34 as Short Term Loan and the defendants herein executed various loan documents.

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It is also the case of the applicant that the defendants 1 to 34 submitted their respective Loan Application requesting the applicant for grant of Short Term Loans and considering the said request the applicant vide sanction letter dated 15.04.2016, 21.04.2016, 25,04,2016, 29.04.2016, 30.04.2016, 09.05.2016, 23.05.2016, 20.09.2016. It is stated that the defendants 1 to 34 executed common deed of hypothecation of movables / Assets / Debts on 15.04.2016, 21.04.2016, 25,04,2016, 29.04.2016, 30.04.2016, 09.05.2016, 23.05.2016, 20.09.2016. It is also stated that the Board of Directors of the 35^th defendant company passed a resolution on 12.02.2014 resolving to issue a Corporate Guarantee for a sum of Rs.5,00,00,000/- in favour of applicant as security for the credit to be extended to cane harvesters and executed a Corporate Guarantee Agreement on 19.03.2014 in favour of the applicant.

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It is the case of the applicant that the defendants failed to adhere to the repayment schedule and failed to make payment as agreed upon under the sanction letters or otherwise and despite repeated demands failed to regularize the loan account and hence the loan accounts were classified as NPA It is stated that the applicant thereafter issued legal notice dated 14.05.2018 to the defendant 1 to 34 and on 06.09.2018 to the 35^th defedant.

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It is the case of the applicant that after availing the loan, the defendants were irregular in remitting the loan amount. The efforts of the applicant bank to make the defendants settle the loan did not yield any result, and hence the applicant approached this Tribunal seeking issuance of a Recovery Certificate allowing recovery of the amount due in the account.

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Summons were taken out to the defendants and as there was no representation on behalf of the defendants 1 to 35 they were called absent and set ex-parte on various dates. Applicant Bank filed Proof Affidavit along with 219 documents, which were marked as Exhibits A-1 to A-219 on 19.03.2024, however Exhibits A- 215 & 216 were marked subject to proof. The Ld. Counsel for Applicant Bank made his submissions on 27.03.2024 and thereafter the final order is passed.

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The following issues arise for consideration in the matter: -

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(a) Whether the applicant had succeeded in proving the liability of the defendants?

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(b) What order as to cost of the proceedings need be passed?

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These issues are considered together.

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Heard the Ld. Counsel for the applicant, perused the OA averments and the record placed before the Tribunal.

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The evidence of the applicant is led by AW1 who produced the documents Exhibit A-1 to A-219 along with the proof affidavit and got the same marked in evidence.

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Heard the Ld. Counsel for the Applicant and considered the contentions as taken in the OA in the light of documentary evidence and proof affidavit.

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The case put forth by the applicant in the Application remains unrebutted as defendants remained ex-parte. The evidence tendered by the applicant remains uncontroverted and undisputed. The evidences put forth by the applicant were found admissible. From the statement of accounts as produced by the applicant, it is evident that the amount as claimed in the OA is outstanding in the account, which the applicant is entitled to get recovered from the defendants and their assets. The claim of the applicant is well within the period of limitation and there is no capitalization of penal interest.

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In view of the fact that the subject loan is a loan provided for the purpose of financing harvesting and other related activities of sugarcane harvest work based on the recommendation and Corporate Guarantee of the 35^th defendant this Tribunal is not inclined to interfere with the interest rate claimed by the applicant.

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During the pendency of the application before this Tribunal, the applicant filed a memo stating therein that in an application filed by a financial creditor State Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016, the NCLT Bench-II Chennai has initiated Corporate Insolvency Resolution process as against the Corporate Debtor, the 35^th defendant herein and an order for liquation

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was passed on 8.4.2021 and appointed Official Liquidator to carry out Liquation proceedings in respect of the Corporate Debtor. It was also stated therein that the NCLT by its order dated 02.05.2022 approved the Scheme of Compromise or Arrangement submitted by one M/s KALS Distilleries Private Limited for take over of assets and properties of the 18^th defendant and sanctioned the Insolvency Resolution Proposal submitted by the said KALS Distilleries Pvt. Ltd., It was further stated therein that the applicant is an unsecured financial creditor and the total admitted claim of the applicant in respect of various loans granted to sugarcane harvesters at the instance and recommendation of the 35^th defendant comes to Rs.752.09 lakhs and out of which an amount of Rs.3.76 lakhs (0.5%) is provided for as full and final settlement of the entire dues and the same was also paid to the applicant in installments. Thus submitting the applicant prayed fir recording the above orders passed by NCLT, Chennai against 35^th defendant and prayed for permitting the applicant to proceeds with the OA as against the principal borrowers, defendants 1 to 34.

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In view of the afore mentioned discussions, the only conclusion this Tribunal can draw is that the applicant had clearly proved the disbursement of the loan, which the applicant is entitled to realize. Hence, TA is disposed off in the following manner: -

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(a) TA No.794 of 2022 stands allowed.

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(b) Applicant is permitted to realize a sum of Rs.5,87,60,631/- from the date of filing of the OA till date of realization from the defendants, after

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deducting all the amounts received by them during the pendency of OA, and also by selling the other assets of the respective defendants in the following manner:

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(i) A sum of Rs.17,31,498/- together with interest at the rate of 10.90% per annum with quarterly rests from 1^st defendant being the amount due under loan account No.560931000303605);

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(ii) A sum of Rs.15,02,263/- together with interest at the rate of 10.90% per annum with quarterly rests from 2^nd defendant being the amount due under loan account No.560931000303613);

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(iii) A sum of Rs.16,18,154/- together with interest at the rate of 10.90% per annum with quarterly rests from 3^rd defendant being the amount due under loan account No.560931000303621);

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(iv) A sum of Rs.17,97,797/- together with interest at the rate of 10.90% per annum with quarterly rests from 4^th defendant being the amount due under loan account No.560931000303631);

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(v) A sum of Rs.16,18,154/- together with interest at the rate of 10.90% per annum with quarterly rests from 5^th defendant being the amount due under loan account No.560931000303648);

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(vi) A sum of Rs.15,18,753/- together with interest at the rate of 10.90% per annum with quarterly rests from 6^th defendant being the amount due under loan account No.560931000303656);

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(vii) A sum of Rs.14,19,304/- together with interest at the rate of 10.90% per annum with quarterly rests from 7^th defendant being the amount due under loan account No.560931000303664);

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(viii) A sum of Rs.15,96,706/- together with interest at the rate of 10.90% per annum with quarterly rests from 8^th defendant being the amount due under loan account No.560931000303672);

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(ix) A sum of Rs.18,19,886/- together with interest at the rate of 10.90% per annum with quarterly rests from 9^th defendant being the amount due under loan account No.560931000303680);

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(x) A sum of Rs.15,82,918/- together with interest at the rate of 10.90% per annum with quarterly rests from 10^th defendant being the amount due under loan account No.560931000022711);

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(xi) A sum of Rs.14,56,227/- together with interest at the rate of 10.90% per annum with quarterly rests from 11^th defendant being the amount due under loan account No.560931000303699);

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(xii) A sum of Rs.16,38,054/- together with interest at the rate of 10.90% per annum with quarterly rests from 12^th defendant being the amount due under loan account No.560931000303710);

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(xiii) A sum of Rs.15,33,789/- together with interest at the rate of 10.90% per annum with quarterly rests from 13^th defendant being the amount due under loan account No.560931000303729);

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(xiv) A sum of Rs.17,10,818/- together with interest at the rate of 10.90% per annum with quarterly rests from 14^th defendant being the amount due under loan account No.560931000303737);

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(xv) A sum of Rs.16,05,119/- together with interest at the rate of 10.90% per annum with quarterly rests from 15^th defendant being the amount due under loan account No.560931000303745);

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(xvi) A sum of Rs.16,18,870/- together with interest at the rate of 10.90% per annum with quarterly rests from 16^th defendant being the amount due under loan account No.560931000303753);

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(xvii) A sum of Rs.17,05,806/- together with interest at the rate of 10.90% per annum with quarterly rests from 17^th defendant being the amount due under loan account No.560931000303761);

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(xviii) A sum of Rs.16,23,765/- together with interest at the rate of 10.90% per annum with quarterly rests from 18^th defendant being the amount due under loan account No.560931000303771);

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(xix) A sum of Rs.16,48,530/- together with interest at the rate of 10.90% per annum with quarterly rests from 19^th defendant being the amount due under loan account No.560931000303788);

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(xx) A sum of Rs.14,10,798/- together with interest at the rate of 10.90% per annum with quarterly rests from 20^th defendant being the amount due under loan account No.560931000303796);

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(xxi) A sum of Rs.16,21,159/- together with interest at the rate of 10.90% per annum with quarterly rests from 21^st defendant being the amount due under loan account No.560931000303801);

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(xxii) A sum of Rs.17,49,391/- together with interest at the rate of 10.90% per annum with quarterly rests from 22^nd defendant being the amount due under loan account No.560931000303818);

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(xxiii) A sum of Rs.15,36,508/- together with interest at the rate of 10.90% per annum with quarterly rests from 23^rd defendant being the amount due under loan account No.560931000303826);

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(xxiv) A sum of Rs.15,36,508/- together with interest at the rate of 10.90% per annum with quarterly rests from 24^th defendant being the amount due under loan account No.560931000303834);

¶163

(xv) A sum of Rs.16,21,159/- together with interest at the rate of 10.90% per annum with quarterly rests from 25^th defendant being the amount due under loan account No.560931000303842);

¶164

(xxvi) A sum of Rs.15,56,322/- together with interest at the rate of 10.90% per annum with quarterly rests from 26^th defendant being the amount due under loan account No.560931000303850);

¶165

(xxvii) A sum of Rs.16,28,367/- together with interest at the rate of 10.90%

¶166

per annum with quarterly rests from 27^th defendant being the amount due under loan account No.560931000303869);

¶167

¶168

(xxviii) A sum of Rs.18,33,688/- together with interest at the rate of 10.90% per annum with quarterly rests from 28^th defendant being the amount due under loan account No.560931000303877);

¶169

(xxix) A sum of Rs.24,71,835/- together with interest at the rate of 10.90% per annum with quarterly rests from 29^th defendant being the amount due under loan account No.560931000303885);

¶170

(xxx) A sum of Rs.24,71,835/- together with interest at the rate of 10.90% per annum with quarterly rests from 30^th defendant being the amount due under loan account No.560931000303893);

¶171

(xxxi) A sum of Rs.24,71,835/- together with interest at the rate of 10.90% per annum with quarterly rests from 31^st defendant being the amount due under loan account No.560931000303907);

¶172

(xxxii) A sum of Rs.24,71,838/- together with interest at the rate of 10.90% per annum with quarterly rests from 32^nd defendant being the amount due under loan account No.560931000303915);

¶173

(xxxiii) A sum of Rs.24,71,835/- together with interest at the rate of 10.90% per annum with quarterly rests from 33^rd defendant being the amount due under loan account No.560931000303923);

¶174

(xxxiv) A sum of Rs.11,61,145/- together with interest at the rate of 10.90% per annum with quarterly rests from 34^th defendant being the amount due under loan account No.560931000303931);

¶175

¶176

¶177

(d) Applicant is permitted to realize cost of the proceedings and shall file cost memo within 7 days from the date of the order.

¶178

(e) The Recovery Certificate shall be drawn up and issued to the Recovery Officer in terms of this final order.

¶179

Communicate a copy of the order to the parties concerned in terms of Section 19(21)(i) of the RDB Act, read with Rule 16 of DRT (Procedure) Rules, 1993.

¶180

(Dictated to PS, transcribed by him, corrected, signed and pronounced by me in Open Court on this the. 27^th day of March, 2024)

¶181

Sd/-

¶182

(T. RAJESH ) PRESIDING OFFICER DRT-II, CHENNAI

¶183

Union Bank of India (Corporation Bank) v. Velayutham

Case brief

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Union Bank of India (Corporation Bank) v. Velayutham

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