A Debt Recovery Tribunal allowed the application filed by the Bank of Baroda to recovery a principal sum of Rs.36,04,396 along with future and pendentelite interest at 8% per annum from the defendant after finding the title claim proved and un-rebutted.
Issuance of Recovery Certificate for Rs.36,04,396 plus future and pendentelite interest at 8% p.a. (simple).
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 5th day of March, 2024
PRESENT: SHRI T.RAJESH PRESIDING OFFICER
TA.No.807 of 2023
(Old OA.No.171/2020 - DRT-I, Chennai)
Bank of Baroda, Aranthangi Branch, Aranthangi. Represented by its Authorized Officer. (IFSC Code : BARB0ARANTH) … Applicant.
Vs.
Mr.N.Ramanathan, S/o.Mr.Narayanan, No.7, Keelacheri, Kundagavayal Post, Aranthangi -614 616. (PAN No.:AJYPR4791E). … Defendant.
Counsel for Applicant : Mr.E.Vijayaraghavan. Defendant : Exparte.
ORDER
And Bankruptcy Act, 1993 seeking for issuance of a Recovery Certificate for a total sum of Rs.36,04,396/- due in various Demand
Loans and PMMY OD Loan availed by the defendant.
Loans as Warehouse Receipt based financing of Rs.8,93,000/-; Rs.7,59,000/-; Rs.6,67,000/-; Rs.3,45,000/-; Rs.5,46,000/-;
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Rs.5,11,000/- and PPMY OD Loan under CGTMSE Scheme of
Rs.8,60,000/-. It is also stated that the said facility was secured by hypothecation of goods.
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Both these issues are decided together.
ii) Applicant is permitted to recover an amount of Rs. 36,04,396/(Rupees Thirty Six Lakhs Four Thousands Three Hundred and Ninety Six only) with future and pendentelite interest @8% p.a. (simple) from the date of filing of the TA till realization from the defendant and also from his assets after giving credit to all the amounts recovered and received during the pendency of the TA.
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Section 19(21)(i) of the RDB Act, read with Rule 16 of DRT (Procedure) Rules, 1993.
(Dictated to PA, transcribed by him, corrected, signed and pronounced by me in the Open Court, this 5th day of March, 2024)
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3 issues framed by the court
Whether the applicant had proved the title claim?
What orders are to be passed regarding the recovery of the dues?
Whether pendentelite interest can be awarded at the rate of 8% per annum?
2 provisions across 1 enactments
Bank of Baroda
Mr.N.Ramanathan
T.RAJESH
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
