Allowed

Bank of Baroda v. Mr R Thulasingam

DRT7 Mar 2024TA/852/2023

Case brief

AI extract

What is this about?

The Tribunal allowed the application for a recovery certificate regarding a housing loan default. Evidence remained unrebutted, establishing the debt. The applicant was directed to recover the principal along with future and pendentelite interest.

What did the court decide?

Recovery of Rs.15,71,091/- with future and pendentelite interest @9% p.a. (simple) jointly, severally, personally and from assets including mortgage property; issuance of Recovery Certificate.

Bank of Baroda versus Mr R Thulasingam — Contract and Commercial Disputes | DRT (2024)

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IN THE DEBT RECOVERY TRIBUNAL –II CHENNAI

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Dated this 7^th day of March, 2024

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PRESENT: SHRI T.RAJESH PRESIDING OFFICER

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TA.No.852 of 2023

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(Old OA.No.249/2018 - DRT-I, Chennai)

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Bank of Baroda, (Formerly known as Dena Bank), Represented by its Chief Manager, Aminjikarai Branch, No.703, P.H.Road, Aminjikarai, Chennai – 600 029.

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… Applicant.

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Vs.

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Mr.R.Thulasingam, S/o.Mr.P.Rajaram,

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No.29/12, Thangavelu Street, Vetri Nagar, Thiru-Vi-Ka Nagar, Chennai – 600 082.

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And also at : - Flat No:G-3, Ground Floor, Plot No.385, Ashtalakshmi Nagar, Maduravayal, Mathura Alappakkam, Chennai – 600 095.

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Mr.V.Jayakumar, S/o.Mr.M.Vijayakumar, No.1632, 1^st Main Road, TNHB Colony, Velacherry, Chennai – 600 042.

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Mr.R.Veeraraghavan, S/o.Mr.Ramamurthy, Managing Director, M/s.V.V.Home Makers P. Ltd., No.6, Rangarajapuram Main Road, Chennai – 600 024. … Defendants.

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Counsel for Applicant : M/s.G.R.Lakshmanan. Defendants : Exparte.

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ORDER

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The Application is filed Under Section 19 (1) of the Recovery of Debts And Bankruptcy Act, 1993 seeking for issuance of a Recovery Certificate for Rs.15,71,091/- due in Housing Loan availed by the defendants from the erstwhile Dena Bank.

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The Applicant contends that the 1^st defendant availed Housing Loan of Rs.10,50,000/- for which 2^nd defendant stood as guarantor. At the request of defendants, the said loan amount has been directly disbursed to a builder, 3^rd defendant who had been impleaded subsequently after filing of the TA. It is further stated that the said facility was secured by mortgage of schedule mentioned property.

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It is also stated that the above facility was availed after execution of necessary loan documents by defendants obliging themselves to repay the amount promptly and regularly, without fail.

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The Applicant further contends that despite availing the credit facility by obliging to pay back the amount, the defendants failed in compliance of the same and all the efforts of the Applicant to make the defendants pay back the amount failed forcing the Applicant to file this Application.

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Summons was taken out and as the defendants 1 and 2 failed to appear they were set exparte on 15.10.2018 and the 3^rd defendant who had been impleaded subsequently is also set exparte on 07.02.2024 as there was no representation.

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The Applicant let in evidence through AW1, filed proof affidavit in confirmation with the pleadings and got marked Exhs.A1 to A20.

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Heard. The following issues arise for consideration:

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i) Whether the Applicant had proved the TA claim?

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ii) What orders are to be passed?

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Both these issues are decided together.

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The Applicant’s evidence remains un-rebutted and hence proved. The documents produced by the Applicant are found to be admissible 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 claim is arrived at by calculating interest at agreed rate which is on the higher side, pendentelite and future interest is awarded @9% p.a. (simple).

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In view of the above

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i) TA No.852/2023 stands allowed.

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ii) Applicant is permitted to recover an amount of Rs.15,71,091/(Rupees Fifteen Lakhs Seventy One Thousands and Ninety One

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only)with future and pendentelite interest @9% p.a. (simple) from the date of filing of the TA till realization from the defendants jointly, severally, personally and also from their assets including the sale of schedule mentioned property after giving credit to all the amounts recovered and received during the pendency of the TA.

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iii) A Recovery Certificate is to be drawn and issued to the Recovery Officer to enable recovery of the amounts as per the above terms.

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iv) Applicant is allowed to realize cost of the proceedings for which cost memo is to be filed in 7 days’ time from the date of receipt of the copy of the order.

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Communicate a copy of the order to the parties concerned in terms of

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Section 19(21)(i) of the RDB Act, read with Rule 16 of DRT (Procedure) Rules, 1993.

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(Dictated to PA, transcribed by him, corrected, signed and pronounced by me in the Open Court, this 7^th day of March, 2024)

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

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Bank of Baroda v. Mr R Thulasingam

Case brief

What is this about?

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Bank of Baroda v. Mr R Thulasingam

Case brief

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