Bank of India v. M/S Kn Interior Designs and Engineering Private Limited
Case brief
What is this about?
In a transfer application for debt recovery, the Debt Recovery Tribunal allowed the bank's claim for Rs. 2.55 crore against a company and its guarantors. With defendants absent, the order directed recovery via sale of mortgaged property and personal assets of guarantors.
What did the court decide?
Recovery of Rs. 2,55,68,338.58 with future interest; liberty to sell mortgaged property and personal assets of guarantors if proceeds are insufficient.