Canara Bank v. Rajan
Case brief
What is this about?
The Tribunal allowed the bank's recovery application for a housing loan default. After summary disposal due to non-appearance of the respondents, the court sanctioned recovery of the principal and interest, with liberty to sell the secured property if payment fails.
What did the court decide?
Recovery of Rs. 30,56,923/- with interest at 9.45% p.a. and costs; liberty to sell secured property on default.
What the court decided
T.A. No. 457 of 2023
04.12.2025
1
IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI
Dated this the 04th day of December, 2025
Present: SMT. S.V. GOWRAMMA Presiding Officer
TRANSFERRED APPLICATION No. 457 of 2023
(Originally filed before DRT- II, Chennai as OA 115/2022 and thereafter transferred to this Tribunal and renumbered as TA No 457 of 2023)
M/s. Canara Bank, Rep. by its Chief Manager, United India Colony Branch, Mr. V. Saravanan, No.9, Anna Main Road, United India Colony, Kodambakkam, Chennai -600 024.
….Applicant
-Vs-
- Mr. M. Rajan,
Issues for consideration
2 issues framed by the court
Whether the Original Application filed under Section 19(1) of RBI Act, 1993 against non-performing housing loan account is maintainable.
Whether the summary disposal of the application in the absence of the respondents is justified.
Parties & counsel
- applicant
M/s. Canara Bank, Rep. by its Chief Manager
- respondent
Mr. M. Rajan
- respondent
Mrs. R. Sibila
Coram
Case details
As recorded by the court registry
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