Canara Bank v. M/S Inasco India
Case brief
What is this about?
The Tribunal allowed a bank's original application for recovery of dues. Defaulting defendant was absent from hearings. Court awarded principal with interest at 12% and directed issue of recovery certificate.
What did the court decide?
Defendant ordered to pay Rs.33,97,176.12 plus interest at 12% p.a. from filing date. Recovery certificate issued.
What the court decided
T.A. No. 549 of 2022
Debts Recovery Tribunal-I, Delhi 4th floor, Jeevan Tara Building, Parliament Street, New Delhi
Presiding Officer: Shri Govind Ballabh Sharma
T.A. No.549 of 2022
Canara Bank
Hansraj college Delhi-110007
Applicant
Versus
M/s Inasco India
Through its Proprietor
Sh. Rajesh Aggarwal
A-26, First floor
G.T. Karnal Road, Industrial area Delhi-110033
Issues for consideration
2 issues framed by the court
Whether the original application for recovery of loan dues deserves to be allowed given the failure of the defendant to appear.
What rate of interest should be awarded for pendentelites and future interest considering global interest rate trends?
Parties & counsel
- applicant
Canara Bank
- respondent
M/s Inasco India
Coram
Govind Ballabh Sharma
Case details
As recorded by the court registry
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