Bank of India v. Suresh
Case brief
What is this about?
Debts Recovery Tribunal allowed an application filed by Bank of India for recovery of dues exceeding Rs. 57 lakhs against a proprietorship concern and its guarantor for failure to repay housing, term, and cash credit loans secured by mortgages and hypothecations.
What did the court decide?
Allowed recovery of Rs. 57,59,683/- plus future interest from respondents; directed sale of mortgaged/hypothecated assets to satisfy dues and issuance of Recovery Certificate.
What the court decided
TA No. 574 of 2023 (E)
17.02.2025
1
IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI
Dated this the 17th day of February, 2025
Present: SMT. S.V. GOWRAMMA Presiding Officer
TRANSFERRED APPLICATION No. 574 of 2023
(Originally filed before DRT- II, Chennai as OA 362/2020 and thereafter transferred to this Tribunal and renumbered as TA No 574 of 2023)
Bank of India, Usman Road Branch, 8/17, Mahalakshmi Street, T. Nagar, Chennai – 600 017. Represented by its Constituted Attorney
….Applicant
-Vs-
- Mr. S.R. Suresh S/o. Mr. N.S. Ramaiah, No. 6/11, 5th Avenue, Banu Nagar,
Issues for consideration
2 issues framed by the court
Whether the Debt Recovery Tribunal has jurisdiction to entertain and decide a transferable application for recovery of dues filed under Section 19(1) of the RDB Act, 1993.
Whether the applicant bank is entitled to a final order granting recovery of the claimed loan amount together with interest and costs against defaulting defendants.
Parties & counsel
- applicant
Bank of India, Usman Road Branch
- respondent
Mr. S.R. Suresh (Proprietor M/s. Sumandhira Engineering)
- respondent
Mrs. K. Ramya
- respondent
M/s. Sumandhira Engineering
Coram
Case details
As recorded by the court registry
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