Canara Bank v. Usha Jain
Case brief
What is this about?
The Tribunal allowed the applicant bank's original application for recovery of dues of Rs. 60.97 Lakhs from the defendant who absented herself from proceedings. The court directed payment with reduced interest at 12% per annum and recovery from hypothecated assets.
What did the court decide?
Defendant directed to pay Rs. 60,97,317.82 with interest at 12% p.a. and costs within 30 days; recovery via sale of hypothecated and movable/immovable properties if unpaid.
What the court decided
T.A. No. 946 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.946 of 2022
Canara Bank
Wazirpur Main Branch 18, Community Centre Ashok Vihar Phase I
Delhi-110052
Applicant
Versus
Usha Jain
Proprietor of M/s Vridhi Siddhi Fashions House no.43, Private Shop No.1 Ground Floor, Nishant Kunj
Pitampura, Delhi-110034
Also at: C-165, Ashok Vihar
Issues for consideration
2 issues framed by the court
Whether the applicant bank is entitled to recovery of the outstanding dues amounting to Rs. 60,97,317.82 along with interest and costs.
What rate of interest should be awarded on the outstanding dues considering the global and domestic fall in interest rates.
Parties & counsel
- applicant
Canara Bank
Coram
Govind Ballabh Sharma
Case details
As recorded by the court registry
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