Central Bank of India v. M/S Life Line Diagnostic Center
Case brief
What is this about?
The Debts Recovery Tribunal allowed the applicant bank's appeal for recovery of a term loan and cash credit facility. The court adjudicated the principal amount plus future interest at 9% p.a., ordered the attachment of hypothecated medical equipment and personal lands, and directed the issuance of a recovery certificate to facilitate the sale of assets.
What did the court decide?
Order directing the respondent to pay Rs. 1,48,72,215/- with future interest at 9% p.a., sale of hypothecated and personal properties, and issuance of a recovery certificate.
What the court decided
Presented on: 03.02.2024 Registered on: 03.07.2024 Decided on: 24.03.2026 Duration: Y M D 02 00 21
IN THE DEBTS RECOVERY TRIBUNAL AT AURANGABAD (Before Dr. J. R. Chauhan Presiding Officer) ORIGINAL APPLICATION No. 484/2024
TOTAL CLAIM AMOUNT – Rs. 1,48,72,215/-
Central Bank of India,
A body corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act V, 1970 having its Central Office at “Chander Mukhi” Building, Nariman Point Mumbai – 400 021, and amongst other places having a one of its Branch at Pachora, House No. 48, Station Road, Pachora, Taluka Pachora, District Jalgaon and acting through its authorized officer, Mr. Jayant, age: 52 years, Occupation: Service as Chief Manager, Central Bank of India Regional Office Aurangabad and having
(OA No.484/2024)
Page 1 of 8
[AMBADAS]
authority to file the application which includes the authority to sign and verify the application.
… Applicant
Issues for consideration
3 issues framed by the court
Whether the applicant bank is entitled to recover the outstanding loan amount along with future interest.
Whether the hypothecated and personal properties of the defendant can be charged to secure the dues.
Whether an order of sale and recovery certificate should be issued against the defaulting borrower.
Parties & counsel
- applicant
Central Bank of India
- respondent
M/s. Life Line Diagnostic Center
- respondent
Dr. Preeti Bhushan Magar
Coram
Case details
As recorded by the court registry
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