Bank of India v. M/s Arena Food and Agro Industries Private Limited (Afaipl)
Case brief
What is this about?
Applicants:Bank faced default by Respondents: Arena Food Industries Pvt. Ltd. and guarantors. Bank filed OA u/s 19 RDB Act. Tribunal found application within limitation, evidence proved loan availed and default. Order: Allowed bank's claim. Defendants jointly/severally to pay Rs. 13.07 Cr with interest. Recovery Certificate issued.
What did the court decide?
Defendants jointly and severally to pay Rs. 13,07,17,940.40 with pendente-lite and future interest at 10% p.a. from 19.01.2023 till realization; Recovery Certificate issued.