Canara Bank v. Nitin
Case brief
What is this about?
Drts Pune allowed a bank application for recovery of a short term loan of over Rs.33 million against absent defendants. The court reduced the principal by deducting claimed penal interest and awarded future interest at 9% simple p.a..
What did the court decide?
Defendants to jointly or severally pay Rs.31,53,707 with future interest at 9% p.a. simple from 15.03.2023, and issue Recovery Certificate.
What the court decided
Presented on: 15.03.2023 Registered on: 18.01.2024 Decided on: 03.02.2026 Duration: Y M D 02 10 18
IN THE DEBTS RECOVERY TRIBUNAL AT PUNE
(Before Shri Dilip G Murumkar, Presiding Officer) ORIGINAL APPLICATION No.84/2024
Canara Bank,
A Banking Company incorporated under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 having their Head Office at 112, J.C. Road, Bangalore-560 002 Karnataka and having one of their Branch at Uralikanchan, Pune.
Versus
1. Mr. Nitin Gulab Jagtap
2. Mr. Atul Gulab Jagtap Both R/at – Jagtap Pride, Pune-Solapur Road, Urali Kanchan, Taluka Haveli, District Pune-412 202.
… Applicant
… Defendants
APPEARANCES
Issues for consideration
3 issues framed by the court
Whether the application for recovery of short term loan dues with future interest should be allowed ex parte.
Whether penal interest and detailed description of hypothecated assets should be granted as claimed.
Whether future interest should be adjusted to a lower reasonable rate.
Parties & counsel
- applicant
Canara Bank
Coram
Dilip G Murumkar
Case details
As recorded by the court registry
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