Bank of Baroda v. M/S Periyakkal Traders, Rep by Its Proprietor Mr.P.Dharmalingam
Case brief
What is this about?
In IA 2345/25 in TA 940/23, the Debt Recovery Tribunal appointed by S.V. Gowramma, decided on an interim application filed by Bank of Baroda. The Bank sought attachment of the third Respondent's schedule properties to secure its outstanding debt claim of Rs. 94.54 lakhs, fearing alienation. The Tribunal found prima facie satisfaction of essential ingredients under the RDB Act, ordered the Respondent to furnish security within 15 days, and directed conditional attachment of the properties as security for the Bank's dues.
What did the court decide?
Conditional attachment of the petition schedule properties to the extent of OA claim of Rs.94,54,926.82p plus interest, and a direction to show cause why security of the same amount should not be furnished within 15 days.