Debts Recovery Tribunals and Appellate Tribunals
FEDERAL BANK vs PRASANTH KUMAR .P on 8 May 2018
IN THE DEBTS RECOVERY TRIBUNAL-II, KERALA AT
ERNAKULAM
Dated this the 8th day of May, 2018
Present: S.V.Gowramma, B.A., LL.B
Between
The Federal Bank Limited,
Registered Office: Aluva,
Branch: Nanthencode( now loan
account at Asset Recovery Branch,
Thiruvananthapuram.
…Applicant
[Adv.Ruby.P.Paulose, Counsel for the Applicant]
And
1.
Prasanth Kumar.P,
S/o.K.Prasanna Kumar,
aged about 41 years,
‘Suprabha’, TC.3/2328,
Pattom P.O, Thiruvananthapuram,
PIN-695 004.
2.
Prasanna Kumar.K,
S/o. E.K.Krishna Pillai,
aged about 71 years,
‘Suprabha’, TC.3/2328,
Pattom P.O, Thiruvananthapuram,
PIN-695 004.
...Defendants
[Defendants are Exparte]
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FINAL ORDER
The Original Application is filed under Section 31A of the Recovery of Debts due to Banks and Financial Institutions Act, 1993 (hereinafter referred to as ‘the Act’) by the applicant herein, the applicant is the decree holder bank in O.S.No.63/2013 of the Sub Court, Thiruvananthapuram for issuance of Recovery Certificate in terms of the decree dated 31.01.2014 for recovery of the amount of Rs.11,04,108/- (Rupees Eleven lakh four thousand one hundred and eight only ) together with further interest @9% per annum along with costs from the defendants and their assets both movable and immovable till its realization in full. BRIEF FACTS OF THE CASE
1. The applicant is a banking company registered under the Companies Act 1956 having its registered office at Aluva and having branch amongst other places including one at Nanthencode, Thiruvananthapuram District. The Chief Manager and Principal Officer of the applicant is competent to verify and file this application for and on behalf of the applicant.
2. The applicant declares that the application is within the limitation prescribed under Section 24 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 as the decree was passed on 31.01.2014.
3. It is the case of the applicant bank that defendants jointly availed a housing loan of Rs.7,37,500/- out of the sanctioned amount of Rs.10,00,000/- from the applicant. Since the debt together with interest and other charges were not paid as agreed, the applicant filed O.S.No.63/2013 before the Sub Court, Thiruvananthapuram. The O.S.No.63/2013 was decreed on 31.01.2014 directing the defendants to pay the applicant a sum of Rs.7,75,450/- along with 9% interest from 16.01.2013 (date of suit) till the date of realization and costs of the suit from the defendants and their assets. Since the defendants have not so far paid the amount due as per the decree, the applicant is constrained to file this OA for realization of decree amount. As per the decree an amount of Rs.11,04,108/- is due to the applicant from the defendant as on the date of this application.
4. After filing of the OA, the applicant has taken out summons on defendants as directed by the Tribunal and filed proof of service on 17.05.2016. The summons issued to the defendants were returned as “Addressee Left”. Hence, the applicant has taken out summons through substitute service by way of paper publication in Mathrubhumi Daily dated 01.11.2016 and service of summons was completed as per the regulations. Inspite of service of summons defendants neither appeared nor were they represented and thus they were declared exparte on 08.11.2017.
5. In view of the above, the applicant bank is entitled to get a final order directing to issue Recovery Certificate on the following lines:- “In the result, it is ordered to issue Recovery Certificate in terms of the decree dated 31.01.2014 in O.S.No.63/2013 of the Sub Court, Thiruvananthapuram for recovery and payment to the applicant bank, the sum of Rs.11,04,108/- (Rupees Eleven lakh four thousand one hundred and eight only) together with future interest @ 9% per annum from 22.03.2016 till realisation and also the costs of the applicant bank in this proceedings, from the defendants and their assets.
6. Communicate copy of this order to both parties as provided in R.16 r/w R.2(c) of the Debts Recovery Tribunal (Procedure) Rules, 1993.
[Dictated to the steno, transcribed by him, corrected by me and then pronounced in the open court on this the 8th day of May, 2018]
(S.V.GOWRAMMA)
A P P E N D I X Witness for Applicant: Nil
Witness for Defendant(s): Nil
Exhibits on the part of the applicant
Ext.No. Date Particulars of documents
A1 31.01.2014 Certified copy of the Judgment and Decree passed by the Sub Court, Thiruvananthapuram in O.S.No.63/2013.
[PRESIDING OFFICER]
IN THE DEBTS RECOVERY TRIBUNAL-II, KERALA AT ERNAKULAM
Dated this the 8th day of May, 2018
Present: S.V.Gowramma, B.A., LL.B
Between The Federal Bank Limited.
…Applicant And
Prasanth Kumar.P & another
...Defendants