Debts Recovery Tribunals and Appellate Tribunals
STATE BANK OF INDIA vs Mr.M.Murugan on 2 April 2019
BEFORE THE DEBTS RECOVERY TRIBUNAL –I ATCHENNAI
Dated this 22nd Day of April, 2019
Present: SHRI N.V.BADARINATH
PRESIDING OFFICER
TA202 / 2018
(OA 574/2014 on the file of DRT-III, Chennai)
State Bank of India
Cuddalore OT Branch
Cuddalore - 607 003.
Applicant Bank
Vs.
M. Murugan
S/o Manickam
No. 456, South St.,
Vazhisothanaipalayam
Cuddalore .
….Defendant
Counsel for the Applicant Bank
:
M/s .V.Arumugam
Defendant remained exparte.
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ORDER
1. This application is filed by the applicant bank under Section 19(1) of Recovery of Debts and Bankruptcy Act, 1993 (formerly Recovery of Debts Due to Banks and Financial Institutions Act, 1993) against the defendant for recovery of a total sum of Rs.24,91,249.60p, consisting of
(i) Rs. 1,41,216.03p along with future interest @ 16% p.a. with half yearly rests from 21.7.2014 till the date of realization in full, due under Agricultural Term Loan, (ii) Rs. 2,36,667.74p along with future interest @ 10.25% p.a. with half yearly rests from 21.7.2014 till the date of realization in full, due under Agricultural Term Loan, (iii) Rs. 9,71,334.46p along with future interest @ 11.75% p.a. with half yearly rests from 21.7.2014 till the date of realization in full , due under Agricultural Term Loan, (iv) Rs. 11,42,021.35p along with future interest @ 12% p.a. with half yearly rests from 21.7.2014 till the date of realization in full, due under Agricultural TermLoan, from 21.7.2014 till the date of realization in full, for sale of the application schedule mentioned properties along with costs of this application.
2. Defendant remained exparte.
3. Heard the Ld. Counsel for the applicant, perused the OA averments and the record placed before the Tribunal. The point that arises for consideration is Whether the applicant bank is entitled for the amount claimed in the application from the defendant? If so, at what rate of interest?
4. Point Whether the applicant bank is entitled for the amount claimed in the application from the defendant? If so, at what rate of interest? To prove its claim, the applicant bank filed proof affidavit through its Manager along with 37 documents, which are marked as Ex.A-1 to A-37. The proof affidavit of the applicant bank remain unchallenged and unrebutted. Therefore, on careful consideration of proof affidavit along with Exhibits filed on behalf of the applicant bank, besides the material placed before the Tribunal, the Tribunal is satisfied that the applicant bank has successfully proved the TA claim against the defendant. Hence, it is held that the applicant bank is entitled for a Recovery Certificate for a sum of Rs.24,91,249.60p together with pendent lite and future interest at 9% per annum (simple) from 21.7.2014 till the date of realization in full. Point is answered accordingly.
5. For the reasons stated as above, it is held that the applicant bank is entitled for a Recovery Certificate against the defendants jointly and severally for recovery of a sum of Rs.24,91,249.60p together with pendent lite and future interest at 9% per annum (simple) from 21.7.2014 till the date of realization in full, for sale of the schedule mentioned properties along with costs of this application.
6. In the result, application is allowed as under:
(a) The applicant bank is entitled to recover a sum of Rs.24,91,249.60p together with pendent lite and future interest at 9% per annum (simple) from 21.7.2014 till the date of realization in full, from the defendant.
(b) It is further ordered that in case of default of payment by the defendant, the applicant bank is entitled to sell the schedule mentioned properties and adjust the sale proceeds towards the amount due.
(c) If the sale proceeds are not found sufficient to cover the amount due and payable to the applicant bank, the defendant is personally liable for all such amounts due.
(d) It is further ordered that any amount remitted or realized, if any, during the course of the proceedings, shall be given due credit to the loan account of the defendant.
(e) The applicant bank is entitled for costs of this application.
7. The applicant bank is directed to file costs memo within two weeks of the receipt of this order.
8. Issue recovery certificate in favour of the applicant bank in terms of this final order.
9. Communicate a copy of the order to the parties concerned in terms of Rule 16 read with Rule 2(c) of DRT (Procedure)Rules, 1993. (Dictated to PS, transcribed by him, corrected, signed and pronouncedby me in the Open Court, this 22nd day of April, 2019) Sd/- (N.V.BADARINATH) PRESIDING OFFICER DRT-I, CHENNAI