Debts Recovery Tribunals and Appellate Tribunals
BANK OF BARODA vs PADMA SHEKAR on 28 February 2024
IN THE DEBTS RECOVERY TRIBUNAL-III, CHENNAI
Dated this the 28th day of February, 2024
Present: Shri Ganapathi K.R.K.
Presiding Officer
M.A. No.35/24 in OASR No.10923/2020
M/s. Bank of Baroda,
(Erstwhile Vijaya Bank),
Rep by its Chief Manager,
No.25, 3rd Avenue Indira Nagar,
Chennai-600 020.
….Petitioner
-Vs-
1.
Mrs. Padma Shekar
W/o. Veera Shekar,
No.5, 3rd Main Road,
Indira Nagar, Adyar,
Chennai-600 020.
2.
Mr. Veera Shekar,
S/o. Muthuraman,
No.5, 3rd Main Road,
Indira Nagar, Adyar,
Chennai-600 020.
3.
Mr. M. Vinayagharaaj,
S/o. Muthuraman,
No.1, Land Marvel Apartments,
II Floor, 1st Street,
Thiruvanmiyur,
Chennai-600 041.
…Respondents
Counsels on record / appeared:
Counsel for Petitioner
:
M/s. R. Sreedhar
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ORDER
1. This MA is filed by the Petitioner / Applicant Bank for condonation of delay of 420 days in re-presenting the Original Application after complying with the office objections.
2. It is the case of the petitioner / applicant bank that the objections were duly contemplated to be complied upon but however,due to impact of Covid-19 and frequent transfers of officials at the Branch level, applicant bank could not represent the OA within time and hence prayed for condonation of delay of 420 days in re-presenting the OA.
3. On perusal of records, it is seen that this is an OA filed for recovery of sum of Rs.2,56,37,906.57p together with future interest from defendants. It is not explained anywhere in the petition as to how applicant bank will be entitled to claim interest at the contractual rate for the period of delay, which is owing to their inaction and not attributable to any action of the defendant. As the period of delay is on the very high side, condonation of the same by levying formal amount in the form of costs payable either to the Library Fund or to any Charity organization as a measure of reprimand would not be justifiable when compared with the levy of interest burden on the defendant for the period of default on the part of the applicant bank for no fault of the borrower.
4. However, in the circumstances, this MA is allowed on the condition that the subject of levy of interest for the defaulted period (420 days) which is condoned at this stage of the OA proceedings shall stand for consideration at the time of issuance of Recovery Certificate by the progress of the case and the conduct of the case on behalf of the applicant bank till the stage of issuance of the recovery certificate. Registry is directed to put up a note accordingly for consideration of claim of interest for this default period at the time of drawing of the Recovery Certificate in case for an order thereto by the Tribunal.
5. Registry is directed to number the OA, if otherwise found to be in order. (Dictated to Steno (Saranya), transcribed by her, corrected, signed and pronounced in open court on this the 28th day of February, 2024)
Sd/- (GANAPATHI K.R.K) PRESIDING OFFICER