Debts Recovery Tribunals and Appellate Tribunals
Punjab And Sind Bank vs D Pushparaj on 5 September 2022
IN THE DEBTS RECOVERY TRIBUNAL – III, CHENNAI
Dated this the 5th day of September, 2022
Present: Shri Ganapathi K.R.K.
Presiding Officer
M.A. No. 83/22 in OASR No.1199/2021
Punjab & Sind Bank
Mogappair Branch
No.2, 403, Seethakathi Salai,
Block 12, Block 3,
J.J.Nagar, Mogappair East,
Chennai 600 037.
Represented by its Manager .....Applicant
Vs.
1. D. Pushparaj
S/o.C.Dhandpani,
No.23, 58th Street,
Ashok Nagar,
Chennai 600 083.
2. D.Pugazhenthi
S/o.C.Dhandapani,
No.23, 58th Street,
Ashok Nagar,
Chennai 600 083.
….Defendants
Counsel for Applicant : Mr.P.Reghu Raja
Citations and Judicial Treatment
Cited by
0
Decisions in the index citing it
Cites
0
Decisions referred to
In this index
0
Of the decisions it cites
Overruled / Questioned
0
No negative treatment found
Loading the citing and cited decisions…
This judgment in the centre: on the left the decisions it cites, on the right the decisions citing it. Colour is the treatment; choose a decision to open it.
O R D E R
1. This MA is filed by the Petitioner / Applicant Bank for condonation of delay of 364 days in re-presenting the Original Application after complying with the office objections.
2. It is the case of the petitioner / applicant bank that during the process of re- presentation of OA, defendants approached applicant bank for a negotiated settlement and hence there was delay in re-presenting the OA within time granted by this Tribunal. However, despite availing sufficient time, defendants did not come forward to settle the dues. Thus submitting, petitioner bank prays to condone the delay.
3. On perusal of records, it is seen that this is an OA filed for recovery of sum of Rs.37,78,387.42p/- together with future interest at the rate of 8.5% p.a. compounded monthly 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 defendants 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 (364 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 PS, transcribed by her, corrected, corrected, signed and processed through E-drt on this the 5th day of September, 2022)
Sd/-
(GANAPATHI K.R.K) PRESIDING OFFICER