Debts Recovery Tribunals and Appellate Tribunals
THE COSMOS CO OPERATIVE BANK LIMITED vs Sugaa Natural Life Science on 10 August 2022
IN THE DEBTS RECOVERY TRIBUNAL – III, CHENNAI
Dated this the 10th day of August, 2022
Present: Shri Ganapathi K.R.K.
Presiding Officer
M.A. No. 58/22 in OASR No.1969/2020
The Cosmos Co-operative Bank Limited
Madipakkam Branch
Plot No.2, New No.3, Ground Floor
Defence Colony, Medavakkam Main Road
Madipakkam, Chennai – 600 091.
Represented by its Chief Manager
.....Applicant
Vs.
1. M/s. Sugaa Natural Life Science
Represented by its Proprietor Mr. K. Vhijayamurali, Having office at 2/40, 2nd Floor, Ram Nagar, Nanganallur, Chennai – 600 061.
2. Mr.K. Vhijayamurali
S/o. Kannan
2/40, 2nd Floor, Ram Nagar,
Nanganallur, Chennai – 600 061.
3. Mrs. S. Anuradha
W/o. K. Vijhayamurali
2/40, 2nd Floor, Ram Nagar,
Nanganallur, Chennai – 600 061.
4. Mr. B.Prabhu
S/o R Bala Krishnan
134/1, Kalyana Sundaram Nagar
K.K.Nagar, Trichy – 620 230
And also at
No.84, EB Colony,
Khajamalai, Trichy – 620230 ... Defendants
Counsel for Applicant
:
M/s. NVS & Associates
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O R D E R
1. This MA is filed by the Petitioner / Applicant Bank for condonation of delay of 361 days in re-presenting the Original Application after complying with the office objections.
2. It is the case of the petitioner / applicant bank due to lock down restrictions imposed on account of Pandemic Covid 19 and also as counsel for applicant bank was affected with Covid, they could not re-present the OA within time granted by this Tribunal and therefore 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.23,70,255-24p together with future interest at the rate of 14% 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 (361 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 10th day of August, 2022)
Sd/-
(GANAPATHI K.R.K) PRESIDING OFFICER