Debts Recovery Tribunals and Appellate Tribunals
The Cosmos Co operative Bank Ltd vs Ms K Divya on 11 August 2022
IN THE DEBTS RECOVERY TRIBUNAL – III, CHENNAI
Dated this the 11th day of August, 2022
Present: Shri Ganapathi K.R.K.
Presiding Officer
MA No. 70/22 in OASR No.4714/2020
The Cosmos Co-operative Bank Limited,
“Sriji Palace”, Plot No.37 (Old No.17),
E.V.K. Sampath Road,
Vepery, Chennai – 600 007.
Rep. By its Authorised Officer
Mr.Vivek Inamdar. .....Applicant
Vs.
1. M/s.K.Divya,
D/o.Krishnamoorthy,
No.392, LIG, 1, 1st Main Road,
17th Street,
MMDA, Manali,
Gummidipoondi,
Tiruvallur, Chennai – 600 068.
2. Mrs.K.Banurekha
W/o.Krishnamoorthy,
No.392, LIG, 1, 1st Main Road,
17th Street,
MMDA, Manali,
Gummidipoondi,
Tiruvallur, Chennai – 600 068.
3. Mr.K.Naveen Kumar,
S/o.Krishnamoorthy,
No.392, LIG, 1, 1st Main Road,
17th Street,
MMDA, Manali,
Gummidipoondi,
Tiruvallur, Chennai – 600 068.
4. Mr.H.Karthikeyan,
S/o.L.Harikrishnan,
10/228, Annai Illam,
Mogappair East,
Mogappair, Chennai – 600 037. ….Defendants
Counsel for Applicant : M/s.NVS & Associates.
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 327 days in re-presenting the Original Application after complying with the office objections.
2. It is the case of the petitioner / applicant bank that although the returns dated 10.03.2021 were contemplated to the complied upon, however, due to upsurge in Covid 19, junior counsel, with whom case bundle was there, got affected with Covid infection and had to quarantine himself for some time. Hence, it is their case that 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.26,55,009.21p together with future interest at the rate of 14% p.a. with monthly rests 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 (327 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 11th day of August, 2022)
Sd/-
(GANAPATHI K.R.K) PRESIDING OFFICER