Drat Allahabad Court March 2002 Judgments

Canara Bank Vs. Subhagya Agro Tech. Pvt. Ltd.

Court: DRAT Allahabad

Reported in: II(2003)BC87

1. Under Section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 this original application No. 124 of 2000 has been filed against the defendant Nos. 1 to 5 for realization of Rs. 1,00,94,872.27 (Rs. one crore ninety-four thousand eight hundred seventy-two and paise twenty-seven) only together with interest pendente life and future thereon @ 18.50% per annum with quarterly rests. The applicant-Bank prays in this petition that the recovery of the said amount after selling of the hypothecated and mortgaged properties of the defendants. The applicant-Bank further claims for the costs of the application.2. The facts of the case as contained in the application are that the applicant-Bank is a body corporate duly constituted under the Banking Companies (Acquisition and Transfer of Undertaking) Act, 1970. Mr. R.N.Prasad is the Senior Manager of the applicant-Bank is authorized to sign, verify and institute all legal proceedings on behalf of the applicant-Bank.3. ...