Drat Madras Court February 2002 Judgments

Kerala Financial Corporation and Vs. Union Bank of India

Court: DRAT Madras

Reported in: II(2003)BC51

1. The Petitioners Kerala State Industrial Development Corporation Ltd. and Kerala Financial Corporation 5th and 6th defendants in the Tribunal below have filed these Petitions under Section 21 of the Recovery of Debts Due to Banks and Financial Institutions (RDDB&FI) Act, 1993 (the Act) for waiver of mandatory deposit of the 75% of the decreed amount.2. These petitioners contend that they advanced loans to the 1st defendant in the applicption and the title deeds which relate to immovable property of the 1st defendant were deposited with the petitioners creating joint equitable mortgage and the plant A Schedule property were jointly mortgaged by the said company under the pari passu inter se arrangement between the financial institutions and accordingly it was agreed between the petitioners appellants and the, respondent institutions that the mortgaged properties shall be distributed in proportion or in the ratio of 80:60:28 between the petitioners and the Union Bank of India-plai...

Narayanan Unni Vs. Bank of Baroda

Court: DRAT Madras

1. The petitioner Bank of Baroda has filed this petition in IA-2 for amendment of plaint as set out in the petition for amendment (a) "To realise the plaint amount of Rs. 19,66,837/- with future interest at the agreed rate of 19.75% p.a. from the defendants 1 to 3 jointly and severally and from the assets especially from the movable and immovable assets scheduled hereunder which is hypothecated and mortgaged in favour of the applicant Bank. (b) To realise the cost of the suit from the defendants 1 to 3 jointly and severally and from the assets especially from the movable and immovable assets scheduled hereunder which is hypothecated and mortgaged in favour of the applicant Bank. (c) To realise the plaint amount of Rs. 19,66,837/- with future interest at the agreed rate of 19.75% p.a and the cost of the suit from the defendants 4 to 6 jointly and severally to the extent of the estate inherited by them from the deceased Mr. S. Sankaran Unni, and (d) Such other reliefs which the Court ma...

R. Indrani and anr. Vs. the Catholic Syrian Bank Ltd.

Court: DRAT Madras

Reported in: I(2004)BC13

1. The Appellants are defendants 2 and 4 in the Original Application (OA). The appellants filed IA 227/2001 directing the Tribunal to reject the OA as the same is against Rule 10 of the DRT (Procedure) Rules under the RDDB & FI Act, 1993. According to the appellants, they are the partners of D6 Firm and they retired from the partnership firm on 20.1.1997 and they are not liable for this claim as they retired from the partnership and they are only the erstwhile partners of the D6 Firm. The appellants further contend that the OA is filed as against the loan availed by D1 and D6 Firms and the two loans cannot be clubbed together in one OA and for the two loan transactions one OA filed is not maintainable and it is hit by Rule 10 of the Act. The appellants further contend that only if the two reliefs are clubbed together the jurisdiction of the DRT can be moved and the amount will exceed Rs. 10 lakhs and if a Suit is filed on each transaction for the loan of D1 and D6 separately, thos...