Drat Madras Court November 2006 Judgments
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Sri Ved Textiles and ors. Vs. Canara Bank and ors.
Court: DRAT Madras
Decided on: Nov-29-2006
Reported in: I(2008)BC36
1. The respondent No. 1 Bank filed the Original Application for recovery of a sum of Rs. 38,98,133/- against the defendant Nos. 1 to 7, and for US $ 80,730/- against the defendant No. 8 together with interest @ 19.38% per annum, with quarterly rests and for cost and the same was decreed on 29th July, 2005. Aggrieved by the same, the defendant Nos. 1 to 6 have preferred this appeal. The defendant No. 1 in the Original Application is a partnership firm and the defendant No. 3 is the managing partner and defendant Nos. 2,4 to 6 are the other partners. The firm is engaged in the manufacture and export of ready made garments. The defendant No. 3 representing the defendant No. 1 firm and the defendant Nos. 2 and 4 to 6 had the benefit of working capital to carry on business to the limit of Rs. 25 lacs. This facility was secured by hypothecation of raw materials, works in progress and finished goods, relating to textile garments meant for export. That in August, 1996, the defendant No. 1 fir...
Indian Overseas Bank Vs. U.T.i. Bank Ltd. and ors.
Court: DRAT Madras
Decided on: Nov-27-2006
Reported in: I(2008)BC21
1. This miscellaneous appeal is directed as against the order dated 24th March, 2006, passed in I.A. No. 92 of 2006 in Original Application No. 137/2004, by the D.R.T.-I at Chennai.I have heard the learned Advocate for the appellant and the respondent No. 1.2. The learned Advocate for the appellant submitted that they have filed the Original Application No. 610/1998 before the D.R.T.-I, Chennai, for the recovery of the amount due by the borrowers and the said Original Application was decreed on 25th September, 2000.Subsequently, due to the formation of D.R.T.-II, Chennai, it was transferred to D.R.T.-II and re-numbered as Original Application No.2021/2001 for further proceedings. The appellant brought the property for sale and the sale was scheduled to be held on 27th February, 2006.It is stated that respondent No. 1 has filed Original Application 137/2004 before the D.R.T.-I, and the same is pending. The respondent No. 1 had approached the High Court, Madras, challenging the auction ...
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