Drat Madras Court October 2008 Judgments
State Bank of India Stressed Assets Resolution Center (Sarc) and Anoth ...
Court: DRAT Madras
Decided on: Oct-22-2008
1. This Appeal is preferred by the Appellant Banks challenging the impugned Order passed by the DRT, Bangalore, in OA-939/1997 dated 31.1.2007, with regard to the personal liability of the Respondents 2, and 7 to 9 herein. 2. The facts leading to the filing of this Appeal are as follows :- The 1st Respondent is a Company registered under the Indian Companies Act, 1956, and the Respondents 2, and 7 to 9 are its Directors. The Appellants sanctioned credit facilities on Consortium basis to the 1st Respondent Company (hereinafter called as the Company) and towards Export Packing Credit, the 1st Appellant sanctioned Rs.325 lakhs and the 2nd Appellant sanctioned Rs.200 lakhs. In respect of Foreign Bill Discounting Limit, the 1st Appellant sanctioned Rs.150 lakhs and the limit sanctioned by the 2nd Appellant was Rs.125 lakhs. Regarding the Bank Guarantee, the limit sanctioned by the 1st Appellant was Rs.30 lakhs, and the limit sanctioned by the 2nd Appellant was Rs.20 lakhs. The Respondents 2...
Tag this Judgment!M/S. Kotti Finance Ltd. Vs. Indian Bank, Circle Office, Kanchipuram
Court: DRAT Madras
Decided on: Oct-21-2008
1. The Appellant/Third party has filed this Appeal challenging the impugned Order passed by the DRT-III, Chennai, in SA-178/2007 on 10.1.2008. 2. The facts leading to the filing of this Appeal may be set out briefly as under :- The Respondent Bank sanctioned the loan facilities by way of Overdraft and OCC limit to M/s. Lakshmi Vilas Silks Ltd. against collateral security of movable properties for which equitable mortgage of land and building bearing Door Nos.186C (New No.181) and 186B (New No.180) situated at Gandhi Road, Kanchipuram, was also created in favour of the Bank by the borrower. The Directors of the principal borrowers stood as guarantors for the due repayment of the loan. Since the account was out of order, the Bank invoked the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter called as SARFAESI Act) and issued the demand notice dated 26.12.2002, under Section-13(2) in the said Act and also to...
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