UDHAYAM ENTERPRISES LTD Vs. FEDERAL BANK LIMITED

JUDGEMENT

(1.) Though, considerable time was spent, at the end of the arguments, Mr.Adi Narayana Rao, learned counsel for the petitioner prayed for withdrawal of the writ petition and going through the materials on record, we are not inclined to permit withdrawal, and proceed to pass the following order.

(2.) M/S.Udhayam Enterprises Limited, Sriperumputhur, has availed loan from Fedral Bank Limited, State of Kerala, the 1st respondent by executing promissory notes, and deposit of title deeds of immovable property. There was a default in payment. Therefore, Fedral Bank Limited, has filed O.A.No.1305 of 2000, for the following prayers;

(3.) Upon adjudication, DRT-I, Chennai, has passed orders in O.A.No.1305 of 2000 dated 20.07.2006, holding that the bank is entitled to recover a sum of Rs.1,17,77,691/- with future interest, at the rate of 19.5% per annum, with quarterly rests from the date of application (21.12.2000) till the date of realization of the entire dues. Relevant portion of the order is extracted hereunder.