YRS ENTERPRISES Vs. INDIAN OVERSEAS BANK

JUDGEMENT

(1.) Material on record discloses that Indian Overseas Bank, Chennai, 1st respondent has sanctioned (a) Term Loan of Rs.50 Lakhs on 26.08.2013, (b) cash credit loan of Rs.18 Lakhs on 23.01.2015. Petitioner has defaulted. Hence, after declaring the loan account as Non Performing Account, bank has issued notice under the provisions of the SARFAESI Act, 2002 and filed OA No.664 of 2016 on the file of Debts Recovery Tribunal-II, Chennai for a sum of Rs.69,24,962/- with interest at the rate of 13% per annum with monthly rests from the date of application till date of realisation.

(2.) After hearing the parties, Debts Recovery Tribunal-II, Chennai vide order in OA No.664 of 2016 dated 28.02.2018, allowed the said application as hereunder.

(3.) Presiding Officer, Debts Recovery Tribunal-II, Chennai has also issued Debts Recovery Certificate No.187 of 2018, which reads thus.