PRABHAT GENERAL AGENCIES AND OTHERS Vs. JAMMU AND KASHMIR BANK LTD.
LAWS(BOM)-2017-1-197
HIGH COURT OF BOMBAY
Decided on January 17,2017

Prabhat General Agencies And Others Appellant
VERSUS
JAMMU AND KASHMIR BANK LTD. Respondents

JUDGEMENT

R.M.BORDE, J. - (1.) Heard.
(2.) Rule. Rule is made returnable forthwith. Respondent waives service. By consent of parties, Petition is taken up for final hearing.
(3.) Respondent/bank presented Application being Original Application No.36 of 2002 to the Debt Recovery Tribunal, Mumbai ("DRT") praying for issuance of Recovery Certificate for an amount of Rs 6,65,85,695.76 (Rupees Six crore, sixty five lacs eighty five thousand six hundred ninety five and paise seventy six only) together with 18% interest per annum with quarterly rests payable from 01.02.2001 till realization of the amount. It is not a matter of controversy that the Petitioners herein are borrowers of Respondent/bank and have defaulted in payment of amount due. On This Order is modified/corrected by Speaking to Minutes Order dated 08/03/2017 consideration of the application tendered by the creditor/bank, the learned Member of DRT by order dated 30.12.2004 allowed the application and passed the order directing Defendant Nos. 1 to 5 i.e. Petitioners herein/original borrowers to pay jointly and severally a sum of Rs 330 lacs together with future interest @ 15% per annum with quarterly rests from the date of application till realization of the amount.;


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