AMRITRAJ INVESTMENT (P) LTD. Vs. DHANALAKSHMI BANK LTD.
DEBTS RECOVERY APPELLATE TRIBUNAL
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Sailendra Prasad Talukdar, J. -
(1.) THIS instant appeal is directed against the judgment and order dated 10th June, 2009, passed by the learned Presiding Officer, Kolkata, Debts Recovery Tribunal -II in SA/68/2008. Learned Tribunal by the impugned order dated 10th June, 2009, dismissed the SARFAESI Application No. SA/68/2008, which was filed by the present appellant.
(2.) GRIEVANCES of the appellants may briefly be stated as follows:
The respondent -Bank sanctioned a term loan against the rent receivable by Amritraj Investment Private Limited, being appellant No. 1 herein, with limit of Rs. 32 lacs on 30th September, 2003, by issuing a sanction ticket. It was mutually agreed upon, as reflected from the terms and conditions stipulated, that the aforesaid term loan of Rs. 32 lacs with interest would be paid by 84 monthly instalments at the rate of Rs. 53,999/ - per month. The said loan was collaterally secured by equitable mortgage of the entire 5th floor of the premises No. 45, Jhawtala Road, Kolkata -700 019; standing in the name of the appellant No. 1, which was valued at Rs. 102.00 lacs as per valuation made by Mr. D.K. Dutta, Government approved valuer, on 11th January, 2003. It was stipulated that appellant Nos. 3 and 4 would extent their personal guarantee to secure the said loan and irrevocable power of attorney to the Bank was to be executed authorising the Bank to receive the entire rent directly from the tenants namely "CARE". Such power of attorney was to be registered with "CARE" and to have consent letter from them to remit the rent direct to the respondent Bank.
Appellant No. 1/Company acknowledged their liability on 1st October, 2003, by executing promissory note and over draft hypothecation agreement both on 1st October, 2003, and irrevocable power of attorney was executed on 3rd November, 2003, inter alia, authorising the Bank to collect the rent directly from the tenant, namely, "CARE". In the event of default, the respondent -Bank was authorised to take legal action against the said tenant.
(3.) THE said tenant refused to pay the rent after May, 2005. The respondent - Bank by a letter dated 21st December, 2005, intimated the appellant No. 1/ Company that the tenant was in default of payment of monthly rent and that the Bank would take legal action against the tenant as per authority and power given to it under power of attorney dated 3rd November, 2003.;
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