UCO BANK Vs. VIRGO STEELS
LAWS(DR)-2005-3-3
DEBTS RECOVERY APPELLATE TRIBUNAL
Decided on March 21,2005

Appellant
VERSUS
Respondents

JUDGEMENT

K.J.Paratwar, - (1.) THIS is an application for recovery of: Rs. 4,39,43,054/- being dues under Packing Credit Facility with interest @ 25% p.a. from the date of filing the Original Application till full realization; Rs. 8,54,21,279/- being dues under Letter of Credit Facility with interest @ 31% p.a. from the date of filing the Original Application till full realization; Rs. 2,59,088.64 being dues under Overdraft Facility with interest as above.
(2.) The 4th claim of Rs. 1,17,43,112/- introduced by order dated 14.3.2005 has arisen pursuant to the payment made by the Bank on 27.7.1999 as per order/decree dated 19/ 20.4.1999 passed by High Court of Judicature at Bombay in Special Civil Suit No. 14 of 1996. A sum of Rs. 5,10,09,258/- has been received being sale proceeds of hypothecated goods/credited towards FDR proceeds during the pendency of the O.A.
(3.) THE defendant Nos. 2 to 4 and 7 would be accordingly referred, for the sake of convenience, even while they are insolvent, Official Assignee having been appointed.;


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