UNION BANK OF INDIA Vs. SHAKTI INDUSTRIES
LAWS(DR)-2006-2-5
DEBTS RECOVERY APPELLATE TRIBUNAL
Decided on February 02,2006

Appellant
VERSUS
Respondents

JUDGEMENT

K.J. Paratwar, Presiding officer - (1.) THIS common judgment disposes of abovementioned 7 original applications involving common question of law and facts.
(2.) The O.A. No. 2436 of 1999 is for recovery of rupee equivalent of US $ 80,535.40 (Rs. 10,65,988.90) with interest @ 19.5% p.a. on principal amount of US $50,677.38. Each of the other O.As. is for recovery of rupee equivalent of US $76,07,070.35 (Rs. 10,06,887.50) with interest @19.5% p.a. on principal amount of US $47,600/-. The liability in all the O.As. arise from the Letters of Credit (L/Cs) (Nos. 923, 924, 927 to 931 of 1983) opened by the applicant at the defendant No. 1's behest (Defendant No. 2 being its owner) favouring Santas Tarim Sanayive Ticaret (Defendant No. 9). The Defendant No. 8 is the correspondent Bank who had allowed negotiation of the documents under L/Cs by defendant No. 9.
(3.) THE defendant No. 3-guarantor is a partnership firm of which defendant Nos. 4 to 7 are partners and are sued as such.;


Click here to view full judgement.
Copyright © Regent Computronics Pvt.Ltd.