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Interest on NPA in suit dismissed for banks default on restoration
25-Mar-2023 (In Banking / Finance Law)
A PS Bank filed suit on my P Ltd Co in Jan-92 for 8.95 L in Bombay High Court.
It was dismissed for default of the Bank (not present at the Final Hearing) in Mar-11.
NPA value of the debt stood at Rs. 2.6 Lakhs as on 31-3-91.
Bank applied for restoration of the Suit in Aug-12.
The Suit was transferred in Apr-14 to Bombay City Civil Court.
In Nov-15, suit was renumbered An equitable mortgage on Co.'s fixed assets given to the Bank in Jul-83 (current value Rs.5 Cr).
I am 77 now.
Q1. Can I ask Court to release mortgage for 2.6 L.+ interest from date of restoration, for Bank's default?
No you can at the most ask for waiver of interest during dismissal period. I think subject to merits of the matter better to settle it since there collateral securities. According to me show hire some good lawyer put pressure on bank to settle it for lowest total.
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Adv. Sunil Kadam
Mumbai | 100+ Answers
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