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Home / Corporate Law News / Debts Recovery Tribunal grants claim of 212 Crores to Asset Reconstruction Co.

Debts Recovery Tribunal grants claim of 212 Crores to Asset Reconstruction Co.

December 20,2018:

The Debts Recovery Tribunal, Nagpur has allowed the Original application containing claim amounting to Rs 211,86,75,288/- of the Assets Reconstruction Company (India) Ltd. Mumbai with costs against the defendants Uniworth Textiles Ltd. Kolkata and MIDC Butibori, Ajai Prakash Lohia and Uniworth Ltd. Kolkata and Butibori.

The Tribunal’s Presiding Officer, Chikkam Vijay Mohan has directed the defendant -Uniworthg Textiles Ltd.to pay to the applicant Rs. 211,86,75,288/- with future interest at the rate 9 per cent per annum (Simple) from the date of filing this application till full realization.

From out of the amount mentioned above defendant -Uniworth Ltd. has been ordered to pay to the applicant-Bank Rs. 165,49,21,138/-with stipulated rate of simple interest.

The Tribunal has declared that the outstanding amount is secured by mortgaged properties of the defendants by way of the first charge referred to in the documents of mortgage/Schedules I and II of mortgaged properties annexed to the application. Mortgagors and defendants have been given liberty to make payment in 60 days to avoid the sale of the mortgaged properties,

Advocate S.N.Kumar appeared for the Applicant -Company. Advocates R, N. Chari (Uniworth Textiles), R.H. Agrawal ((Uniworth Ltd.) and P.V. Kulkarni (some of the other respondents) represented the defendants.

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