Interest Cut to 10% Sustained by DRAT; Lender’s Appeal Dismissed

Housing And Urban Development Corporation Ltd Vs Shashi Bhusan Cold Storage Pvt. Ltd (DRAT Allahabad) The appeal before the Debts Recovery Appellate Tribunal (DRAT), Allahabad, arose under Section 20 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. The appellant financial institution challenged a part of the judgment dated 02 July 2020 passed by the Debts Recovery Tribunal (DRT), whereby the Original Application (O.A. No. 154/2012) filed for recovery of dues was allowed, but the rate of future interest was reduced. The respondent borrower company had been granted fi...