DRT Allows Bank’s Recovery Claim as Borrower Remained Ex Parte & Default Was Proven

Karur Vysya Bank Vs Electronics Marvel (DRT Karnataka) The case concerns an Original Application (OA) filed before the Debts Recovery Tribunal (DRT), Karnataka under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993. The applicant bank sought issuance of a Recovery Certificate against the defendant for a sum of ₹99,81,419.26 along with further interest from the date of filing the application until realization. According to the applicant, the defendant had availed an overdraft loan facility of ₹1 crore, which was later renewed to ₹95 lakh. In connection with the loan facility, ...