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DRAT Penalizes Guarantors with Interest for Negligent Appeal Pursuit
Case Law Details
- Case Name
- M. Balasubramaniam Vs Federal Bank Limited (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All ITAT, ITAT Chennai
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M. Balasubramaniam Vs Federal Bank Limited (ITAT Chennai)
Debt Recovery Appellate Tribunal (DRAT) in Chennai has directed several guarantors, including M. Balasubramaniam, to pay their pro-rata share of a defaulted loan to Federal Bank Limited, but with a significant rider: the amount must be paid with simple interest at 6% per annum calculated from September 2002. The tribunal imposed the interest penalty after concluding that the appellants demonstrated a “lackadaisical attitude” and negligence in prosecuting their appeal, which had been delayed for years due to dismissals for no...
