Limitation and drt
Ritika singh
(Querist) 10 April 2013
This query is : Resolved
1. i have a recovery certificate against a company worth 60 crores(further interest % 105) in the year 2004.
2. the borrower company however came for settlements in the form of OTS yet defaulted time and again.
3. recovery certificate reactivated at Drt for decree amount 60 crore plus interest @ 10% in 2012
4. the company seems to be in tremendous profit seen from the audit statements published in financial times
5. can i ask for suitable modfification to the recovery certificate now??....or file an appeal in Drat
is such condonation allowed ??......my contractual rate was 12% interest .i want that to be paid as company doing very well
prabhakar singh
(Expert) 10 April 2013
'No' would be my answer as right for higher stipulated interest would be legally deemed to have been waived voluntarily by the bank.
Would be not surprised if you get success in your move as DRTs function like wards of banks.
ajay sethi
(Expert) 10 April 2013
instead of going in appeal try to recover whatever you can . if you go in appeal before DRAT it will take years for fiinal hearing . execute the RC
