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TMI Blog2010 (7) TMI 813X X X X Extracts X X X X X X X X Extracts X X X X ..... the respondent-company. The fact that Dena Bank had advanced the usual banking facilities to the respondent-company, is not denied. The fact that the amounts have not been repaid in full is not only established but admitted. This is clear from the letter of acknowledgment dated April 25, 2001, wherein the respondent admitted an amount of over Rs. 14 crores to be due and payable to Dena Bank. In the balance-sheet for the year ended March 31, 2006, the respondent-company admitted its liability to Dena Bank in the sum of about Rs. 9 crores towards the principal amount. The auditor's report annexed to the said balance-sheet clarifies that the amount due together with interest was over Rs. 16 crores. Thus, today the said amount would be in exces ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssets by any company formed and registered under the Companies Act, 1956 (1 of 1956) for the purpose of securitisation ; (zb) 'security agreement' means an agreement, instrument or any other document or arrangement under which security interest is created in favour of the secured creditor including the creation of mortgage by deposit of title deeds with the secured creditor ; (zd) 'security creditor' means any bank or financial institution or any consortium or group of banks or financial institutions and includes- (i) debenture trustee appointed by any bank or financial institution ; or (ii) securitisation company or reconstruction company, whether acting as such or managing a trust set up by such securitisation company or reconstructio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... per annum ought to have been charged, the Dena Bank charged interest at 17.5 per cent per annum. However, even if interest is calculated at 2.5 per cent it would make no difference. The respondent's dues even then would be over Rs. 10 crores. Moreover, in spite of being requested to do so, learned counsel for the respondent did not invite my attention to any provision of law, which entitled the respondent to pay interest only at 2.5 per cent per annum. Further, it appears that this contention was raised only after recovery proceedings were instituted. 9. Lastly, it was submitted that there are over 100 workers in the respondent-company and that the respondent-company has extensive properties including land, valued at over Rs. 25 crores. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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