Amid Covid-19 lockdown, digital tools have come to the rescue of Debt Recovery Tribunal (DRT) in pronouncing verdict on a 23-year-old case of Tamilnad Mercantile Bank for the recovery of dues from Moolchand Finance Ltd and others.
Interestingly, the final order was pronounced in the virtual court through video conference by the Presiding Officer NV Badarinath, first of its kind in southern India.
The case was originally filed in DRT-1 Chennai in 1997 and was transferred to DRT-2 Chennai in 2007. It involved Tamilnad Mercantile Bank and Moolchand Finance Ltd and 63 other defendants over alleged non-payment of dues of ₹12.25 crore then. The other defendants in the case include Moolchand’s guarantors and people to whom the mortgaged properties had been sold and legal heirs of the deceased guarantor. On Monday, the case was taken up for passing final order and the Tribunal, after rejecting the counter claim of defendants, pronounced the order in favour of the Bank.
Badarinath, Presiding Officer, DRT-I (in-charge of DRT-2) directed the defendants to pay Tamilnad Mercantile Bank a sum of about ₹11.31 crore along with simple interest at 19 per cent per annum on the said amount from 01.12.1996 till 31.03.1997 and thereafter (from 01.04.1997) with simple interest at 20 per cent per annum till realisation of the amount. The order also fixed the quantum of liability for the various defendants.
The order was pronounced by the officer with the software called Vidyo provided by the National Informatics Centre.