TaxTMI 
TaxTMI 
2021 (4) TMI 1307
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....ubmit that the petitioners are the defendants 1 to 3 in the suit filed by the respondent herein for recovery of money. The second petitioner is a doctor practising in USA. He is staying along with family members in USA for the past 40 years. While being so, one, N.Sundara Raman floated the company on behalf of the second petitioner herein and approached the respondent for a loan to buy machinery. The machineries were purchased and the same were sent to various customers. Thereafter it was informed that there is loss in the business and as such the machineries were sold out. From the sale consideration the loan amount was paid to the respondent and there is no dues to the bank. In fact, the said petitioner also sold his house at No.Q46, 3rd ....
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....entertain the petition to set aside the exparte decree or to issue recovery certificate. In support of his contention he relied upon the judgment of this Court in the case of V.K.Rajeswari and another Vs. UCO Bank and others in CRP.NPD.No.1120 of 2011 dated 04.07.2012. 3. Per contra, the learned counsel for the respondent would submit that the respondent filed suit in OS.No.3749 of 2003 and the same was decreed. In pursuant to the decree, the recovery certificate was issued by the Debts Recovery Tribunal-III, Chennai in DRC.No.127 of 2013. The petitioners 2 and 3 are the Directors of the first petitioner herein. They availed loan of Rs. 10 lakhs to purchase machinery on execution of loan documents. Those machineries have been hypothecated ....
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....elow rightly dismissed the petition and it does not warrant any interference by this Court. He further submitted that in respect of the fixed deposit of Rs. 31,34,000/- is concerned, immediately after deposit of the said amount, the petitioners availed loan against fixed deposit under value security loan scheme. Therefore the fixed deposit was adjusted towards the said loan and remaining amount was credited to the account of the second petitioner herein. He further submitted that he came with cock and bull story stating that at the time of his visit to India he was handed over the recovery certificate by the watchman of the premises at No.Q46, 3rd Main Road, Anna Nagar, Chennai. He further submitted that whatever the issue raised in the pet....
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....o executed letter of undertaking on the same day and thereafter they defaulted payment of loan. Therefore, the respondent filed suit for recovery of money to the tune of Rs. 9,93,812/-. Admittedly, the second and third petitioners are residing in USA. The house owned by the second petitioner herein is situated at No.Q46, 3rd Main Road, Anna Nagar, Chennai was sold out in the year 2002 itself. Thereafter, no communication from the petitioners in respect of communication address in Chennai to the respondent herein. Therefore, the respondent filed suit and suit summons were sent to the address given by the petitioners. Those summons were returned unclaimed and as such substituted service was ordered. Accordingly, the respondent effected paper ....