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TMI Blog2020 (1) TMI 1081X X X X Extracts X X X X X X X X Extracts X X X X ..... New No.F-66, Old F-42, Shyam Kun, Anna Nagar (East), Chennai - 600 102, has filed this writ petition against the order dated 31.8.2017 passed by the learned Debts Recovery Tribunal-I, Chennai in O.A.No.310 of 2014 filed by the first respondent (M/s.Deutsche Bank AG v. Karismaa MEP Services Private Limited and others) and also the order passed by the learned Debt Recovery Appellate Tribunal dated 26.8.2019 in R.A.No.130 of 2018 filed by the petitioner (Nand Kishore Sonthalla v. M/s.Deutsche Bank AG and others). 2. The relevant portion of the orders passed by both the learned Tribunals are quoted below for ready reference: "(i) O.A.No.310 of 2014, dated 31.8.2017 on the file of the Debts Recovery Tribunal-I, Chennai. 6.5 Insofar as the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Insofar as the interest is concerned, the defendants did not dispute the same in their common written statement. That apart, the Tribunal di not find any reason, whatsoever, to interfere with the contractual rate of interest and future interest. Therefore, the interference of the Tribunal insofar as the rate of interest is concerned is uncalled for. Accordingly, it is held that the applicant bank is entitled for the contractual rate of interest charged in the OA. Point No.2 is answered accordingly. 8. In the result, application is allowed as under: (a) The applicant bank is entitled to recover a sum of Rs. 20,11,095.17p as on 14.11.2014 together with future interest @ 19% p.a. from 15.11.2014 till realisation in full from the defenda ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... such a situation, it can safely be presumed and inferred that in fact, real dispute is between the Directors and Company inter-se, for bank or against bank, interest of the company is the same whether bank is represented by present Director or by earlier Director. In such a situation order of Presiding Officer though is well discussed and reasonable order. However, in view of peculiar facts and circumstances of the case, impugned order deserve to be modified and is liable to the extent that bank will ensure the recovery of dues from the borrower company and its present Director at first instance. In case bank remains unsuccessful in recovery, only then bank will proceed against the appellant. The appellant had made a pre-deposit of Rs. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nly to the extent the assets which are mortgaged with the first respondent Bank. He further submitted that similarly the learned Debt Recovery Appellate Tribunal has confirmed the said order passed by the learned Debts Recovery Tribunal-I saying that it is well discussed and reasonable order and modified the said order only to the extent that recovery shall be first made from the borrower Company and its present Director and in case the bank remains unsuccessful in the recovery, only then the bank will proceed against the petitioner herein. 5. There is no dispute from the side of the first respondent Bank that no separate personal guarantee was executed by the petitioner in favour of the first respondent Bank to enforce the recovery of deb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ctors cannot be held personally liable, as has been done in the present case. We do not find any merit in the arguments advanced by the learned counsel for the first respondent Bank in this regard and, therefore, we are of the opinion that the learned Tribunals have failed to appreciate such legal distinction in the facts before them. 10. While the learned Debts Recovery Tribunal-I, Chennai, in paragraph 6.5, quoted above, referred to the Board Resolution Ex.A15 of the Company and observed that the said Board Resolution was signed by the second and third defendants also, it fell in error, while concluding that the said Board Resolution Ex.A15 totally silences the argument of the defendants that the second defendant had not signed in his pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the relevant evidences and materials on record. Therefore, while giving their findings, they must also look into the relevant documents, their validity, etc., and then assign reasons for fixing such liability on the person concerned. The sweeping and bald averments or reasons in the impugned orders of the Tribunals causes not only illegality, but frustrates the very purpose of a judicial remedy provided to the aggrieved parties. 13. Therefore, without entering into the merits of the case placed before us, we are only setting aside the orders of both the learned Tribunals and remit the matter back to the learned Debts Recovery Tribunal-I, Chennai, for deciding the Original Application viz., O.A.No.310 of 2014 of the first respondent Ba ..... X X X X Extracts X X X X X X X X Extracts X X X X
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