CHENNAI: The Additional Court of Justice has ordered a retired employee of the bank to pay 10.29 lakh rupees as a loan with 12 percent interest.
Rajakumar was working as a legal manager in Meerut branch of Allahabad Bank, Uttar Pradesh. He got a loan of 3.59 lakh rupees from the bank. After that he was transferred from Meerut to Chennai D. Nagar branch.
After buying a car, he again took a loan of Rs 3.10 lakh from the bank. Rajakumar did not pay the installments of two loans properly. A case was filed by the bank management against Rajakumar in the city law court.
The order passed by Judge Rajkumar of the 23rd Additional Municipal Law Court hearing the petition:
The respondent has defaulted in repayment of the loan. Hence the total amount of Rs.10.29 lakh for the two loans with interest at 12 percent per annum from the date of filing of the suit; 6 percent interest shall be paid to the bank from the date of issue of this order.
This is stated in the order.
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