BEFORE THE COOPERATIVE SUB-REGISTRAR(ARBITRATION & EXECUTION) REPATRIATES COOPERATIVE FINANCE &DEVELOPMENT BANK LTD, CHENNAI-600017 ARBITRATION CLAIM NO. The Repartriates Cooperative Finance and Development Bank Ltd., ..... Plaintiff - Versus - (1) ..... Defendant No.1 (2) ..... Defendant No.2 (3) ..... Defendant No.3 CLAIM PETITION FILED BY THE PLAINTIFF UNDER SECTION 74 & 76 OF THE MULTI STATE COOPERATIVE SOCIETIES ACT. 1984. The Palintiff, Repartriates Cooperative Finance and Development Bank Ltd., is a Multi State Cooperative Society Registered under section 9(1) of the Madras Cooperative Societies Act. 53 of 1961 and Section 103(1) of the Multi State Cooperative Societies Act. 1984 having its registered Office at No.33 North Usman Road. T.Nagar, Chennai-600 017. 2. a) The Defendant No.1+2 are the Borrowers. b) The Defendant No.3 is the Guarantor. The Address for the service of all notices and process on the defendants are the same as above. 3. The Plaintiff Bank is providing financial assistance to the Members under its various lending scheme for purposes specified in the Loan Sanction order. 4. The Defendant No.1 approached the Plaintiff Bank for a loan Of Rs. /- promising that he would repay the loan in and the request of the defendant No.1 was considered favourably for Rs. /-. The Plaintiff Bank sanctioned a loan of Rs. /- on to the Defendant No.1 by Loan Sanction Order., Dated passed in and disbursed a sum of Rs. /- on The defendants have executed the necessary documents before release of loan. 5. The following are the main terms and conditions of the sanction of loan to the defendants. (i) Lien Should be marked on proposed A/C for Rs. p.m. for Months. (ii) Regarding the other terms and conditions the Sanction Order dated filed herewith as document No.1 may kindly be referred for full details. In pursuance of the said conditions, defendant No.2 stood Surety for the loan and has also executed necessary documents for Loan. 6. Thereupon under said order and as per the terms and conditions a sum of Rs. /- was released by the Plaintiff Bank to defendant No.1 on. This was under loan account No., for the said amount borrowed under loan account No. the defendants are liable to pay interest at % p.a. 7. The defendant has deposited a sum os Rs. in as per the conditions of loan sanction order dated .In view of her above default the deposit was adjusted to loan A/C. 8. The defendant No.1 & 2 have executed a demand promissory note for Rs. on . The defendants have also executed an article of Agreement and a Bond Dt. in favour of plaintiff Bank. The plaintiff is at liberty to foreclose the loan if the instalments are not paid regularly on the due dates to the Bank. 9. The Defendant No. 1 has not paid the instalments due as per the loan sanction order. The plaintiff Bank thereon issued notice dated calling upon the defendants to pay the overdues. Finally the Bank issued as on . Under the loan failing which action will be initiated to recover the dues. Even after the receipt of notice, the defendants have not cleared the loan so far, under the loan account No.. The whereabouts of the borrower and the surety are not traceable. 10. Even inspite of the Plaintiff Banks notices, the defendants have not come forward to clear the entire dues. Hence the Plaintiff has come forward with this claim for Rs. /- as on with subsequent interest and cost thereon. The statement of accounts as on is given in the schedule-I. 11. The Plaintiff prays that this Honble court may be pleased to pass an award a) directing the defendants to pay a sum of Rs. /- together with interest as % from and cost immediately by this Honble court, failing which order for auction of mortgaged property and simultaneous attachment of movables under the possession of defendants and permit the Plaintiff Bank to appropriate the sale proceeds towards the said loan account. b) To grant any other relief or reliefs as this Honble Court may deem fit in the above circumstances and nature of the Case. For the Repatriates Cooperative Finance & Development Bank Ltd., Managing Director. VERIFICATION I, , Managing Director of the Plaintiff Bank do hereby declare that the facts stated above are true to the best of my knowledge and information and belief. For the Repatriates Cooperative Finance & Development Bank Ltd., Managing Director. List of Documents 1. Loan Sanction Order No. 2. Original Demand Promissory Note executed by defendant No. 1 3. Bond executed by defendant No. 1 & 2 4. Articles of Agreement executed by defendant No.1 & 2 5. Reminder Notice - II 6. Notice STATEMENT OF ACCOUNT AS ON Loan Amount /- Principal : Rs. Interest : Rs. P.Int. : Rs. Others : Rs. ---------------- : Rs. ---------------- VERIFICATION I, , Managing Director of the Plaintiff Bank do hereby declare that the facts stated above are true to the best of my knowledge and information and belief. Signed at Chennai this day of For the Repatriates Cooperative Finance & Development Bank Ltd., Managing Director.