Examples of respondent bank in a sentence
In the present case no document is annexed with the application which suggests that guarantee is invoked by the Respondent Bank.
The Respondent Bank and other consortium banks considered the present restructuring of credit facility to the Corporate Debtor however the Respondent Bank took exit from CDR without any cogent reasons and without informing the Corporate Debtor.
The Appellant claims that Corporate Debtor did not acknowledge debt of the Respondent Bank.
In the present case, it is undisputed that the Respondent Bank inadvertently broke the Appellant’s locker, without any just or reasonable cause, even though he had already cleared his pending dues.
That it remained a current account and did not become a mere loan account, is also shown by the fact that cheque drawn on other Banks in the principal debtor's favour were being deposited in it and the Respondent Bank was collecting their amounts and crediting them in the account as the debtor's banker.
Instead of restructuring package, there was no substantial improvement and thus the Account of the Corporate Debtor was finally declared as N.P.A. w.e.f. 29th June, 2012 as per Clause 17 of Reserved Bank of India Circular dated 1st July, 2015 copy of which has been filed Exhibit-A with Reply of the Respondent Bank at Diary No. 20697.
The Learned Counsel for the Respondent Bank submitted that these amounts are part- payments received in the Account of the Corporate Debtor.
This type of activity poses a potential risk from a FCR perspective, as there is reliance on the Respondent Bank initiating payment to have policies and procedures that articulate appropriate levels of due diligence relating to payment initiators.
Apart from these, there are part-payments made on 19th July, 2017 and 25th September, 2017 referred to by the Learned Counsel for the Respondent Bank from Diary No. 20994, at Page 5 and 15.
It was contended on behalf of the Respondent Bank that the account of the principal debtor was a mutual, open and current account and since the last admitted item was in the year 1948, and the suit had been brought in 1950, no question of limitation could possibly arise.