them, but also not remitted the
dues in respect of the temporary overdraft facility extended to
them. It is stated by the bank that ... petitioner. Further, as noted above, the bank had
extended a temporary overdraft facility to the petitioner on
14.07.2016 itself and if the activities
availed an overdraft facility
of Rs.1,50,00,000/- and temporary overdraft
facility of Rs.13,00,000/-. The repayment was
defaulted, consequent
distinguished from securing mete temporary or day to day accommodation, or from banking or overdraft facilities, and may be either by way of addition ... Heaters Ltd. v. Duff, (1942) 24 Tax Cas 171, who considered a temporary accommodation to be an ordinary incident in carrying on the business
allowed the following facilities to the first respondent, partnership firm is admitted.
1. Packing credit facility
2. Term loan
3. Temporary Overdraft
4. Foreign demand
under the Agri Green Credit Scheme and a
Temporary Overdraft of Rs.10,00,000/-. Petitioner had agreed to
pay the term loan in monthly ... term loan facility
would come to Rs.3,74,480/-. In respect of the temporary
overdraft, it was given only for a period
moratorium period.
3. In respect of working capital facilities sanctioned in the form
of cash credit/overdraft ("CC/OD"), lending institutions are
permitted ... recovery of interest
applied in respect of all such facilities. Lending institutions are
permitted, at their discretion, to convert the accumulated
interest for the deferment
circular states
that, in respect of working capital facilities sanctioned in the form
of cash credit/overdraft, lending institutions are permitted to allow
a deferment ... states that, in respect of working capital
facilities sanctioned in the form of cash credit/overdraft to
borrowers facing stress on account of the economic
stated that the amount
was appropriated by the bank towards the overdraft account
of the second defendant. Contending that the first defendant
and the third ... officer of the first
defendant bank, had not informed about the overdraft facility
F.A.O.No.207/2005 2
availed by the second defendant
Canara Bank vs Gokuldas Shenoy And Anr. on 9 December, 1988
Equivalent citations: [1991]72COMPCAS298
M.J.Betty vs Union Bank Of India on 16 October, 2007
Author: Antony Dominic
