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DEBT RECOVERY APPELLATE TRIBUNAL
MR. G. CHANDRASEKHARAN, CJ
The Hong Kong and Shanghai Banking Corporation Ltd. – Appellant
Versus
The State Bank of India Main Branch, Coimbatore – Respondent
| Table of Content |
|---|
| 1. appeal based on procedures under rddb & fi act. (Para 1 , 2 , 8) |
| 2. case details of fraudulent warrants presented and cleared. (Para 4 , 5) |
| 3. liability concerning kyc norms and disclosure failure. (Para 6 , 7 , 18) |
| 4. duties of banks in verifying customer details. (Para 11 , 12 , 19) |
| 5. outcome of the appeal and conditions for liability. (Para 21 , 22) |
ORDER
1. This appeal is filed under Section 20 of RDDB & FI Act, challenging the order passed by Learned Presiding Officer, DRT, Coimbatore dated 21.9.2011 passed in OA 69/2008.
2. Aggrieved by the aforesaid order, first respondent before Tribunal below in OA 69/2008, viz., The Hong Kong and Shanghai Banking Corporation Ltd. filed this Appeal.
3. First respondent in this Appeal i.e., State Bank of India as applicant filed OA No.69/2018 against the appellant and two others for recovery of a sum of Rs.21,25,278/- together with interest at 16.75% with monthly rests from the date of the application till realization and costs.
4. The case of the first respondent bank before Tribunal in brief is that respondents 2 and 3 are customers of the appellant bank. They have account with Noida branch of the Appellant Bank. They present
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