K.R.SUBBAIAH vs INDIAN BANK, MADURAI

The Supreme Court upheld the dismissal of the appellants' appeal by the Debt Recovery Appellate Tribunal on the grounds of delay, affirming that the appellants had a statutory remedy under Section 20 of the Recovery of Debts due to Banks and Financial Institutions Act, 1993. The Court noted that the appellants had willingly offered to settle the bank's claim for Rs. 15,00,000, but the Appellate Tribunal found their explanation for the delay unconvincing. The Court also acknowledged the payment of Rs. 16 lakhs made by the appellants to the bank, which included the principal amount and interest as per the decree.