Allowed

Yes Bank v. Shiv Construction Company

DRT18 Nov 2022OA/183/2022

Case brief

AI extract

What is this about?

The DRT allowed the bank's original application for recovery of dues against construction company proprietors. The court held defendants jointly liable for the loan amount and issued a recovery certificate permitting sale of hypothecated equipment and other assets, awarding costs of Rs. 1,51,544.

What did the court decide?

Recovery certificate for Rs. 1,68,86,199/- with interest; authority to sell 5 specific construction vehicles and attach personal assets; costs awarded.

Yes Bank versus Shiv Construction Company — Company and Corporate | DRT (2022)

¶1

“ORIGINALAPPLICATION” No. 183 of 2022

¶2

BEFORE THE DEBTS RECOVERY TRIBUNAL, JAIPUR PRESENT- SHRI VIVEK SAXENA

¶3

PRESIDING OFFICER

¶4

O.A. NO. 183 OF 2022

¶5

DATE OF DELIVERY OF ORDER 18.11.2022

¶6

YES BANK LIMITED

¶7

Branch Office at Ground Floor, Plot No. O-19-A, Ashok Marg, C-Scheme, Jaipur – 302001

¶8

…..Applicant Bank…..

¶9

VERSUS

¶10

1. SHIV CONSTRUCTION COMPANY

¶11

Through Proprietor Rajendra S/o Shri Bal Dev, Office at Kario Ki Dhani, Banura, Sikar, Rajasthan - 332023

¶12

2. SHRI RAJENDRA SINGH

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S/o Sh. Baldev Singh, R/o Kario Ki Dhani, Banura, Sikar, Rajasthan - 332023

¶14

3. SHRI BALDEV SINGH

¶15

S/o Sh. Narayan Ram, R/o Kario Ki Dhani, Tehsil Dantaramgarh, Banoora, Sikar, Khoor, Rajasthan - 332023

¶16

……Defendants…..

¶17

Counsel for the Applicant Bank Shri Pramod Kumar

¶18

Defendants Ex-Parte

JUDGMENT

OA No. 183 of 2022

This Original Application was filed by Applicant Bank against Defendants on 19.01.2022 for recovery of an amount of Rs. 1,68,86,199/- with pendentlite and future interest and cost.

¶24

As per O.A., Defendants approached the Applicant Bank for financial assistance. After due consideration, credit facility was sanctioned by the Applicant Bank in favour of Defendants. Defendants failed to maintain financial discipline and therefore, their loan account was classified as NPA. Applicant Bank has therefore, filed this original application for recovery of its dues against the Defendants.

¶25

Defendants are proceeded ex parte on 29.07.2022.

¶26

As stated supra, the Applicant Bank filed the evidence affidavit coupled with the recitals in the documents, viz Exhibit A/1 to A/44 marked on behalf of the applicant bank, clinches the claim of the applicant bank against the Defendants. Hence, I hold that the Defendants are jointly & severally liable to pay to the applicant bank the claim made in O.A. with future interest and costs

¶27

In the result, this O.A. No. 183 of 2022 is allowed declaring that:-

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a) The Defendants No. 1 to 3 are jointly & severally liable to pay to the applicant bank a sum of Rs. 1,68,86,199/- (Rupees One Crore Sixty Eight Lac Eighty Six Thousand One Hundred Ninety Nine Only) with future interes (Simple) at the rates given as under from 19.01.2022 till the date of realization.

¶29

S. No.	Loan A/c	Amount Due (Rs.)	Interest Rate (% p.a.)
1.	CEL096500433593	27,22,741.99	9.80
2.	CEL096500610788	29,96,040.67	10.10
3.	CEL096500610791	29,96,040.67	10.10
4.	CEL096500610791	29,96,040.67	10.10
5.	CEL096500610793	29,96,040.67	10.10
6.	CEL096500653934	21,79,294.33	9.25

OA No. 183 of 2022

b) The applicant bank is entitled to recover the above amount by sale of hypothecated construction equipments – (1) ENSOL Infratech Pvt. Ltd. – Model Kobelco SK220 XDLC-10 Hydraulic Excavator, Engine No. J05ETA50369 (2) Roshan Motors Pvt. Ltd. Model TATA LPK 2523/AC – Registration No. RJ23GC0565, Engine No. ISBE592304091L63815630 Chassis No. MAT479169K3N24083, (3) Roshan Motors Pvt. Ltd. Model TATA LPK 2523/AC – Registration No. RJ23GC0564, Engine No. ISBE592304091L63814825 Chassis No.

¶34

MAT479169K3N24118, (4) Roshan Motors Pvt. Ltd. Model TATA LPK 2523/AC – Registration No. RJ23GC0574, Engine No. ISBE592304091L63815866 Chassis No. MAT479169K3N24084 and (5) Roshan Motors Pvt. Ltd. Model TATA LPK 2523/AC – Registration No. RJ23GC0573, Engine No. ISBE592304091L63815867 Chassis No. MAT479169K3N24119 as well as from the personal movable and immovable properties/assets of Defendants. The applicant bank is entitled to proceed against the same towards recovery of its debt.

¶35

c) The applicant bank is entitled to the costs of the O.A.

¶36

1. The recovery certificate be issued forthwith and be sent to the Recovery Officer, DRT, Jaipur.

¶37

Parties is directed to appear before the Recovery Officer, DRT, Jaipur on 18.02.2023 .

¶38

Prepare Recovery Certificate accordingly.

¶39

A copy of the Judgment and Recovery Certificate be given or sent by registered post to each of the parties free. A copy

OA No. 183 of 2022

of the Recovery Certificate be sent to the Recovery Officer of this Tribunal for necessary action as per the law.

¶44

(Vivek Saxena) Presiding Officer, Debts Recovery Tribunal, Jaipur Order pronounced in the open court today i.e. 18.11.2022 . (Vivek Saxena) Presiding Officer, Debts Recovery Tribunal, Jaipur

OA No. 183 of 2022

BEFORE THE DEBTS RECOVERY TRIBUNAL, JAIPUR PRESENT- SHRI VIVEK SAXENA

¶49

PRESIDING OFFICER

¶50

O.A. NO. 183 OF 2022

¶51

DATE OF DELIVERY OF ORDER 18.11.2022

¶52

RECOVERY CERTIFICATE

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(UNDER SUB Section 22 of the Recovery of Debts due to Banks and Financial Institutions Act, 1993 (Act 51 of 1993)

¶54

YES BANK LIMITED

¶55

Branch Office at Ground Floor, Plot No. O-19-A, Ashok Marg, C-Scheme, Jaipur – 302001

¶56

…..Applicant Bank…..

¶57

VERSUS

¶58

1. SHIV CONSTRUCTION COMPANY

¶59

Through Proprietor Rajendra S/o Shri Bal Dev, Office at Kario Ki Dhani, Banura, Sikar, Rajasthan - 332023

¶60

2. SHRI RAJENDRA SINGH

¶61

S/o Sh. Baldev Singh, R/o Kario Ki Dhani, Banura, Sikar, Rajasthan - 332023

¶62

3. SHRI BALDEV SINGH

¶63

S/o Sh. Narayan Ram, R/o Kario Ki Dhani, Tehsil Dantaramgarh, Banoora, Sikar, Khoor, Rajasthan - 332023

¶64

……Defendants…..

¶65

Recovery Certificate for Rs. 1,68,86,199/-

¶66

In terms of final order dated 18.11.2022 passed by this Tribunal in the above mentioned case, it is ordered that the-

¶67

a) The Defendants No. 1 to 3 are jointly & severally liable to pay to the applicant bank a sum of Rs. 1,68,86,199/(Rupees One Crore Sixty Eight Lac Eighty Six Thousand One Hundred Ninety Nine Only) with future interes (Simple) at the rates given as under from 19.01.2022 till the date of realization.

OA No. 183 of 2022

S. No.	Loan A/c	Amount Due (Rs.)	Interest Rate (% p.a.)
1.	CEL096500433593	27,22,741.99	9.80
2.	CEL096500610788	29,96,040.67	10.10
3.	CEL096500610791	29,96,040.67	10.10
4.	CEL096500610791	29,96,040.67	10.10
5.	CEL096500610793	29,96,040.67	10.10
6.	CEL096500653934	21,79,294.33	9.25

¶73

b) The applicant bank is entitled to recover the above amount by sale of hypothecated construction equipments – (1) ENSOL Infratech Pvt. Ltd. – Model Kobelco SK220 XDLC-10 Hydraulic Excavator, Engine No. J05ETA50369 (2) Roshan Motors Pvt. Ltd. Model TATA LPK 2523/AC – Registration No. RJ23GC0565, Engine No. ISBE592304091L63815630 Chassis No. MAT479169K3N24083, (3) Roshan Motors Pvt. Ltd. Model TATA LPK 2523/AC – Registration No. RJ23GC0564, Engine No. ISBE592304091L63814825 Chassis No. MAT479169K3N24118, (4) Roshan Motors Pvt. Ltd. Model TATA LPK 2523/AC – Registration No. RJ23GC0574, Engine No. ISBE592304091L63815866 Chassis No. MAT479169K3N24084 and (5) Roshan Motors Pvt. Ltd. Model TATA LPK 2523/AC – Registration No. RJ23GC0573, Engine No. ISBE592304091L63815867 Chassis No.

¶74

MAT479169K3N24119 as well as from the personal movable and immovable properties/assets of Defendants. The applicant bank is entitled to proceed against the same towards recovery of its debt.

¶75

c) The applicant bank is entitled to the costs of the O.A.

¶76

Parties is directed to appear before the Recovery Officer, DRT, Jaipur on 18.02.2023 .

OA No. 183 of 2022

The Recovery Officer shall realize the amount as per this Certificate in the manner and mode prescribed under Section 25 and 28 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (as amended from time to time) from the above named Certificate Debtor.

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This Certificate has been issued under my signatures and seal of the Tribunal on this 18.11.2022 .

¶82

(Vivek Saxena) Presiding Officer, Debts Recovery Tribunal, Jaipur

OA No. 183 of 2022

BEFORE THE DEBTS RECOVERY TRIBUNAL, JAIPUR PRESENT- SHRI VIVEK SAXENA

¶87

PRESIDING OFFICER

¶88

O.A. NO. 183 OF 2022

¶89

DATE OF DELIVERY OF ORDER 18.11.2022

¶90

SCHEDULE TO RECOVERY CERTIFICATE

¶91

MEMO OF COST

¶92

YES BANK LIMITED

¶93

Branch Office at Ground Floor, Plot No. O-19-A, Ashok Marg, C-Scheme, Jaipur – 302001

¶94

…..Applicant Bank…..

¶95

VERSUS

¶96

1. SHIV CONSTRUCTION COMPANY

¶97

Through Proprietor Rajendra S/o Shri Bal Dev, Office at Kario Ki Dhani, Banura, Sikar, Rajasthan - 332023

¶98

2. SHRI RAJENDRA SINGH

¶99

S/o Sh. Baldev Singh, R/o Kario Ki Dhani, Banura, Sikar, Rajasthan - 332023

¶100

3. SHRI BALDEV SINGH

¶101

S/o Sh. Narayan Ram, R/o Kario Ki Dhani, Tehsil Dantaramgarh, Banoora, Sikar, Khoor, Rajasthan - 332023

¶102

……Defendants…..

¶103

S.No.	Item of Costs	Amount (Rs.)
1	Fee on the Application	1,50,000.00
2	Process Fee (Inc. Publication)	294.00
3	Advocate Fee	1,250.00
4	Commission/Receiver/Valuation	NIL
5.	Miscellaneous Charges	NIL
	Total	1,51,544.00

¶104

Presiding Officer, Debts Recovery Tribunal, Jaipur

OA No. 183 of 2022

18.11.2022

Counsel:

Sh. PRAMOD KUMAR, Counsel for the Applicant Bank Defendants are ex-parte

¶111

Judgment dictated separately and pronounced in the open court. As per order the O.A. is allowed. Recovery Certificate be prepisd accordingly and the Registry is directed to verify the Recovery Certificate as per Regulation 24(1) and (2) of Debts Recovery Tribunal Jaipur Regulation 2015 and after verification place the same before the Tribunal.

¶112

(Vivek Saxena) Presiding Officer, Debts Recovery Tribunal, Jaipur

OA No. 183 of 2022

18.11.2022

Counsel:

Sh. PRAMOD KUMAR, Counsel for the Applicant Bank Defendants are ex-parte

¶119

The Tribunal vide order dated 18.11.2022 , directed the Registrar to verify the Recovery Certificate as per Regulation 24(1) and (2) of Debts Recovery Tribunal Jaipur Regulation 2015.

¶120

The Registrar vide order dated 18.11.2022 verified the Recovery Certificate as per Regulation 24(1) and (2) of Debts Recovery Tribunal Jaipur Regulation 2015. Recovery Certificate is prepisd accordingly. Copy of the Judgment and Recovery Certificate be given free to the concerned parties as well as be sent to the Recovery Officer for further proceedings. File be put up before the Registrar for compliance. After compliance file be consigned to record.

¶121

Presiding Officer, Debts Recovery Tribunal, Jaipur

OA No. 183 of 2022

DEBTS RECOVERY TRIBUNAL, JAIPUR

¶126

ORIGINAL APPLICATION NO. 183 of 2022

¶127

The Recovery Certificate prepisd in compliance of order dated 18.11.2022 passed by Hon’ble Presiding Officer, DRT, Jaipur in Original Application No. 183 of 2022 Title YES BANK LIMITED Vs Shiv Construction Company & Ors. has been checked and may be verified.

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Section Officer

¶129

Assistant Registrar

¶130

On the basis of the report of Section Officer the Recovery Certificate is verified. The Recovery Certificate is placed below for the signature of Hon’ble Presiding Officer please.

¶131

Assistant Registrar

¶132

Hon’ble Presiding Officer

¶133

Yes Bank v. Shiv Construction Company

Case brief

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Yes Bank v. Shiv Construction Company

Case brief

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