Allowed

Yes Bank v. Gbd Construction

DRT16 Nov 2022OA/187/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed Yes Bank Limited's original application for recovery of Rs. 57.55 lakh against four respondents for non-payment of an NPA loan. The court held defendants jointly and severally liable for the principal, future interest, and costs, and directed the issuance of Recovery Certificate.

What did the court decide?

Defendants declared jointly and severally liable to pay Rs. 57,55,743.06 with future interest at 9.90% p.a. and costs. Recovery Certificate issued against hypothecated equipment and personal assets. H

Yes Bank versus Gbd Construction — Contract and Commercial Disputes | DRT (2022)

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“ORIGINALAPPLICATION” No. 187 of 2022

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

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PRESIDING OFFICER

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O.A. NO. 187 OF 2022

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DATE OF DELIVERY OF ORDER 16.11.2022

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YES BANK LIMITED

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

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…..Applicant Bank…..

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VERSUS

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1. GBD CONSTRUCTION

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Through Proprietor Ramakant Pareek, having its office at 505, Pink Tower, Behind Sahara Chamber, Tonk Road, Jaipur, Rajasthan

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2. RAMAKANT PAREEK

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S/o Sh. Phool Chand Pareek,

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F-4, Natraj Colony, Tonk Phatak, Gandhi Nagar, Jaipur - 302015 Rajasthan

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3. GABLI BABA STONE CRUSHER

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through partners Shri Phool Chand Pareek and Rama Kant Pareek, Having its office at 505, Pink Tower, Behind Sahara Chamber, Tonk Road, Jaipur, Rajasthan

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4. SMT. NEELU PAREEK

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W/o Ramakant Pareek, F-4, Natraj Colony, Tonk Phatak, Gandhi Nagar, Jaipur-302015, Rajasthan

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……Defendants…..

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Counsel for the Applicant Bank Shri Pramod Kumar Defendants Ex-Parte

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Shri Pramod Kumar

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JUDGMENT

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This Original Application was filed by Applicant Bank against Defendants on 19.01.2022 for recovery of an

OA No. 187 of 2022

amount of Rs. 57,55,743.06 with pendentlite and future interest and cost.

¶28

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.

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Defendants are proceeded ex parte on 29.07.2022.

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As stated supra, the Applicant Bank filed the evidence affidavit coupled with the recitals in the documents, viz Exhibit A/1 to A/17 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

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In the result, this O.A. No. 187 of 2022 is allowed declaring that:-

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a) The Defendants No. 1 to 4 are jointly & severally liable to pay to the applicant bank a sum of Rs. 57,55,743.06 (Rupees Fifty Seven Lac Fifty Five Thousand Seven Hundred Forty Three and Six Paisa Only) with future interes (Simple) @ 9.90% p.a. given as under from 19.01.2022 till the date of realization.

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b) The applicant bank is entitled to recover the above amount by sale of hypothecated construction equipments – (1) Model Schwing Stetter/Transit/Concrete Mixer AM7SHC2, Engine No. CM39928, (2) Model Schwing Stetter India Pvt. Ltd./SP 1200 Concrete Pump, Engine No. 657 and (3) Model Schwing Stetter/Batching Plant CP-30, Engine No. 80205863/3749 as well as from the

OA No. 187 of 2022

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

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

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

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Parties is directed to appear before the Recovery Officer, DRT, Jaipur on 16.02.2023 .

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Prepare Recovery Certificate accordingly.

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A copy of the Judgment and Recovery Certificate be given or sent by registered post to each of the parties free. A copy of the Recovery Certificate be sent to the Recovery Officer of this Tribunal for necessary action as per the law.

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

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Order pronounced in the open court today i.e. 16.11.2022 .

OA No. 187 of 2022

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

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PRESIDING OFFICER

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O.A. NO. 187 OF 2022

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DATE OF DELIVERY OF ORDER 16.11.2022

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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)

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YES BANK LIMITED

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

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…..Applicant Bank…..

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VERSUS

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1. GBD CONSTRUCTION

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Through Proprietor Ramakant Pareek, having its office at 505, Pink Tower, Behind Sahara Chamber, Tonk Road, Jaipur, Rajasthan

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2. RAMAKANT PAREEK

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S/o Sh. Phool Chand Pareek,

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F-4, Natraj Colony, Tonk Phatak, Gandhi Nagar, Jaipur - 302015 Rajasthan

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3. GABLI BABA STONE CRUSHER

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through partners Shri Phool Chand Pareek and Rama Kant Pareek, Having its office at 505, Pink Tower, Behind Sahara Chamber, Tonk Road, Jaipur, Rajasthan

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4. SMT. NEELU PAREEK

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W/o Ramakant Pareek, F-4, Natraj Colony, Tonk Phatak, Gandhi Nagar, Jaipur-302015, Rajasthan

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……Defendants…..

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Recovery Certificate for Rs. 57,55,743.06

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In terms of final order dated 16.11.2022 passed by this Tribunal in the above mentioned case, it is ordered that the-

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a) The Defendants No. 1 to 4 are jointly & severally liable to pay to the applicant bank a sum of Rs. 57,55,743.06 (Rupees Fifty Seven Lac Fifty Five Thousand Seven Hundred Forty Three and Six Paisa

OA No. 187 of 2022

Only) with future interes (Simple) @ 9.90% p.a. given as under from 19.01.2022 till the date of realization.

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b) The applicant bank is entitled to recover the above amount by sale of hypothecated construction equipments – (1) Model Schwing Stetter/Transit/Concrete Mixer AM7SHC2, Engine No. CM39928, (2) Model Schwing Stetter India Pvt. Ltd./SP 1200 Concrete Pump, Engine No. 657 and (3) Model Schwing Stetter/Batching Plant CP-30, Engine No. 80205863/3749 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.

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c) The applicant bank is entitled to the costs of the O.A. Parties is directed to appear before the Recovery Officer, DRT, Jaipur on 16.02.2023 .

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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 16.11.2022 .

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

OA No. 187 of 2022

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

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PRESIDING OFFICER

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O.A. NO. 187 OF 2022

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DATE OF DELIVERY OF ORDER 16.11.2022

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SCHEDULE TO RECOVERY CERTIFICATE

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MEMO OF COST

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YES BANK LIMITED

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

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…..Applicant Bank…..

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VERSUS

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1. GBD CONSTRUCTION

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Through Proprietor Ramakant Pareek, having its office at 505, Pink Tower, Behind Sahara Chamber, Tonk Road, Jaipur, Rajasthan

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2. RAMAKANT PAREEK

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S/o Sh. Phool Chand Pareek,

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F-4, Natraj Colony, Tonk Phatak, Gandhi Nagar, Jaipur - 302015 Rajasthan

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3. GABLI BABA STONE CRUSHER

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through partners Shri Phool Chand Pareek and Rama Kant Pareek, Having its office at 505, Pink Tower, Behind Sahara Chamber, Tonk Road, Jaipur, Rajasthan

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4. SMT. NEELU PAREEK

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W/o Ramakant Pareek, F-4, Natraj Colony, Tonk Phatak, Gandhi Nagar, Jaipur-302015, Rajasthan

……Defendants…..

OA No. 187 of 2022

S.No.	Item of Costs	Amount (Rs.)
1	Fee on the Application	60,000.00
2	Process Fee (Inc. Publication)	140.00
3	Advocate Fee	1,250.00
4	Commission/Receiver/Valuation	NIL
5.	Miscellaneous Charges	NIL
	Total	61,390.00

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Presiding Officer, Debts Recovery Tribunal, Jaipur

OA No. 187 of 2022

16.11.2022

Counsel:

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

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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.

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

OA No. 187 of 2022

16.11.2022

Counsel:

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

¶122

The Tribunal vide order dated 16.11.2022 , directed the Registrar to verify the Recovery Certificate as per Regulation 24(1) and (2) of Debts Recovery Tribunal Jaipur Regulation 2015.

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The Registrar vide order dated 16.11.2022 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.

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Presiding Officer, Debts Recovery Tribunal, Jaipur

OA No. 187 of 2022

DEBTS RECOVERY TRIBUNAL, JAIPUR

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ORIGINAL APPLICATION NO. 187 of 2022

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The Recovery Certificate prepisd in compliance of order dated 16.11.2022 passed by Hon’ble Presiding Officer, DRT, Jaipur in Original Application No. 187 of 2022 Title YES BANK LIMITED Vs GBD Construction & Ors. has been checked and may be verified.

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Section Officer

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Assistant Registrar

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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.

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Assistant Registrar

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Hon’ble Presiding Officer

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Yes Bank v. Gbd Construction

Case brief

What is this about?

What did the court decide?

Yes Bank v. Gbd Construction

Case brief

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What did the court decide?

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