Allowed

Indian Bank v. M/S Jaipur Automobiles

DRT14 Dec 2022OA/364/2022

Case brief

AI extract

What is this about?

In this Debt Recovery Tribunal case, the applicant bank filed an original application for recovery of dues classified as NPA. The court allowed the application and issued a recovery certificate for the principal amount along with interest, permitting recovery through sale of hypothecated and mortgaged assets.

What did the court decide?

Recovery certificate issued for Rs. 1,70,09,976.92 with future interest; bank entitled to sell mortgaged/hypothecated assets for recovery.

Indian Bank versus M/S Jaipur Automobiles — Banking and Recovery | DRT (2022)

¶1

“ORIGINALAPPLICATION” No. 364 of 2022

¶2

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

¶3

PRESIDING OFFICER

¶4

O.A. NO. 364 OF 2022

¶5

DATE OF DELIVERY OF ORDER 14.12.2022

¶6

INDIAN BANK

¶7

Branch Office : 54/56, Madhyam Marg, Mansarovar, Jaipur Rajasthan - 302020

¶8

…..Applicant Bank…..

¶9

VERSUS

¶10

1. M/S JAIPUR AUTOMOBILES

¶11

Office at – Shop No. F-32, First Floor, Alankar Plaza, Vidhyadhar Nagar, Jaipur, Rajasthan

¶12

Plot No. 20A, Pitambar Nagar Vistar, Gajsinghpura, Gopalpura Byepass, Jaipur – 302006

¶13

404A, Shaitan Singh Vihar, AWHO Society, Plot No.

¶14

D-1, Phase 6, Sector 1, Vidhyadhar Nagar, Jaipur

¶15

2. SHRI BAL RAM SAINI

¶16

S/o Sh. Babu Lal Saini

¶17

404A, Shaitan Singh Vihar, AWHO Society, Plot No.

¶18

D-1, Phase 6, Sector 1, Vidhyadhar Nagar, Jaipur

¶19

3, Shiv Colony, Murlipura, Jaipur, Rajasthan

¶20

3. SMT. USHA SAINI

¶21

W/o Sh. Bal Ram Saini

¶22

404A, Shaitan Singh Vihar, AWHO Society, Plot No. D-1, Phase 6, Sector 1, Vidhyadhar Nagar, Jaipur

¶23

3, Shiv Colony, Murlipura, Jaipur, Rajasthan

¶24

……Defendants…..

¶25

Counsel for the Applicant Bank Shri Alok Garg Defendants Ex-Parte

OA No. 364 of 2022

JUDGMENT

This Original Application was filed by Applicant Bank against Defendants on 27.01.2022 for recovery of an amount of Rs. 1,70,09,976.92 with pendentlite and future interest and cost.

¶31

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.

¶32

Defendants are proceeded ex parte on 20.09.2022.

¶33

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 and severally liable to pay to the applicant bank the claim made in O.A. with future interest and costs.

¶34

In the result, this O.A. No. 364 of 2022 is allowed declaring that:-

¶35

a) The Defendants are jointly and severally liable to pay to the applicant bank a sum of Rs. 1,70,09,976.92 (Rupees One Crore Seventy Lac Nine Thousand Nine Hundred Seventy Six and Ninety Two Paisa Only) with future interest @ 10.20% p.a., 9.80% p.a. and 14.65% p.a. (in A/c nos. 6461602452, 6446039663 and 6503956223 respectively) (Simple) from 27.01.2022 till the date of realization.

OA No. 364 of 2022

b) The applicant bank is entitled to recover the above amount by sale of hypothecated assets and mortgaged properties – Residential Building including Plot No. D-703, Block-D, Malviya Nagar, Jaipur admeasuring 311.11 Sq. yards in the name of Defendant No. 2, 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.

¶40

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

¶41

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

¶42

Parties are directed to appear before the Recovery Officer, DRT, Jaipur on 14.03.2023 .

¶43

Prepare Recovery Certificate accordingly.

¶44

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.

¶45

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

¶46

Order pronounced in the open court today i.e. 14.12.2022 .

¶47

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

OA No. 364 of 2022

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

¶52

PRESIDING OFFICER

¶53

O.A. NO. 364 OF 2022

¶54

DATE OF DELIVERY OF ORDER 14.12.2022

¶55

RECOVERY CERTIFICATE

¶56

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

¶57

INDIAN BANK

¶58

Branch Office : 54/56, Madhyam Marg, Mansarovar, Jaipur Rajasthan - 302020

¶59

…..Applicant Bank…..

¶60

VERSUS

¶61

1. M/S JAIPUR AUTOMOBILES

¶62

Office at – Shop No. F-32, First Floor, Alankar Plaza, Vidhyadhar Nagar, Jaipur, Rajasthan

¶63

Plot No. 20A, Pitambar Nagar Vistar, Gajsinghpura, Gopalpura Byepass, Jaipur – 302006

¶64

404A, Shaitan Singh Vihar, AWHO Society, Plot No.

¶65

D-1, Phase 6, Sector 1, Vidhyadhar Nagar, Jaipur

¶66

2. SHRI BAL RAM SAINI

¶67

S/o Sh. Babu Lal Saini

¶68

404A, Shaitan Singh Vihar, AWHO Society, Plot No. D-1, Phase 6, Sector 1, Vidhyadhar Nagar, Jaipur

¶69

3, Shiv Colony, Murlipura, Jaipur, Rajasthan

¶70

3. SMT. USHA SAINI

¶71

W/o Sh. Bal Ram Saini

¶72

404A, Shaitan Singh Vihar, AWHO Society, Plot No. D-1, Phase 6, Sector 1, Vidhyadhar Nagar, Jaipur

¶73

3, Shiv Colony, Murlipura, Jaipur, Rajasthan

¶74

……Defendants…..

¶75

Recovery Certificate for Rs. 1,70,09,976.92

¶76

In terms of final order dated 14.12.2022 passed by this Tribunal in the above mentioned case, it is ordered that the-

OA No. 364 of 2022

a) The Defendants are jointly and severally liable to pay to the applicant bank a sum of Rs. 1,70,09,976.92 (Rupees One Crore Seventy Lac Nine Thousand Nine Hundred Seventy Six and Ninety Two Paisa Only) with future interest @ 10.20% p.a., 9.80% p.a. and 14.65% p.a. (in A/c nos. 6461602452, 6446039663 and 6503956223 respectively) (Simple) from 27.01.2022 till the date of realization.

¶81

b) The applicant bank is entitled to recover the above amount by sale of hypothecated assets and mortgaged properties – Residential Building including Plot No. D-703, Block-D, Malviya Nagar, Jaipur admeasuring 311.11 Sq. yards in the name of Defendant No. 2, 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.

¶82

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

¶83

Parties are directed to appear before the Recovery Officer, DRT, Jaipur on 14.03.2023 .

¶84

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.

¶85

This Certificate has been issued under my signatures and seal of the Tribunal on this 14.12.2022 .

¶86

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

OA No. 364 of 2022

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

¶91

PRESIDING OFFICER

¶92

O.A. NO. 364 OF 2022

¶93

DATE OF DELIVERY OF ORDER 14.12.2022

¶94

SCHEDULE TO RECOVERY CERTIFICATE

¶95

MEMO OF COST

¶96

INDIAN BANK

¶97

Branch Office : 54/56, Madhyam Marg, Mansarovar, Jaipur Rajasthan - 302020

¶98

…..Applicant Bank…..

¶99

VERSUS

¶100

1. M/S JAIPUR AUTOMOBILES

¶101

Office at – Shop No. F-32, First Floor, Alankar Plaza, Vidhyadhar Nagar, Jaipur, Rajasthan

¶102

Plot No. 20A, Pitambar Nagar Vistar, Gajsinghpura, Gopalpura Byepass, Jaipur – 302006

¶103

404A, Shaitan Singh Vihar, AWHO Society, Plot No. D-1, Phase 6, Sector 1, Vidhyadhar Nagar, Jaipur

¶104

2. SHRI BAL RAM SAINI

¶105

S/o Sh. Babu Lal Saini

¶106

404A, Shaitan Singh Vihar, AWHO Society, Plot No. D-1, Phase 6, Sector 1, Vidhyadhar Nagar, Jaipur

¶107

3, Shiv Colony, Murlipura, Jaipur, Rajasthan

¶108

3. SMT. USHA SAINI

¶109

W/o Sh. Bal Ram Saini

¶110

404A, Shaitan Singh Vihar, AWHO Society, Plot No. D-1, Phase 6, Sector 1, Vidhyadhar Nagar, Jaipur

¶111

3, Shiv Colony, Murlipura, Jaipur, Rajasthan

……Defendants…..

OA No. 364 of 2022

S.No.	Item of Costs	Amount (Rs.)
1	Fee on the Application	1,50,000.00
2	Process Fee (Inc. Publication)	609.00
3	Advocate Fee	1,250.00
4	Commission/Receiver/Valuation	NIL
5.	Miscellaneous Charges	NIL
	Total	1,51,859.00

¶117

Presiding Officer, Debts Recovery Tribunal, Jaipur

OA No. 364 of 2022

14.12.2022

Counsel: Sh. ALOK GARG, Counsel for the Applicant Bank Defendants are ex-parte

¶123

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.

¶124

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

OA No. 364 of 2022

14.12.2022

Counsel:

Sh. ALOK GARG, Counsel for the Applicant Bank Defendants are ex-parte

¶131

The Tribunal vide order dated 14.12.2022 , directed the Registrar to verify the Recovery Certificate as per Regulation 24(1) and (2) of Debts Recovery Tribunal Jaipur Regulation 2015.

¶132

The Registrar vide order dated 14.12.2022 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.

¶133

Presiding Officer, Debts Recovery Tribunal, Jaipur

OA No. 364 of 2022

DEBTS RECOVERY TRIBUNAL, JAIPUR

¶138

ORIGINAL APPLICATION NO. 364 of 2022

¶139

The Recovery Certificate prepisd in compliance of order dated 14.12.2022 passed by Hon’ble Presiding Officer, DRT, Jaipur in Original Application No. 364 of 2022 Title Indian Bank Vs M/s Jaipur Automobiles & Ors. has been checked and may be verified.

¶140

Section Officer

¶141

Assistant Registrar

¶142

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.

¶143

Assistant Registrar

¶144

Indian Bank v. M/S Jaipur Automobiles

Case brief

What is this about?

What did the court decide?

Indian Bank v. M/S Jaipur Automobiles

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

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