Allowed

Kotak Mahindra Bank Limited v. Mukesh Kumar

DRT23 Sept 2022OA/63/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Original Application filed by Kotak Mahindra Bank Limited against the Defendants for recovery of Rs. 41,49,479.20 due under financial facilities. The recovery certificate directs sale of hypothecated vehicles and realization of personal assets.

What did the court decide?

Recovery certificate issued for Rs. 41,49,479.20 with future interest at 10% p.a., realizable by sale of hypothecated vehicles and personal assets.

Kotak Mahindra Bank Limited versus Mukesh Kumar — Banking and Recovery | DRT (2022)

¶1

“ORIGINAL APPLICATION” No. 063 OF 2022

¶2

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

¶3

PRESIDING OFFICER

¶4

O.A. NO. 063 OF 2022

¶5

DATE OF DELIVERY OF ORDER 23/09/2022

¶6

KOTAK MAHINDRA BANK LIMITED , a banking company within the meaning of the Banking Regulation Act, 1949, having its Registered Office at 27 BKC, C 27, G Block, BandraKurla Complex, Bandra (E), Mumbai - 400051 and Branch/Lending office at 1st floor, 57, Krishna Tower, Sardar Patel Marg, C-Scheme, Jaipur, Raj., through Authorized Signatory Kartik Sonkhiya.

¶7

…Applicant Bank

¶8

Versus

¶9

1. MUKESH KUMAR GURJAR , S/o. Shri Ram Nath Gurjar, R/o. Ward No. 5, Teka Ki Dhani, Bijak Road, Viratnagar Maliwara, Jaipur 303102, Rajasthan.

¶10

2. RAM KISHOR GURJAR , S/o. Shri Ram Nath Gurjar, R/o. Ward No. 5, Teka Ki Dhani, Bijak Road, Viratnagar Maliwara, Jaipur 303102, Rajasthan.

¶11

……Defendants……

¶12

Counsel for the Applicant Bank: Shri Akhil Modi & Shri Mukesh Chandra Sharma

¶13

Defendants are Ex-parte

¶14

JUDGMENT

¶15

The Applicant Bank originally filed this O.A. on 02.12.2021, against the Defendants for the recovery of a sum of Rs.41,49,479.20/-(Forty One Lacs Forty Nine Thousand Four Hundred Seventy Nine and paisa Twenty Only) on Financial Facilities for purchase of vehicles together with further interest and other charges at the contractual rates from the Defendants with date of filing this original application till the date of

SKJ

OA No. 063 OF 2022

realization and in default by sale of Hypothecated Vehicles i.e.-

¶20

S.No.	Description of Hypothecated Vehicles
1.	1962142 - Commercial Vehicles - Heavy Commercial Vehicle - TATA MOTORS LTD. - TATA 40.18 TRACTOR TRAILOR Registration No RJ32GB2052
2.	2021970 - Commercial Vehicles - Vehicle Body
3.	2022061 - Commercial Vehicles - Heavy Commercial Vehicle - TATA MOTORS LTD. - TATA 40.18 TRACTOR TRAILOR Chassis No MAT447261JAJ21158 Engine No 81C84454959 Registration No RJ52GA5198
(The	detailed description of hypothecated Vehicles & goods are given in Schedule-A of OA).

¶21

AND hypothecated all present and future goods, machineries, book debts and all other movables of the Borrower including documents of title to goods and all other movables, such as outstanding monies, receivables, claims, bills, invoices, documents, contracts, engagements, securities, investments and past and the present machinery etc. as well as other Personal movable and immovable properties/assets of Defendants, jointly and severally. The applicant bank is entitled to proceed against the same towards recovery of its debt. The applicant bank is entitled to the costs and expenses of the original application.

¶22

The brief facts of the case are-

¶23

That the present original application was filed by the Authorized Officer of the applicant bank and who was authorized to sigh & verify the original application and the same on behalf of the bank by virtue of the authority through Power of Attorney Exhibit A/1.

¶24

That the Defendant No. 1 approached the applicant bank for financial facility to the applicant bank.

¶25

That looking upon the good banking history of the defendants, the applicant bank has sanctioned a total loan amount of Rs. 45,95,533/- to the defendants. The

SKJ

OA No. 063 OF 2022

detailed description of loan facilities are given in para no. 4 of OA and the aforesaid loan was to be repaid in various monthly installments with interest. The loan facility and required loaning documents were executed by the defendants, wherein the Vehicle was hypothecated in the favour of the applicant bank.

¶30

That while seeking the aforesaid loan facility, defendants agreed to avail the said credit facility on the terms and conditions stated in the loan agreement and also agreed to repay interest along with other charges as stated in the loan documents.

¶31

That the applicant bank despite enjoying the financial facilities and failed and neglected to make payments as per terms of loan agreement.

¶32

That soon after the availing the said finance facility, the defendants failed to abide by the agreed terms of the agreement and started committing defaults on regular basis. Therefore, looking to the regular defaults committed by the defendants, the applicant bank issued loan recall notice dated 29.10.2021 to the defendants to pay the outstanding amount, however the defendants have failed to deposit the outstanding dues and have further failed to return the Hypothecated Vehicles to applicant bank.

¶33

That the applicant bank prayed to issue a recovery certificate for the aforesaid amount against the defendants and also entitled to realize outstanding amount by the sale of Hypothecated Vehicles & as well as personal properties/ assets of the defendants, jointly and severally.

¶34

The Defendants is called absent and set ex-parte on 12.08.2022.

¶35

The applicant bank filed its evidence affidavit along with list of documents, annexing therewith Exhibit A/1 to A/17.

SKJ

OA No. 063 OF 2022

Heard arguments of Ld. Counsel for the applicant bank.

¶40

The point that arise for consideration is: Whether the applicant bank is entitled to the claim as prayed for?

¶41

As stated supra, the Defendants remained ex-parte. 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 liable to pay to the applicant bank the claim made in O.A. with future interest and costs.

¶42

In the result, this O.A. No. 063 OF 2022 is allowed declaring that:-

¶43

a) The Defendants are liable to pay to the applicant bank a sum of Rs.41,49,479.20/-(Forty One Lacs Forty Nine Thousand Four Hundred Seventy Nine and paisa Twenty Only) with future interest @ 10% p.a. (Simple) from the date of filing the original application till the date of realization.

¶44

b) The applicant bank is entitled to recover the above amount by the sale of Hypothecated Vehicles i.e.-

¶45

S.No.	Description of Hypothecated Vehicles
1.	1962142 - Commercial Vehicles - Heavy Commercial Vehicle - TATA MOTORS LTD. - TATA 40.18 TRACTOR TRAILOR Registration No RJ32GB2052
2.	2021970 - Commercial Vehicles - Vehicle Body
3.	2022061 - Commercial Vehicles - Heavy Commercial Vehicle - TATA MOTORS LTD. - TATA 40.18 TRACTOR TRAILOR Chassis No MAT447261JAJ21158 Engine No 81C84454959 Registration No RJ52GA5198
(The	detailed description of hypothecated Vehicles & goods are given in Schedule-A of OA).

¶46

AND hypothecated all present and future goods, machineries, book debts and all other movables of the

SKJ

OA No. 063 OF 2022

Borrower including documents of title to goods and all other movables, such as outstanding monies, receivables, claims, bills, invoices, documents, contracts, engagements, securities, investments and past and the present machinery etc. as well as other Personal movable and immovable properties/assets of Defendants, jointly and severally. The applicant bank is entitled to proceed against the same towards recovery of its debt.

¶51

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

¶52

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

¶53

Parties are directed to appear before the Recovery Officer, DRT, Jaipur on 04/01/2023 .

¶54

Prepare Recovery Certificate accordingly.

¶55

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.

¶56

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

¶57

Order pronounced in the open court today i.e. 23/09/2022 .

¶58

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

¶59

Place-Jaipur Dated-23/09/2022

SKJ

OA No. 063 OF 2022

BEFORE THE DEBTS RECOVERY TRIBUNAL, JAIPUR

¶64

PRESENT- SHRI VIVEK SAXENA PRESIDING OFFICER

¶65

O.A. NO. 063 OF 2022

¶66

DATE OF DELIVERY OF ORDER 23/09/2022

¶67

RECOVERY CERTIFICATE

¶68

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

…Applicant Bank

Versus

1. MUKESH KUMAR GURJAR , S/o. Shri Ram Nath Gurjar, R/o. Ward No. 5, Teka Ki Dhani, Bijak Road, Viratnagar Maliwara, Jaipur 303102, Rajasthan.

¶73

2. RAM KISHOR GURJAR , S/o. Shri Ram Nath Gurjar, R/o. Ward No. 5, Teka Ki Dhani, Bijak Road, Viratnagar Maliwara, Jaipur 303102, Rajasthan.

¶74

……Defendants……

¶75

Recovery Certificate for Rs. 41,49,479.20/-

¶76

In terms of final order dated 23/09/2022 passed by this Tribunal in the above mentioned case, it is ordered that the-

¶77

a) The Defendants are liable to pay to the applicant bank a sum of Rs.41,49,479.20/-(Forty One Lacs Forty Nine Thousand Four Hundred Seventy Nine and paisa Twenty

SKJ

OA No. 063 OF 2022

Only) with future interest @ 10% p.a. (Simple) from the date of filing the original application till the date of realization.

¶82

b) The applicant bank is entitled to recover the above amount by the sale of Hypothecated Vehicles i.e.-

¶83

S.No.	Description of Hypothecated Vehicles
1.	1962142 - Commercial Vehicles - Heavy Commercial Vehicle - TATA MOTORS LTD. - TATA 40.18 TRACTOR TRAILOR Registration No RJ32GB2052
2.	2021970 - Commercial Vehicles - Vehicle Body
3.	2022061 - Commercial Vehicles - Heavy Commercial Vehicle - TATA MOTORS LTD. - TATA 40.18 TRACTOR TRAILOR Chassis No MAT447261JAJ21158 Engine No 81C84454959 Registration No RJ52GA5198
(The	detailed description of hypothecated Vehicles & goods are given inSchedule-Aof OA).

¶84

¶85

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

¶86

ii. Parties are directed to appear before the Recovery Officer, DRT, Jaipur on 04/01/2023 .

¶87

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

SKJ

OA No. 063 OF 2022

Act, 1993 (as amended from time to time) from the above named Certificate Debtor.

¶92

This Certificate has been issued under my signatures and seal of the Tribunal on this 23/09/2022 .

¶93

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

¶94

Place-Jaipur Dated-23/09/2022

SKJ

OA No. 063 OF 2022

FORM NO. 10

[See Regulation-24(1)]

¶100

DEBTS RECOVERY TRIBUNAL First Floor, Sudharma-II, Opp.Kisan Bhawan, Lal Kothi Shopping Centre, Tonk Road, JAIPUR- 302015

¶101

SCHEDULED TO RECOVERY CERTIFICATE MEMO OF COST

¶102

O.A No. 063 OF 2022

…Applicant Bank

Versus

1. MUKESH KUMAR GURJAR , S/o. Shri Ram Nath Gurjar, R/o. Ward No. 5, Teka Ki Dhani, Bijak Road, Viratnagar Maliwara, Jaipur 303102, Rajasthan.

¶107

2. RAM KISHOR GURJAR , S/o. Shri Ram Nath Gurjar, R/o. Ward No. 5, Teka Ki Dhani, Bijak Road, Viratnagar Maliwara, Jaipur 303102, Rajasthan.

¶108

……Defendants……

¶109

S. No.	Item of Costs	Amount in Rupees
1.	Fee onthe application	44,000
2.	Process Fees (inc. Publication)	300
3.	Advocate Fees	1,250
4.	Commissioner/Receivers/Valuation/ Security Fee	NIL
5.	Miscellaneous Charges	NIL
	Total Costs	45,550

¶110

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

¶111

Place-Jaipur Dated-23/09/2022

SKJ

OA No. 063 OF 2022

23/09/2022

Counsel:

Sh. MUKESH CHANDRA SHARMA, Proxy Counsel for the Applicant Bank Defendants are Ex-parte.

¶118

Heard arguments of Ld. Counsel for the applicant bank.

¶119

Judgment dictated separately and pronounced in the open court. As per order the O.A. is allowed. Recovery Certificate be prepared 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.

¶120

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

SKJ

OA No. 063 OF 2022

23/09/2022

Counsel:

Sh. MUKESH CHANDRA SHARMA, Proxy Counsel for the Applicant Bank Defendants are Ex-parte.

¶127

The Tribunal vide order dated 23/09/2022 , directed the Registrar to verify the Recovery Certificate as per Regulation 24(1) and (2) of Debts Recovery Tribunal Jaipur Regulation 2015.

¶128

The Registrar vide order dated 23/09/2022 verified the Recovery Certificate as per Regulation 24(1) and (2) of Debts Recovery Tribunal Jaipur Regulation 2015. Recovery Certificate is prepared 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.

¶129

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

SKJ

OA No. 063 OF 2022

DEBTS RECOVERY TRIBUNAL, JAIPUR

¶134

ORIGINAL APPLICATION NO. 063 OF 2022

¶135

The Recovery Certificate prepared in compliance of order dated 23/09/2022 passed by Hon’ble Presiding Officer, DRT, Jaipur in Original Application No. 063 OF 2022 Title- Kotak Mahindra Bank Ltd. Vs. MUKESH KUMAR GURJAR and ors has been checked and may be verified.

¶136

Section Officer

¶137

Assistant Registrar

¶138

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.

¶139

Assistant Registrar

¶140

Hon’ble Presiding Officer

¶141

SKJ

Kotak Mahindra Bank Limited v. Mukesh Kumar

Case brief

What is this about?

What did the court decide?

Kotak Mahindra Bank Limited v. Mukesh Kumar

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

Similar cases

State Bank of India versus Surendra Aheer

State Bank of India versus Asri

Hdfc Bank versus M S Inayat Poultry Farm

Punjab National Bank versus M S Aarti Lace

State Bank of India versus Shri Bhim Sen Saharan

State Bank of India versus Shivram