Allowed

Kotak Mahindra Bank Limited v. Sunil

DRT21 Sept 2022OA/75/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed the original application filed by Kotak Mahindra Bank Ltd. against two defendants for recovery of a loan default. The court issued a recovery certificate allowing recovery of the principal sum, future interest, and costs through the sale of hypothecated vehicles and other assets jointly and severally.

What did the court decide?

Issuance of recovery certificate for Rs. 26,11,083.09 with 10% future interest, allowing recovery via sale of hypothecated vehicles and other assets jointly and severally.

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

¶1

“ORIGINAL APPLICATION” No. 075 of 2022

¶2

BEFORE THE DEBTS RECOVERY TRIBUNAL, JAIPUR

¶3

PRESENT- SHRI VIVEK SAXENA

¶4

PRESIDING OFFICER

¶5

O.A. NO. 075 OF 2022

¶6

DATE OF DELIVERY OF ORDER 21/09/2022

¶7

KOTAK MAHINDRA BANK LIMITED, Regd. Office at-27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai-400051 Branch Office at-Ist Floor, 57, Krishna Tower Sardar Patel Marg, C- Scheme, Jaipur.

¶8

…..Applicant Bank……

¶9

VERSUS

¶10

1. SUNIL BISHNOI, S/o. Shri Chhoga Ram, R/o. Dhalayo Ki Dhani, Bisalpur, Dangiyawas, Jodhpur 342027, Rajasthan.

¶11

2. CHHOGA RAM, S/o. Shri Rupa Ram, R/o. Dhaydo Ki Dhani, Bisalpur, Dhangiyawas, Jodhpur 342027, Rajasthan.

¶12

……Defendants……

¶13

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

¶14

Defendants are Ex-parte

¶15

JUDGMENT

¶16

The Applicant Bank originally filed this O.A. on 02.12.2021, against the Defendants for the recovery of a sum of Rs.26,11,083.09/-(Twenty Six Lacs Eleven Thousand Eighty Three and paisa Nine 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 realization and in default by sale of Hypothecated Vehicles i.e.-

¶17

S.No. Description of Hypothecated Vehicles 2184247 – Heavy Commercial Vehicles - 1. ASHOK LEYLAND LIMITED – CB-AL

SKJ

OA No. 075 of 2022

	4019 Cowl Chassis Trailer, Chassis	No.
	MB1TRVHD1KPJG9577, Engine	No.
	JKPZ161291, Registration No. RJ 19 0561.	GG
2.	Heavy Commercial Vehicle-Vehicle Body	.
	And hypothecated all present and fu goods etc. (The detailed description hypothecated goods are given SCHEDULE-A of OA).	ture of in

¶22

AND 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.

¶23

The brief facts of the case are-

¶24

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 /1.

¶25

That the Defendant No. 1 approached the applicant bank for sanctioned of financial facilities.

¶26

That looking upon the good banking history of the defendants, the applicant bank has sanctioned a total loan amount of Rs. 26,56,515/- to the defendants for purchasing the vehicles. The detailed description of loan facilities and Vehicles are given in Schedule-A 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.

¶27

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

SKJ

OA No. 075 of 2022

also agreed to repay interest along with other charges as stated in the loan documents.

¶32

That the applicant bank despite enjoying the financial facilities and failed and neglected to make payments as per terms of loan agreement and hence the account of the defendant no. 1 declared as NPA on 03.08.2021 as per guidelines of RBI.

¶33

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 04.10.2021 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.

¶34

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.

¶35

The Defendants is called absent and set ex-parte on 12.07.2022.

¶36

The applicant bank filed its evidence affidavit along with list of documents, annexing therewith Exhibit A/1 to A/15.

¶37

Heard arguments of Ld. Counsel for the applicant bank.

¶38

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

¶39

As stated supra, the Defendants remained ex-parte. The applicant bank filed the evidence affidavit coupled with the

SKJ

OA No. 075 of 2022

recitals in the documents, viz Exhibit A/1 to A/15 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.

¶44

In the result, this O.A. No. 075 of 2022 is allowed declaring that:-

¶45

a) The Defendants are liable to pay to the applicant bank a sum of Rs.26,11,083.09/-(Twenty Six Lacs Eleven Thousand Eighty Three and paisa Nine Only) with future interest @ 10% p.a. (Simple) from the date of filing the original application till the date of realization.

¶46

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

¶47

S.No.	Description of Hypothecated Vehicles
	2184247 – Heavy Commercial Vehicles -
1.	ASHOK LEYLAND LIMITED – CB-AL
	4019 Cowl Chassis Trailer, Chassis No. MB1TRVHD1KPJG9577, Engine No. JKPZ161291, Registration No. RJ 19 GG 0561.
2.	Heavy Commercial Vehicle-Vehicle Body. And hypothecated all present and future goods etc. (The detailed description of hypothecated goods are given in SCHEDULE-A of OA).

¶48

¶49

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

¶50

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

¶51

Parties are directed to appear before the Recovery Officer, DRT, Jaipur on 21/12/2022 .

SKJ

OA No. 075 of 2022

Prepare Recovery Certificate accordingly.

¶56

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.

¶57

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

¶58

Order pronounced in the open court today i.e. 21/09/2022 .

¶59

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

¶60

Place-Jaipur Dated-21/09/2022

SKJ

OA No. 075 of 2022

BEFORE THE DEBTS RECOVERY TRIBUNAL, JAIPUR

¶65

PRESENT- SHRI VIVEK SAXENA

¶66

PRESIDING OFFICER

¶67

O.A. NO. 075 OF 2022

¶68

DATE OF DELIVERY OF ORDER 21/09/2022

¶69

RECOVERY CERTIFICATE

¶70

(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. SUNIL BISHNOI, S/o. Shri Chhoga Ram, R/o. Dhalayo Ki Dhani, Bisalpur, Dangiyawas, Jodhpur 342027, Rajasthan.

¶75

2. CHHOGA RAM, S/o. Shri Rupa Ram, R/o. Dhaydo Ki Dhani, Bisalpur, Dhangiyawas, Jodhpur 342027, Rajasthan.

¶76

……Defendants………

¶77

Recovery Certificate for Rs. 26,11,083.09/-

¶78

In terms of final order dated 21/09/2022 passed by this Tribunal in the above mentioned case, it is ordered that the-

¶79

a) The Defendants are liable to pay to the applicant bank a sum of Rs.26,11,083.09/-(Twenty Six Lacs Eleven Thousand Eighty Three and paisa Nine Only) with future interest @ 10% p.a. (Simple) from the date of filing the original application till the date of realization.

¶80

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

¶81

S.No.	Description of Hypothecated Vehicles
	2184247 – Heavy Commercial Vehicles -
1.	ASHOK LEYLAND LIMITED – CB-AL
	4019 Cowl Chassis Trailer, Chassis No.
	MB1TRVHD1KPJG9577, Engine No.

SKJ

OA No. 075 of 2022

JKPZ161291, Registration No. RJ 19 GG 0561. Heavy Commercial Vehicle-Vehicle Body. 2. And hypothecated all present and future goods etc. (The detailed description of hypothecated goods are given in SCHEDULE-A of OA).

¶86

¶87

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

¶88

ii. Parties are directed to appear before the Recovery Officer, DRT, Jaipur on 21/12/2022 .

¶89

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.

¶90

This Certificate has been issued under my signatures and seal of the Tribunal on this 21/09/2022 .

¶91

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

¶92

Place-Jaipur Dated-21/09/2022

SKJ

OA No. 075 of 2022

FORM NO. 10

[See Regulation-24(1)]

¶98

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

¶99

SCHEDULED TO RECOVERY CERTIFICATE MEMO OF COST

¶100

O.A No. 075 of 2022

…..Applicant Bank……

VERSUS

1. SUNIL BISHNOI, S/o. Shri Chhoga Ram, R/o. Dhalayo Ki Dhani, Bisalpur, Dangiyawas, Jodhpur 342027, Rajasthan.

¶105

2. CHHOGA RAM, S/o. Shri Rupa Ram, R/o. Dhaydo Ki Dhani, Bisalpur, Dhangiyawas, Jodhpur 342027, Rajasthan.

¶106

……Defendants………

¶107

S. No.	Item of Costs	Amount in Rupees
1.	Fee onthe application	29,000
2.	Process Fees (inc. Publication)	290
3.	Advocate Fees	1,250
4.	Commissioner/Receivers/Valuation/ Security Fee	NIL
5.	Miscellaneous Charges	NIL
	Total Costs	30,540

¶108

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

¶109

Place-Jaipur Dated-21/09/2022

SKJ

OA No. 075 of 2022

21/09/2022

Counsel:

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

¶116

Heard arguments of Ld. Counsel for the applicant bank.

¶117

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.

¶118

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

SKJ

OA No. 075 of 2022

21/09/2022

Counsel:

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

¶125

The Tribunal vide order dated 21/09/2022 , directed the Registrar to verify the Recovery Certificate as per Regulation 24(1) and (2) of Debts Recovery Tribunal Jaipur Regulation 2015.

¶126

The Registrar vide order dated 21/09/2022 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.

¶127

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

SKJ

OA No. 075 of 2022

DEBTS RECOVERY TRIBUNAL, JAIPUR

¶132

ORIGINAL APPLICATION NO. 075 of 2022

¶133

The Recovery Certificate prepared in compliance of order dated 21/09/2022 passed by Hon’ble Presiding Officer, DRT, Jaipur in Original Application No. 075 of 2022 Title- Kotak Mahindra Bank Ltd. Vs. SUNIL BISHNOI and ors has been checked and may be verified.

¶134

Section Officer

¶135

Assistant Registrar

¶136

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.

¶137

Assistant Registrar

¶138

Hon’ble Presiding Officer

¶139

SKJ

Kotak Mahindra Bank Limited v. Sunil

Case brief

What is this about?

What did the court decide?

Kotak Mahindra Bank Limited v. Sunil

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

Hdfc Bank versus Shiv Bharti Sr Sec School

Naresh Jain versus PNB Housing Finance Limited

State Bank of India versus M/S Victory Meta Steel Enterprises Private Limited

Canara Bank versus M S New Shubh Laxmi Garments

State Bank of India versus Surendra Aheer

State Bank of India versus Asri