Allowed

Bank of India v. Mayank Periwal

DRT9 Nov 2022OA/78/2022

Case brief

AI extract

What is this about?

In an original application for recovery of a loan of approximately Rs. 25.52 lakh classified as NPA, the DRT, Jaipur allowed the claim against the individual borrowers and the corporate company. The court declared them jointly and severally liable and directed the issuance of a recovery certificate for enforcing the debt through sale of assets.

What did the court decide?

Debt of Rs. 25,51,597.76 with interest allowed; recovery certificate issued for enforcement via sale of hypothecated and personal assets.

Bank of India versus Mayank Periwal — Company and Corporate | DRT (2022)

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“ORIGINALAPPLICATION” No. 78 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. 78 OF 2022

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DATE OF DELIVERY OF ORDER 09.11.2022

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BANK OF INDIA

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Branch Office at Plot No. 102, 103 and 123, Pandit T.N. Mishra Marg, Santosh Nagar, Nirman Nagar, Jaipur - 302019

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…..Applicant Bank…..

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VERSUS

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1. MAYANK PERIWAL

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S/o Sh. Sanjay Periwal

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R/o Plot No. 96-97, Coral Kunj Flat No. 102, Mahadev Nagar, Gandhi Path, Vaishali Nagar, Jaipur

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2. SANJAY PERIWAL

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S/o Sh. Mayank Lal Periwal

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R/o Plot No. 96-97, Coral Kunj Flat No. 102, Mahadev Nagar, Gandhi Path, Vaishali Nagar, Jaipur

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3. RADHA KRISHNA BUILDTEC PVT. LTD.

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through its Director/Authorized Signatory Shri Giriraj Ratan Daga address E-92, Coral Castel, Subhash Marg, C- Scheme, Jaipur

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……Defendants…..

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Counsel for the Applicant Bank Shri Ajay Shukla Defendants Ex-Parte

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Shri Ajay Shukla

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JUDGMENT

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This Original Application was filed by Applicant Bank against Defendants on 01.12.2021 for recovery of an amount of Rs. 25,51,597.76 with pendentlite and future interest and cost.

OA No. 78 of 2022

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 is proceeded ex parte on 05.08.2022.

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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/22 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. 78 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. 25,51,597.76 (Rupees Twenty Five Lac Fifty One Thousand Five Hundred Ninety Seven and Seventy Six Paisa Only) with future interest @ 10.85% p.a. (Simple) from 01.12.2021 till the date of realization.

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b) The applicant bank is entitled to recover the above amount by sale of hypothecated goods/assets/plant & machinery, etc. immovable property situated at Flat No. 910 & 911, 9^th Floor, Tower B, Coral Studio-II, Jagatpura, Jaipur 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.

OA No. 78 of 2022

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 09.02.2023 .

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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 Order pronounced in the open court today i.e. 09.11.2022 . (Vivek Saxena) Presiding Officer, Debts Recovery Tribunal, Jaipur

OA No. 78 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. 78 OF 2022

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DATE OF DELIVERY OF ORDER 09.11.2022

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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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BANK OF INDIA

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Branch Office at Plot No. 102, 103 and 123, Pandit T.N. Mishra Marg, Santosh Nagar, Nirman Nagar, Jaipur - 302019

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…..Applicant Bank…..

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VERSUS

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1. MAYANK PERIWAL

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S/o Sh. Sanjay Periwal

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R/o Plot No. 96-97, Coral Kunj Flat No. 102, Mahadev Nagar, Gandhi Path, Vaishali Nagar, Jaipur

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2. SANJAY PERIWAL

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S/o Sh. Mayank Lal Periwal

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R/o Plot No. 96-97, Coral Kunj Flat No. 102, Mahadev Nagar, Gandhi Path, Vaishali Nagar, Jaipur

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3. RADHA KRISHNA BUILDTEC PVT. LTD.

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through its Director/Authorized Signatory Shri Giriraj Ratan Daga address E-92, Coral Castel, Subhash Marg, C- Scheme, Jaipur

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……Defendants…..

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Recovery Certificate for Rs. 25,51,597.76

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In terms of final order dated 09.11.2022 passed by this Tribunal in the above mentioned case, it is ordered that the-

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a) The Defendants No. 1 to 3 are jointly & severally liable to pay to the applicant bank a sum of Rs. 25,51,597.76 (Rupees Twenty Five Lac Fifty One Thousand Five Hundred Ninety Seven and Seventy

OA No. 78 of 2022

Six Paisa Only) with future interest @ 10.85% p.a. (Simple) from 01.12.2021 till the date of realization.

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b) The applicant bank is entitled to recover the above amount by sale of hypothecated goods/assets/plant & machinery, etc. immovable property situated at Flat No. 910 & 911, 9^th Floor, Tower B, Coral Studio-II, Jagatpura, Jaipur 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 01.02.2023 .

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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 09.11.2022 .

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

OA No. 78 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. 78 OF 2022

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DATE OF DELIVERY OF ORDER 09.11.2022

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SCHEDULE TO RECOVERY CERTIFICATE

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MEMO OF COST

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BANK OF INDIA

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Branch Office at Plot No. 102, 103 and 123, Pandit T.N. Mishra Marg, Santosh Nagar, Nirman Nagar, Jaipur – 302019

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…..Applicant Bank…..

¶87

VERSUS

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1. MAYANK PERIWAL

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S/o Sh. Sanjay Periwal

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R/o Plot No. 96-97, Coral Kunj Flat No. 102, Mahadev Nagar, Gandhi Path, Vaishali Nagar, Jaipur

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2. SANJAY PERIWAL

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S/o Sh. Mayank Lal Periwal

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R/o Plot No. 96-97, Coral Kunj Flat No. 102, Mahadev Nagar, Gandhi Path, Vaishali Nagar, Jaipur

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3. RADHA KRISHNA BUILDTEC PVT. LTD.

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through its Director/Authorized Signatory Shri Giriraj Ratan Daga address E-92, Coral Castel, Subhash Marg, C- Scheme, Jaipur

……Defendants…..

OA No. 78 of 2022

S.No.	Item of Costs	Amount (Rs.)
1	Fee on the Application	28,000.00
2	Process Fee (Inc. Publication)	5,700.00
3	Advocate Fee	1,250.00
4	Commission/Receiver/Valuation	NIL
5.	Miscellaneous Charges	NIL
	Total	34,950.00

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Presiding Officer, Debts Recovery Tribunal, Jaipur

OA No. 78 of 2022

09.11.2022

Counsel:

Sh. AJAY SHUKLA, 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. 78 of 2022

09.11.2022

Counsel:

Sh. AJAY SHUKLA, Counsel for the Applicant Bank Defendants are ex-parte

¶116

The Tribunal vide order dated 09.11.2022 , 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 09.11.2022 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. 78 of 2022

DEBTS RECOVERY TRIBUNAL, JAIPUR

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ORIGINAL APPLICATION NO. 78 of 2022

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The Recovery Certificate prepisd in compliance of order dated 09.11.2022 passed by Hon’ble Presiding Officer, DRT, Jaipur in Original Application No. 78 of 2022 Title Bank of India Vs Mayank Periwal & 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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Officer

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Bank of India v. Mayank Periwal

Case brief

What is this about?

What did the court decide?

Bank of India v. Mayank Periwal

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

Statutes considered

Parties & counsel

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