Allowed

Bank of India v. M/S a K Traders

DRT26 Oct 2023OA/102/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal, Jabalpur, allowed a debt recovery application filed by Bank of India against I IWs A.K. Traders. The court directed joint and several payment of dues with interest, issuance of a recovery certificate, and an injunction on selling property.

What did the court decide?

Order directing payment of Rs. 35,01,327.83 with interest, issuance of recovery certificate, and injunction restraining disposal of assets.

Bank of India versus M/S a K Traders — Banking and Recovery | DRT (2023)

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DEBTS RECOVERY TRIBUNAL : JABALPUR

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(for the States of Madhya Pradesh and Chhattisgarh)

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(Presiding Ofllcer - Hon'ble Shri Ram Niwas Patcl)

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Original Application I! o. - I 02/2022

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Bank of India, Raj endra Nagar Branch,, Bilaspur (C.G)

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Applicant

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Versus

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I IWs A.K. Traders, Through its ProprietorMrs. Kamla Agrawal, Reg. Office at Village- Masturi, Main Road, Koharonda Pendri, Tehsil- Masturi, District- Bilaspur, (c.G) 495001

¶9

2 Mrs. Kamla Agrawal, Wo Mr. Bajrang LalAgrawal, R/o L-7, Vinoba Nagar, Bilaspur, (c.G) 49s001 Defendants

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Counsel for the Applicant : Shri Ashish Shroti, Advocate Defendants : Ex-parte

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JUDGMENT

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(Dated : 26th October,2023)

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L The Applicant-Bank has filed the present Original Application u/s 19 of Recovery of Dcbts and Bankruptcy Act on 04101122 against the Defendants for recovery of Rs. 35,01,327.83/- (Rupees Thifty Five [-ac, One Thousand, Thlee Hundred Twenty Seven and Paisa Eighty 1'hree only) arlong u ith interest and other reliefs as stated.

oA t0zt22

The brief facts of the case are that on the request of Defendant No.l through its proprietress Defendant No.2, the Applicant Bank sanctioned Cash Credit Facility of Rs. 29 Lac and rerm Loan of Rs.75,000/- on 0u02fig. In consideration of the aforesaid sanctions the Def'cndant No. r through its proprietress Defendant No.2 executed requisite loan documcnts. The Defendants availed the credit facilities and also executed Acknowledgment of Debts & securities Letter dated 2uo1r2r. The account became irregurar and the Defendants failecr to liquidate the outstanding dues despite issuance of Recall Notice dated 30109121 by the Appricant Bank. The Applicant-Bank has relied upon the documents at Ex. A-r to A-27 rvhich rver.e proved by Shri Ajay Kumar Verma, Senior Manager.

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Despite service of notice, the Dcfendants ncither appeared nor filed written statement. They were proceeded ex_ parte vide order dated 10107123. There is therefore, no reason to disbelieve the contentions of the Bank. considering thc, Iacts of the case, I opine that the Defendants are jointly and severally liable to pay the claim amount together with interest and costs. The Applicant-Bank in its apprication has claimed intc'cst @10J5%^{p.a. with monthly} rests. However, I feel it fair and reasonable to grant interest @10.15% p.a. simple pendentelite and future till realizarion of the dues. The pcrsonal properlies and assets of the Defendants are liable to be sold for recoverv .f amount due.

/. L

oA t02/22

The Original Application is allowed and it is ordered as under-

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i) The Defendanrs do pay joinrly and sever.ally Its. 35,01,327.83/- (Rupees Thirty Five Lac, One Thousand, Thiec Hundred Twenty Seven and Paisa Eighty Three only) together with pendentelite and future interest @)l0.t5oh per annLrm simple from the date of filing of the OA, i.e., 04101122, with costs till its realization.

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ii) The Applicanr Bank is entitled to sell the personal properties and assets of the Defendants for realization of its dues. The Defbndants arc hercbl, restraine iJ by ntcans ol' injunction from depleting, transferring, encumbering, al ienating or in any way dealing with their properties/assets without first paying the claim of the Applicanr Bank.

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iiD A Recovery Certificate be issued u/s 19(22) of Recovery of Debts and Bankruptcy Act. The applicant bank may file a memo of cost within 7 days for preparing Recovery Certificate.

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Judgment pronounced in the open court on this 26rr' Day of October,2023.

Bank of India v. M/S a K Traders

Case brief

What is this about?

What did the court decide?

Bank of India v. M/S a K Traders

Case brief

What is this about?

What did the court decide?

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