Allowed

Kotak Mahindra Bank Limited v. M S Jagdish Pulses

DRT18 Jan 2023OA/145/2022

Case brief

AI extract

What is this about?

This judgment allows an original application filed by Kotak Mahindra Bank Limited for recovery of ₹8.93 crores as a loan account was classified as NPA due to default. The Tribunal held the defendants jointly and severally liable, granted recovery of principal, interest, and costs, and directed the issuance of a recovery certificate.

What did the court decide?

Defendants held jointly and severally liable to pay ₹8.93 crores with future interest; recovery certificate issued.

Kotak Mahindra Bank Limited versus M S Jagdish Pulses — Company and Corporate | DRT (2023)

¶1

“ORIGINALAPPLICATION” No. 145 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. 145 OF 2022

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DATE OF DELIVERY OF ORDER 18.01.2023

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KOTAK MAHINDRA BANK LIMITED

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Branch Office – 6^th Floor, Atlantis Tower, D-231/232, Amrapali Marg, Near Amrapali Circle, Vaishali Nagar, Jaipur

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…..Applicant Bank…..

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VERSUS

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1. M/S JAGDISH PULSES

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Khoda Ganesh Road, Dhani Purohitan, Kishangarh,Ajmer

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2. RADHEY SHAYAM BAHETI

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R/o H.No. 188, Soniyo Ka Mohalla, Kishangarh, Ajmer - 305802

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3. KANHIYA LAL BAHETI

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R/o H.No. 188, Soniyo Ka Mohalla, Kishangarh,

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Ajmer - 305802

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4. SANWAR LAL BAHETI

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R/o H.No. 188, Soniyo Ka Mohalla, Kishangarh,

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Ajmer - 305802

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5. SITA DEVI BAHETI

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R/o H.No. 188, Soniyo Ka Mohalla, Kishangarh, Ajmer – 305802

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6. JAGDISH BAHETI

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R/o H.No. 188, Soniyo Ka Mohalla, Kishangarh, Ajmer - 305802

¶24

……Defendants…..

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Counsel for the Applicant Bank Shri Pramod Kumar & Ms. Chanchal Saini Defendants Ex parte

OA No. 145 of 2022

JUDGMENT

This Original Application was filed by Applicant Bank against Defendants on 19.01.2022 for recovery of an amount of Rs 8,93,13,658.10 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.

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Defendants were proceeded ex parte on 30.092022.

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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/12 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. 145 of 2022 is allowed declaring that:-

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a) The Defendants are jointly and severally liable to pay to the applicant bank a sum of Rs. 8,93,13,658.10 (Rupees Eight Crore Ninety Three Lac Thirteen Thousand Six Hundred Fifty Eight and Ten Paisa) with future interest @ 9.40% p.a. (Simple) for overdraft facility and @ 13% p.a. (Simple) for Term Loan from 19.01.2022 till the date of realization.

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b) The applicant bank is entitled to recover the above amount by sale of hypothecated assets and goods as

OA No. 145 of 2022

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.

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

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Parties are directed to appear before the Recovery Officer, DRT, Jaipur on 18.04.2023 .

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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

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Order pronounced in the open court today i.e. 18.01.2023 .

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

OA No. 145 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. 145 OF 2022

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DATE OF DELIVERY OF ORDER 18.01.2023

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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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KOTAK MAHINDRA BANK LIMITED

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Branch Office – 6^th Floor, Atlantis Tower, D-231/232, Amrapali Marg, Near Amrapali Circle, Vaishali Nagar, Jaipur

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…..Applicant Bank…..

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VERSUS

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1. M/S JAGDISH PULSES

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Khoda Ganesh Road, Dhani Purohitan, Kishangarh,Ajmer

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2. RADHEY SHAYAM BAHETI

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R/o H.No. 188, Soniyo Ka Mohalla, Kishangarh, Ajmer - 305802

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3. KANHIYA LAL BAHETI

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R/o H.No. 188, Soniyo Ka Mohalla, Kishangarh, Ajmer - 305802

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4. SANWAR LAL BAHETI

¶69

R/o H.No. 188, Soniyo Ka Mohalla, Kishangarh, Ajmer - 305802

¶70

5. SITA DEVI BAHETI

¶71

R/o H.No. 188, Soniyo Ka Mohalla, Kishangarh, Ajmer – 305802

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6. JAGDISH BAHETI

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R/o H.No. 188, Soniyo Ka Mohalla, Kishangarh, Ajmer - 305802

¶74

……Defendants…..

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Recovery Certificate for Rs. 8,93,13,658.10

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In terms of final order dated 18.01.2023 passed by this Tribunal in the above mentioned case, it is ordered that the-

OA No. 145 of 2022

a) The Defendants are jointly and severally liable to pay to the applicant bank a sum of Rs. 8,93,13,658.10 (Rupees Eight Crore Ninety Three Lac Thirteen Thousand Six Hundred Fifty Eight and Ten Paisa) with future interest @ 9.40% p.a. (Simple) for overdraft facility and @ 13% p.a. (Simple) for Term Loan from 19.01.2022 till the date of realization.

¶81

b) The applicant bank is entitled to recover the above amount by sale of hypothecated assets and goods 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 are directed to appear before the Recovery Officer, DRT, Jaipur on 18.04.2023 .

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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 18.01.2023 .

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

OA No. 145 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. 145 OF 2022

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DATE OF DELIVERY OF ORDER 18.01.2023

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SCHEDULE TO RECOVERY CERTIFICATE

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MEMO OF COST

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KOTAK MAHINDRA BANK LIMITED

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Branch Office – 6^th Floor, Atlantis Tower, D-231/232, Amrapali Marg, Near Amrapali Circle, Vaishali Nagar, Jaipur

¶97

…..Applicant Bank…..

¶98

VERSUS

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1. M/S JAGDISH PULSES

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Khoda Ganesh Road, Dhani Purohitan, Kishangarh,Ajmer

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2. RADHEY SHAYAM BAHETI

¶102

R/o H.No. 188, Soniyo Ka Mohalla, Kishangarh,

¶103

Ajmer - 305802

¶104

3. KANHIYA LAL BAHETI

¶105

R/o H.No. 188, Soniyo Ka Mohalla, Kishangarh,

¶106

Ajmer - 305802

¶107

4. SANWAR LAL BAHETI

¶108

R/o H.No. 188, Soniyo Ka Mohalla, Kishangarh, Ajmer - 305802

¶109

5. SITA DEVI BAHETI

¶110

R/o H.No. 188, Soniyo Ka Mohalla, Kishangarh, Ajmer – 305802

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6. JAGDISH BAHETI

¶112

R/o H.No. 188, Soniyo Ka Mohalla, Kishangarh, Ajmer - 305802

……Defendants…..

OA No. 145 of 2022

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

¶118

Presiding Officer, Debts Recovery Tribunal, Jaipur

OA No. 145 of 2022

18.01.2023

Counsel:

Sh. PRAMOD KUMAR & MS. CHANCHAL SAINI, Counsel for the Applicant Bank Defendants are exparte

¶125

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.

¶126

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

OA No. 145 of 2022

18.01.2023

Counsel:

Sh. PRAMOD KUMAR & MS. CHANCHAL SAINI, Counsel for the Applicant Bank Defendants are exparte

¶133

The Tribunal vide order dated 18.01.2023 , directed the Registrar to verify the Recovery Certificate as per Regulation 24(1) and (2) of Debts Recovery Tribunal Jaipur Regulation 2015.

¶134

The Registrar vide order dated 18.01.2023 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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(Vivek Saxena) Presiding Officer, Debts Recovery Tribunal, Jaipur

OA No. 145 of 2022

DEBTS RECOVERY TRIBUNAL, JAIPUR

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ORIGINAL APPLICATION NO. 145 of 2022

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The Recovery Certificate prepisd in compliance of order dated 18.01.2023 passed by Hon’ble Presiding Officer, DRT, Jaipur in Original Application No. 145 of 2022 Title Kotak Mahindra Bank Vs M/s Jagdish Pulses & 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.

¶145

Assistant Registrar

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Hon’ble Presiding Officer

¶147

Kotak Mahindra Bank Limited v. M S Jagdish Pulses

Case brief

What is this about?

What did the court decide?

Kotak Mahindra Bank Limited v. M S Jagdish Pulses

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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