The Debt Recovery Tribunal allowed Yes Bank's application for a recovery certificate against two borrowers who defaulted on a term loan of Rs. 51,83,026 for commercial vehicles, awarding Rs. 52,22,035.12.
Recovery certificate for Rs. 52,22,035.12 along with interest at 10% p.a. and future interest and cost.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
O.A. 1 57/2022./DRT.Gry.h.lr
IN THE DEBTSRECOVERYTRIBUNAL,GUWAHATI
(North Eastern Region)
(Tribunal of Assam, Nagaland,Meghalaya, Manipur, Mizoram,Arunachal Pradesh& Tripura)
Before shri Shiv SharanDubev.PresidinqOfticer
O.A. No. 157/2022
ln lhe matbr of - Y63 Bank Limited Guwahati Branch, Ground Floor,Asian ComPIex G.S.Road, Ulubari,Guwahati-781007, District- Kamrup(Metro), Assam
..APPlicant
Vs-
l. Sofiqul AlomChoudhury Son of AbdulMotin Choudhury Resident of Boras Enclave,4h Floor Sijubari, Near SBl,Hatigaon Chariali, Guwahati-781038,District- Kamrup (Metro), Assam. 2. Mrs lmrana Rahman Daughter of Bazlur Rahman Resident of Flat No.43 SUubari, Near SBl,Hatigaon Chariali, Guwahati-781038,District- Kamrup (Metro), Assam.
Defe nda nts
Presence of the Coun3el :
: Mr Mukesh Sharma, For the Applicant Ms Ellora Bharali, Advocates For the Defendants : None (Ex-parte)
Dated : 15.06'2023
JUDGMENT
This is an applicationunder section '19 of the Recoveryof oebtsDueto Banks and Financial lnstitutionsAct, 1993 filed by the Yes Bank Limited,GuwahatiBranch, Ground Floor, Asian Complex,G.S.Road, Ulubari,Guwahati-781007,District- Kamrup (Metro), Assam, with aprayer toissue Recovery Certificate for the sum of Rs. 52,22,035.12(Rupees Fifty Two Laca Twenty Two ThousandThirtyFive And Paisa T,elve)only as on 21.03.2022against the defendantswith pendenteliteand future interestat contractual rates with monthly rests till realization alongwith cost and other relief.
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o.A1 57/2o2zoRTcuwahati
A few lactsgivingriseto the present applicationareas under. l'"ir?'PY br'Yl('n'{+ The Defendant No.1as ApP[tzntand DefendantNo. 2 as eo-ApPli€ant "had approached the ApplicantBank and appliedfor ,inancial assistance for purchasing Commercial Vehiclesby submittinga LoanApplication Form dated25.1 1.2020 and after considering the saidApplication,the Applicant Bank on 10.12 2020had sanctioned a Term Loan of Rs.5'1,83,026.00(Rupees Fifty One Lacs EightyThree Thousand Twenty Sixty) only to theDefendants for purchasingthe CommercialVehicles, morefully described in schedule-Aof the OA with interest chargedat 10 00%p.a calculated on dailyproducl at monlhlyrests andin caseof default,the bank shallbe entitled to charge an additional interest @2% per month or suchrale as maybe specified by the bank from time to time.The aforesaid TermLoan was disbursed through two Loan Accounts and lhe aforesaid TermLoan wasto be repaid in 58 Monthly installmentsof Rs.57,036/- each in the twoloan accountswith the first installment commencingftom 15.02'2021 and the last installmentfallingdue on 15.11.2025.|nconnection withthe sanctionof the aforesaid TermLoan of Rs.51,83,026.00 (RupeesFiftyOne Lacs Eighty Three Thousand TwentySixty) only sanctioned by the Applicant Bank and availedof by the Defendants, AVehicleLoanAgreement,OemandPromissory notefor Rs 51,83,026 00 and a Letter of continuityall dald 10.12.2020have been signed and executedby the Defendant Nos.1 and 2 in favour of the Applicant Bank as securityfor repaymentof the loan facility, therebyagreeingto all the termsand conditions laid downin the said Agreements andalso hypothecatedthe commercial vehicles (morespecilically described in Schedule-Aof the OA)in favourof the Applicant Bank
ln connectionwith the sanctionof the said Term Loan of Rs51'83'02600 (Rupees Fifty One Lacs EightyThree Thousand Twenty Sixty) only sanctioned by the Applicant Bank,the DefendantNos. 1 and 2 had signed and executedan lrrevocable Power of Attorneydated'10.12.2020
TheDefendantshadavailedofthesaidloanfacilityfromtheApplicantBank,but have notpaid the loan amountas perthe terms and conditions as agreed upon with the ApplicantBank, inspite of repeateddemands and requests by the ApplicantBank' As the defendantsfailedto repay the loan amount,the said accountbecame NPA on
Sl-,tdaa^ P*idins &S06 DRT. Guwahei
O A 1s7/2o2zoRT-Guwahali
14.08.2021. Aner theaccount became NPA the applicantbank issued notices for repayment of thedue amount, but the defendants have neither chosen for repaymentof the remaining installmentin the term loan accountnorapproached to the applicant bank for settling the loan account.
The applicant bankthus b€came constrained to file thepresentOriginal Application for therecovery of Rs. 52,22,035.12(RupeosFifty Two Lacs Twenty Two ThousandThirtyFiYs And Paisa Twelve) only as on 21 03 2022alongwith interest and cost oftheapplication.
After filing of theOAthe Tribunal issued notices upon the defendants through registeredpost andthe applicant bank filed service reporton 17 06 2022and brought on record thepostal receipts along withtrack consignment reportlt is observedthat the summons havenot been served uponthe defendants. ThereaftertheTribunal orderedpaper publicationof notice upon the defendantsand the applicantbank issued notices to the defendantson 19.07.2022 through PaperPublicationin two newspapers namely "DainikAsom" and"The Hill Times". Evenafter issuanceof notices upon the defendantsthroughpaperpublicationalso there wasno representation on behalfof the defendants either by the counselor the personand hence the defendantsweremade set ex-parteon 31.08.2022 and their right to lile written statement cumevidence on affidavitwas closed and ihe matter was posted for hearing on behalf ofthe applicant bank.
Supporting the claimof the applicantbank Sreetama Manna, Manager& Unit Legal Manager &Authorized Signatory of the ApplicantBank has liledevidenceon affidavit coupledwith thesecuritydocuments matked as Exhibit -P, Exhibit AW-'l/1 to AW.1/8 supportingthe claimof the applicant bank.
Heald the tearnedcounsel for theapplicant bankwho prayed for issuance of Recovery Certificateagainstthe defendants as per pleadings madein the Application' supported by evidenceon affidavitof their witnesswho affirmed on oath the execution of the security andother documentsby the defendants and also executionof their own documents reliedupon, which have been marked exhibits'
Considering thefacts and circumstancesofthe case'I am of the considered
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O.A 1 57/2022lORT-G@ahan
view that the documentsfiled by theapplicant bankare supportingthe claim of the applicant bank andestablishing the liability of the defendants lt is proved that the defendants are liableto pay to the applicant bank the claim made in the Original Application. Theloan wasobtainedand documenlshave been executedon 1O.12.2O2O. The accountbecame NPA on '14.08.2021and the OA has been filed on 06.05.2022. Hence,the OA is filed well withinthe periodof limitation and this Tribunal having ajurisdiction to ad.iudicatethe OriginalApplication'
Considering theunchallenged/unrebuttedversionof SreetamaManna, the applicant's witnessand all the documents markedas exhibits, including duly certified copy of the statementof accountalongwith interest calculation sheet maintained by theapplicantBankinitsregularcourseofbusiness'lholdthattheapplicantisentitled to get the RecoveryCertiticate as prayed for.
ln the result, thepresent Original ApplicationNo. 157 of 2022 is allowed with cost as under i
The defendantsNo. 1 &2 are jointlyand severallyliable to pay to the applicant bank a sumof Rs. 52,22,035'12 (Rupees Fifty Two Lacs Twenty Two Thousand Thirty FivoAnd Paisa Twolve)only with pendentelite and future interest @1O.OO%p.a. with monthly rests from ?2.03.20221i11lhedale of fullpaymenurealization and also costof the application.
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O.A1 572022lDRl-Gqahali
under my signature.
Copy of the JudgmenuFinal Order be uploaded in the Tribunal's Website and
SLr^li.orcr.) ^tr.r (shiv sharan o,#Jt'F /21 I Presiding OfricerI ! DRT, Guwahati.
3 issues framed by the court
Whether the documents filed by the applicant bank support its claim of loan recovery.
Whether levy of recovery certificate on the amount claimed as due to the bank has been made within limitation period.
Whether the defendants are liable to pay the principal amount along with interest and cost.
1 provisions across 1 enactments
Yes Bank Limited, Guwahati Branch
Sofiqul Alom Choudhury
Mrs Imrana Rahman
Shiv Sharan Dube
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
