Allowed

Icici Bank Limited v. A.K Shikshan Shodh Evam Vikas Sansthan

DRT15 Mar 2023OA/193/2022

Case brief

AI extract

What is this about?

The Tribunal allowed the bank's application for recovery of a loan of Rs. 1,92,23,122.50 against four respondents classified as NPAs, directing the recovery of dues with interest via the sale of hypothecated vehicles and other assets.

What did the court decide?

Recovery certificate issued for Rs. 1,92,23,122.50 with interest and costs; entitlement to recover by sale of 13 specific vehicles and other personal/immovable properties.

Icici Bank Limited versus A.K Shikshan Shodh Evam Vikas Sansthan — Banking and Recovery | DRT (2023)

¶1

“ORIGINALAPPLICATION” No. 193 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. 193 OF 2022

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DATE OF DELIVERY OF ORDER 15.03.2023

¶6

ICICI BANK LTD.

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Branch Office – JSEL Building, 3^rd Floor, Near Gaurav Tower, JLN Marg, Malviya Nagar, Jaipur 302017

¶8

…..Applicant Bank…..

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VERSUS

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1. A.K. SHIKSHAN SHODH EVAM VIKAS SANSTHAN Registered Office at Nand Kishore Sharda Nagar Behind DPS School Pal Ganv, Jodhpur-342001, Rajasthan through its secretary Mr. Anda Ram Seervi

¶11

2. MR. ANADA RAM SEERVI.

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S/o Mr. Mangla Ram Seervi

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R/o Nanad Kishore Sharda Nagar, Behind DPS School,

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Jodhpur- 342001, Rajasthan

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3. MRS. SUNITA CHOUDHARY

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W/o Mr. Kharta Ram

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R/o Behind DPS School,

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Jodhpur- 342001, Rajasthan

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4. LLT ACADEMY

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Having its Registered Office at Nanad Kishore Sharda Nagar, Behind DPS School, Jodhpur- 342001, Rajasthan through its proprietor Mr. Anda Ram Seervi

……Defendants…..

OA No. 193 of 2022

Counsel for the Applicant Bank Sh. Mukesh Chand Sharma Defendants Ex parte

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JUDGMENT

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This Original Application was filed by Applicant Bank against Defendants on 21.01.2022 for recovery of an amount of Rs 1,92,23,122.50 with pendentlite and future interest and cost.

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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 proceeded ex parte on 10.10.2022..

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Heard arguments and perused the record.

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6 As stated supra, the Applicant Bank filed the evidence affidavit coupled with the recitals in the documents, viz Exhibit A/1 to A/20 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.

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In the result, this O.A. No. 193 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. 1,92,23,122.50 (Rupees One Crore Ninety Two Lac Twenty Three Thousand One Hundred Twenty Two and Fifty Paisa Only) with future interest @ 9.01%

OA No. 193 of 2022

p.a. (Simple) from 22.03.2022 till the date of realization.

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b) The applicant bank is entitled to recover the above amount by sale of following hypothecated vehicles –

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Traveller/26 Plus D Wb 4020, Reg. No. RJ22PA4662

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Traveller/26 Plus D Wb 4020, Reg. No. RJ22PA4661

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Traveller/26 Plus D Wb 4020, Reg. No. RJ22PA4660

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PRO 3008 H/SCHOOL BUS BS III, Reg. No. RJ22PA4600

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EICHER PRO 1090/ EICHER PRO 1090, Reg. No. RJ22PA4752

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EICHER PRO 1090/ EICHER PRO 1090, Reg. No. RJ19PB6029

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EICHER 1075/ EICHER 1075, Reg. No. RJ19PB7547

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EICHER 1075/ EICHER 1075, Reg. No. RJ19PB7549

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EICHER 1075/ EICHER 1075, Reg. No. RJ19PB7553

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EICHER 1075/ EICHER 1075, Reg. No. RJ19PB7551

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EICHER 1075/ EICHER 1075, Reg. No. RJ19PB7550

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EICHER 1075/ EICHER 1075, Reg. No. RJ19PB7552

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ECLGS

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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.

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

OA No. 193 of 2022

Parties are directed to appear before the Recovery Officer, DRT, Jaipur on 15.06.2023 .

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10 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. 15.03.2023 .

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

OA No. 193 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. 193 OF 2022

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DATE OF DELIVERY OF ORDER 15.03.2023

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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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ICICI BANK LTD.

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Branch Office – JSEL Building, 3^rd Floor, Near Gaurav Tower, JLN Marg, Malviya Nagar, Jaipur 302017

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…..Applicant Bank…..

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VERSUS

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1. A.K. SHIKSHAN SHODH EVAM VIKAS SANSTHAN Registered Office at Nand Kishore Sharda Nagar Behind DPS School Pal Ganv, Jodhpur-342001, Rajasthan through its secretary Mr. Anda Ram Seervi

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2. MR. ANADA RAM SEERVI.

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S/o Mr. Mangla Ram Seervi R/o Nanad Kishore Sharda Nagar, Behind DPS School, Jodhpur- 342001, Rajasthan

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3. MRS. SUNITA CHOUDHARY

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W/o Mr. Kharta Ram

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R/o Behind DPS School,

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Jodhpur- 342001, Rajasthan

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4. LLT ACADEMY

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Having its Registered Office at Nanad Kishore Sharda Nagar, Behind DPS School,

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Jodhpur- 342001, Rajasthan

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through its proprietor Mr. Anda Ram Seervi

……Defendants…..

OA No. 193 of 2022

Recovery Certificate for Rs. 1,92,23,122.50

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In terms of final order dated 15.03.2023 passed by this Tribunal in the above mentioned case, it is ordered that the-

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a) The Defendants are jointly and severally liable to pay to the applicant bank a sum of Rs. 1,92,23,122.50 (Rupees One Crore Ninety Two Lac Twenty Three Thousand One Hundred Twenty Two and Fifty Paisa Only) with future interest @ 9.01% p.a. (Simple) from 22.03.2022 till the date of realization.

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b) The applicant bank is entitled to recover the above amount by sale of following hypothecated vehicles –

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Traveller/26 Plus D Wb 4020, Reg. No. RJ22PA4662

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Traveller/26 Plus D Wb 4020, Reg. No. RJ22PA4661

¶99

Traveller/26 Plus D Wb 4020, Reg. No. RJ22PA4660

¶100

PRO 3008 H/SCHOOL BUS BS III, Reg. No. RJ22PA4600

¶101

EICHER PRO 1090/ EICHER PRO 1090, Reg. No. RJ22PA4752

¶102

EICHER PRO 1090/ EICHER PRO 1090, Reg. No. RJ19PB6029

¶103

EICHER 1075/ EICHER 1075, Reg. No. RJ19PB7547

¶104

EICHER 1075/ EICHER 1075, Reg. No. RJ19PB7549

¶105

EICHER 1075/ EICHER 1075, Reg. No. RJ19PB7553

¶106

EICHER 1075/ EICHER 1075, Reg. No. RJ19PB7551

¶107

EICHER 1075/ EICHER 1075, Reg. No. RJ19PB7550

¶108

EICHER 1075/ EICHER 1075, Reg. No. RJ19PB7552

¶109

ECLGS

OA No. 193 of 2022

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.

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Parties are directed to appear before the Recovery Officer, DRT, Jaipur on 15.06.2023 .

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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 15.03.2023 .

¶118

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

OA No. 193 of 2022

BEFORE THE DEBTS RECOVERY TRIBUNAL, JAIPUR PRESENT- SHRI VIVEK SAXENA

¶123

PRESIDING OFFICER

¶124

O.A. NO. 193 OF 2022

¶125

DATE OF DELIVERY OF ORDER 15.03.2023

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SCHEDULE TO RECOVERY CERTIFICATE

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MEMO OF COST

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ICICI BANK LTD.

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Branch Office – JSEL Building, 3^rd Floor, Near Gaurav Tower, JLN Marg, Malviya Nagar, Jaipur 302017

¶130

…..Applicant Bank…..

¶131

VERSUS

¶132

1. A.K. SHIKSHAN SHODH EVAM VIKAS SANSTHAN Registered Office at Nand Kishore Sharda Nagar Behind DPS School Pal Ganv, Jodhpur-342001, Rajasthan through its secretary Mr. Anda Ram Seervi

¶133

2. MR. ANADA RAM SEERVI.

¶134

S/o Mr. Mangla Ram Seervi

¶135

R/o Nanad Kishore Sharda Nagar, Behind DPS School,

¶136

Jodhpur- 342001, Rajasthan

¶137

3. MRS. SUNITA CHOUDHARY

¶138

W/o Mr. Kharta Ram

¶139

R/o Behind DPS School,

¶140

Jodhpur- 342001, Rajasthan

¶141

4. LLT ACADEMY

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Having its Registered Office at Nanad Kishore Sharda Nagar, Behind DPS School,

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Jodhpur- 342001, Rajasthan through its proprietor Mr. Anda Ram Seervi

……Defendants…..

OA No. 193 of 2022

S.No.	Item of Costs	Amount (Rs.)
1	Fee on the Application	1,50,000.00
2	Process Fee (Inc. Publication)	795.00
3	Advocate Fee	1,250.00
4	Commission/Receiver/Valuation	NIL
5.	Miscellaneous Charges	NIL
	Total	1,52,045.00

¶149

Presiding Officer, Debts Recovery Tribunal, Jaipur

OA No. 193 of 2022

15.03.2023

Counsel:

Sh. Mukesh Chand Sharma, Counsel for Applicant Bank Defendants are ex parte

¶156

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.

¶157

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

OA No. 193 of 2022

15.03.2023

Counsel:

Sh. Mukesh Chand Sharma, Counsel for Applicant Bank Defendants are ex parte

¶164

The Tribunal vide order dated 15.03.2023 , 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 15.03.2023 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. 193 of 2022

DEBTS RECOVERY TRIBUNAL, JAIPUR

¶171

ORIGINAL APPLICATION NO. 193 of 2022

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The Recovery Certificate prepisd in compliance of order dated 15.03.2023 passed by Hon’ble Presiding Officer, DRT, Jaipur in Original Application No. 193 of 2022 Title ICICI Bank Ltd. Vs A.K. Shikshan Shodh Evam Vikas Sansthan & 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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Icici Bank Limited v. A.K Shikshan Shodh Evam Vikas Sansthan

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. A.K Shikshan Shodh Evam Vikas Sansthan

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

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