The Tribunal allowed the Original Application filed by Bank of India for recovery of Rs. 36,50,010.05 (reduced claim) with interest from the proprietary firm M/s. Kavita Sarees and its proprietor, based on unchallenged documentary evidence.
Recovery Certificate issued for Rs. 36,50,010.05 with pendent lite and future interest at 13.20% p.a. with monthly rest.
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.
Presented on : 28.09.2018 Registered on : 02.06.2022 Decided on : 02.11.2023 Duration : Y M D 05 01 05
IN THE DEBTS RECOVERY TRIBUNAL No.2, MUMBAI
ORIGINAL APPLICATION NO.203 OF 2022
TOTAL CLAIM AMOUNT : Rs.36,82,657.65
Bank of India, a body corporate constituted under the banking companies (Acquisition Transfer of Undertakings) Act V of 1970, having their Head Office at “Star House”, C- 5, “G” Block, Bandra-Kurla Complex, Bandra (East), Mumbai400 051, and having its one of the Branches situated at: 211M Oriental Bhavan, Sherif Devji Street, Mumbai-400 003; known as “J.J. Flyover Branch”, through their Power of Attorney Holder/Sr. Manager (Law) Shri Harikumar S.
… Applicant
Versus
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address at: Shop No.206, 2nd Floor, Shiv Shakti Complex, Opp. B.K. No.517, Ulhasnagar-421 002: Dist. Thane
APPEARANCES For the Applicant : Ms Dhanshri Wakchaure i/b Mr O.A. Das - Advocate For Defendants : None Shri Deepak M Thakkar Presiding Officer HEARING : 2nd November 2023. PRONOUNCEMENT : 2nd November 2023.
J U D G M E N T
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Debt and Bankruptcy Act, 1993 (for short, ‘the 1993 Act’) to recover Rs36,82,657.65 with future interest thereon from the date of presentation of the Original Application till payment/realization and to enforce the hypothecated securities.
(2) The 2nd defendant carries on the business in the name and style of M/s. Kavita Sarees as sole proprietress. On 23rd June 2014, she approached the applicant’s J.J. Flyover Branch with application to grant cash credit facility of Rs.30 lakhs. On 30th June 2014, the applicant sanctioned the cash credit facility in the sum of Rs.30 lakhs. The 2nd defendant signed and executed the loan and security documents on the same date. The applicant disbursed the credit facilities which the defendant utilised for business.
(3) The defendant executed the acknowledgement of debt on 8th February 2017. However, the defendant failed to maintain and regularize the account and therefore, the applicant classified the account as NPA on 30th June 2017. After that, the applicant’s authorized officer issued 13(2) notice on 4th September 2017. Despite notice, defendant failed to pay. The applicant made personal visits and telephone calls to regularise the account.
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Since, defendant did not respond, the applicant, through its advocate, issued notice on 4th May 2018 calling upon her to liquidate the entire outstanding within seven days.
(4) As of 26th September 2018, there was owing, due and payable by defendants to the applicant the aggregate sum of Rs.36,82,657.56. The applicant has maintained the loan ledger extract and the entries posted therein are made in the usual and ordinary course of the banking business.
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amount in the sum of Rs.36,50,010.05.
ORDER
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Sd/-
(Deepak M. Thakkar) Presiding Officer, DRT-2, Mumbai
Nidhi
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2 issues framed by the court
Whether the Original Application for recovery of debt due to a banking company is maintainable and deserves to be allowed.
Whether the Recovery Certificate should be issued upon the unchallenged documentary evidence adduced by the applicant.
1 provisions across 1 enactments
Bank of India
M/s. Kavita Sarees
Ms Kavita Sunil Rajwani
Deepak M. Thakkar
As recorded by the court registry
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