Allowed

Bank of India v. Abhishek Tiwari

DRT11 Jan 2023OA/210/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant Bank of India to recover an outstanding claim of Rs. 1.33 crores along with interest and costs from the respondents, who failed to pay dues despite notice and offered security over agricultural land. A recovery certificate was issued against them.

What did the court decide?

Direct payment of Rs. 1.33 crores with interest; injunction on disposing of properties; issuance of Recovery Certificate.

Bank of India versus Abhishek Tiwari — Contract and Commercial Disputes | 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 Officer - Hon'bte Shri Ram Niwas Patel)

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Original Application No. - 210122

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Bank of lndia, Raipur (C.G.) 456010

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Appticant

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Versus

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1. Mr. Abhishek Tiwari, S/o Shri Jay Narayan Tiwari, R/o Ptot No.-634, Near Sai Mandir Chowk, Sunder Nagar, Raipur (C.G.)

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1. Mr. Ashish Giri, S/o Shri Mohan Giri, R/o C-5, Plot No.-18, Sector-3, Udaya Society, Tatibandh, Raipur (C.G.) Defendants

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Counsel for the Appticant : Shri Ashish Shroti, Advocate

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Defendants : Ex-parte

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JUDGMENT

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(Dated : 1ih January, 2023)

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The Appticant-Bank has fited the present Originat Apptication u/s 19 of Recovery of Debts and Bankruptcy Act on 0ZIOZIZZ against the Defendants for recovery of Rs. 1,33,11,784.79 (Rupees One Crore, Thirty Three Lac, Eleven Thousand, Seven Hundred Eighty Four and Paisa Seventy Nine onty) atong with interest and other reliefs as stated.

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The brief facts of the case are that on the request of Defendant No.-1, the Appticant Bank sanctioned CC Limit of Rs. 30 Lac on 11102115, additionat CC Limit of Rs. 19 Lac on 14109115, another additionat CC Limit of Rs. 41 Lac on 31 /05/16. ln consideration of the sanction of credit facitity the Defendant No.-'l as borrower and Defendant No.-2 as guarantor in addition to execution of loan and guarantee documents, have also created charge under the provisions of M.P. Krishi Udhar Pravartan Tatha Prakriyan Upbandh (Bank) Adhiniyam 1977 over the immovable^property, i.e., Agriculture Land bearing Survey No.-194,483,827, 1104, 1112, 1152 &. 1159/1 admeasuring 10.13 hectare, situated at Patwari Halka No.-22, Vittage-Batsamund, Tehsil & District-Bemetra (C.G.); betonging to Defendant No.-1. The Defendant No.-1 availed the CC Limit and also executed Letter

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)

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oA2t0/22

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of Acknowtedgment of Debt/Securities^{on 30/05/19.The accountsbecame} irregutar and the Defendants faited to^{tiquidate the outstandingduesdespite} issuance of Recatt Notice on 11101121 by^{the AppticantBank. The Appticant-} Bank has retied upon the documents^{at Ex. A'1 to A-40whichwere provedby} Shri Rajendra Kumar Dhruw, Chief^Manager.

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Despite service of notice, the Defendants^{neitherappeared nor} fited written statement. They^{were proceededex-partevide order dated} 14t11 122. There is therefore, no reason^{to disbelievethe contentionsof the} Bank. Considering the facts of^{the case, I opine that the Defendantsare} jointly and severatty liabte to pay the claim amount together with interest and costs. The Appticant-Bank in^{its aPplication has ctaimedinterest} @10.70%^{p.a. with monthly rests. However,lfeel it fair and reasonabteto} grant interest @10.70% p.a. simpte^pendentelite and^future till^{realization of} the dues. The mortgaged^{propertyis tiabte to be sotd for recovery of} amount due atong with the^{personalpropertiesand assets of the Defendants.}

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The Original Apptication is a[lowed^{and it is orderedas under-}

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i) The Defendants do^{pay jointty} and^{severallyRs. 1,33,11,7&4.79} (Rupees One Crore, Thirty Three Lac, Eleven^{Thousand, SevenHundred} Eighty Four and Paisa Seventy^{Nine onty) together with pendentetiteand} future interest @10.70%^per annum^{simptefrom the dateof filing of the OA,} i.e.,02102122, with costs titt^{its reatization.}

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ii) The Appticant Bank is entitted^{to sett the mortgaged as wetlas} personal properties and assets of the Defendants^{for realizationof its dues.} The Defendants are hereby^{restrained by means of injunctionfrom} depteting, transferring, encumbering,^{alienating or in anyway deating with} their^{properties/assetswithout first paying the ctaim of the AppticantBank.}

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iii) A Recovery Certificate^{be issued uls 19(22)of Recovery of} Debts and Bankruptcy Act'^{The appticant bank may file a memo of cost} within 7 days for^{preparingRecoveryCertificate.}

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Judgment^{pronouncedin the open court on this Day of 11th January, 2023.}

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-r^C2,) \ (Ram Niwas Patet) Presi dine Officer

Bank of India v. Abhishek Tiwari

Case brief

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Bank of India v. Abhishek Tiwari

Case brief

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