Allowed

Jammu and Kashmir Bank Limited v. Ms Retaj Infra Pvt. Ltd. Borrower

DRT20 Jan 2023OA/214/2022

Case brief

AI extract

What is this about?

This order by the Debt Recovery Tribunal allowed the Bank's application for recovery of a term loan and working capital limit due, totaling over Rs.4.39 crores, after the defendants were present in absentia on ex-parte basis. The court directed issuance of a recovery certificate.

What did the court decide?

Defendants declared jointly and severally liable to pay Rs.4,38,51,821.88; Bank allowed to proceed against mortgaged properties and other assets; Recovery certificate issued.

Jammu and Kashmir Bank Limited versus Ms Retaj Infra Pvt. Ltd. Borrower — DRT (2023) — LawSathi Research

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IN THE DEBTS RECOVERYTRIBUNAL.I AT HYDERABAD DATED THIS THE 2OrH DAy OF JANUARY, 2023

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PRESENT: SRI GUMMADI GOPICHAND, PRESIDING OFFICER

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OA.No.214 of 2022

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Between:

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Jammu & Kashmir Bank Ltd, J.N. Road Branch, Abids, Hyderabad. Represented by its Branch head Ikhlaq Ahmad, S/o Ghulam Hassan Sheikh

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Applicant

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VERSUS

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M/s. Retaj Infra Pvt Ltd (Borrower) Represented by its E.D. Faheemuddin Afsar S Ustad, major, S/o Mohammad Saleemoddin Ahmed Mohiuddin Ustad, Aged about 54 yrs, occ: business, R/ o ll / L04l/ 17 / L20, AasraBitqis Manzil, MSK Mill road, GDA Layout Kalaburagi, (Gulbarga) Karnataka - 585 103.

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Sri FaheemuddinAfsar S. Ustad, s/o Mohammed SaleemoddinUstad, R/ o 7l/ l04t/ 77 / t2O, AasraBilqis Manzil, MSK Mill road, GDA Layout Kalaburagi, (Gulbarga) Karnataka - 585 103.

¶10

Mr. Moulvi Abdul Mujahid, s/o Abdul Vahid Moulvi, major, R/o H.No. 1866/83, Bhagavathi Nagar, white house, MSK mills road, Kalabu rag i, (Gulba rga), Karnataka - 585 102.

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*
Udl
.:%
':.. t,i|

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(oA.No.2M/2022)

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Mr. Vijay Kumar^patil, S/o Shankar Rao^patil, R/o H.No.7B, shanti nagar, MSK mills Road, Kalaburagi (Gulbarga) Karnataka - 585 103.

¶14

Mr. Najmul Islam, s/o Anwarulhaq, R/o H.No.1-g64, Noor Ul Islam compound, MSK Mills road, station bazaar, Kalaburagi (Gulbarga), Karnataka - 585 103.

¶15

Mohammed Ehetheshamuddin, s/o Azeemuddin Mohammed, R/o Railway gate, Maddi no.01, Beside bus stand, station road, Shahabad (Rural), Gulbarga, Karnataka - 585 228.

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Defendants

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Counsel for the Parties:

For the Applicant

Sri S.M. Hussain

Exparte

ORDER

i ?o JAil^?on ?^{1. - The Applican} nk filed the present OA against Defendants for tal sum of Rs.4r38,5l,g21.ggps (Rupees Four rty Eight Lakhs Fifty one thousand Eight hundred Twenty one and paise Eighty Eight only) i.e., a sum of

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Rs.3,63,97,404.47ps under term loan with interest @ L2o/o p.aand a sum of Rs.74,54,4!7.41ps under WCTL account with interest @ 8'600/o p'a from 0L.06.2022 tiil the date of rearization and in

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(oA.No.21412022)

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default for sale of mortgaged properties as described in the schedure to OA.

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2' As per the averments in the apprication, the Appricant Bank states that the defendant no.1 avaired term roan rimit of Rs.337.Borakhs for the purpose of construction of school buirding on 20.12.201g. to secure above said roan, the defendant No.1 company represented by defendants No.3 & 4 executed demand promissory note for Rs.337.80lakhs on 10.01.2019 and term loan agreement, escrow account agreement, lease rental discounting agreement and Assignment agreement dated 10.01.2019. To secure the above loan coilateraily, the defendant no.1 company executed MorD doc.No.12l183/lB-ZOtg, original sale deed document no.12628/2017-rg, originar sare deed document no.25461200g-0g. To secure term loan facility, the defendant no.1 company represented by defendants 3 & 4 executed guarantee emergency A&W,qlf.n,un."urent^{for Rs.68.44 takhs and atso passed a} Z$ resofffion oi\orpany board authorizing the said company to ffi)fs.oe.44 lakhs. After avaitins the toan facitities, : irfr,,,l[,,.rrh2lmit , 7+ the d e fendants € l. rt.. g ,,nu^{orendantsSrypd} ,r"3.^{to comply the terms of sanction,hence the} 'j.-(. ..^.:S .,i'a')pt,i.unt oiiffis constrained to crassify the account as NpA on - z,l,

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31.08.2021 and issued demand notice on 24.0t.2022. Inspite of several requests and demands, the defendants did not clear the outstanding. Hence this OA.

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(oA.No.21al2022)

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Defendants were called absent set exparte on 04.01.2023.

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4' Shri wajahat Jeerani, chief Manager of the Appricant Bank examined himself as AW.1 and exhibited relevant documents, which are marked as Ex.A. 1 to A.37.

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Heard the Ld. Counsel for the Applicant Bank.

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The point that arise for consideration is whether the Applicant Bank is

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entitled for the claim made in the OA against the Defendants as

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prayed for?

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The defendants were cailed absent and set exparte. To substantiate the case of the Applicant Bank, AW.1, official of the Applicant Bank was examined and he exhibited relevant documents as Ex.A1 to A'3!;rr{:iew of the above, I hotd that the Appticant Bank has .z .-i+ -- -:^r

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%-\made in the oA against the Defendants and

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-frgti."^{,nMrr,,.]h\k is entiuedto recover the craim made in the} Ioo <sup>t,tr' rt1,rmnter&{f, - tt^{no .o,,,.}

¶38

itFqe resutt, the.pr"rJn, OO is allowed with costs, as under: 'l J {,-i"...,,o....:l\ . , - -€ €'i. '^'. "

¶39

9' *Jhe Dere.ndarits''1 to 6 are jointry and severary riabre to pay to the - .+':: "' Applicant Bank a total sum of Rs.4,3g,51,821.8gps (Rupees Four Crores Thirty Eight Lakhs Fifty one thousand Eight

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(oA.No.214l2022)

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hundred Twenty one and paise Eighty Eight only) i.€., a sum of Rs.3,63,97,404.47ps under term loan with interest @ 72o/o p.a and a sum of Rs.74,S4,4l7.4tps under WCTL account with interest @ 8.600lo p.a from 01.06.2022til|realization.

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i) The Applicant Bank is entiUed to proceed against the mortgaged immovable properties as described in the schedure to oA towards realization of the debt due.

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ii) the Appricant Bank is arso entitred to proceed against the person and properties of defendants No.2 to 6 and properties of defendant no.1 firm towards realization of the debt due.

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iii) The Applicant Bank is entitled to the costs of the OA.

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iv) The Applicant shal fire a cost memo within two weeks from the date of receipt of order.

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Issue Recovery certificate accordingly.

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Communicate a copy of the order to the parties concerned.

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(Dictated to the P. A.,- transcribed by her, corrected, signed and pronounced by me in the open court on this the 2oth day of Jan., 2023)

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sd/-

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*
Jril m
(, 20
.)
fu, ' ,Y,

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(G. GOPTCHAND) PRESIDING OFFICER

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TRUE COPY

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Jammu and Kashmir Bank Limited v. Ms Retaj Infra Pvt. Ltd. Borrower

Case brief

What is this about?

What did the court decide?

Jammu and Kashmir Bank Limited v. Ms Retaj Infra Pvt. Ltd. Borrower

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

Case details

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