Allowed

Union Bank of India v. M/S Santosh Enterprises

DRT20 Dec 2023OA/236/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant Bank's Original Application under Section 19 of the Recovery of Debts and Bankruptcy Act for recovery of loan dues against the defendant. The court directed the payment of the claim amount with interest and issued a recovery certificate.

What did the court decide?

Defendant directed to pay claim amount with interest; Applicant Bank entitled to realize dues by selling defendant's properties; Recovery Certificate to be issued.

Union Bank of India versus M/S Santosh Enterprises — Banking and Recovery | DRT (2023)

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DEBTS RECOVERY TRIBUNAL : JABALPUR

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(for the States of lvladhya Pradesh and Chhattisgarh)

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(Presiding Officer - Hon'ble Shri Ram Niwas Patet)

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Original Applicotion No. - 236123

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Union Bank of lndia, Vijay Nagar, Jabatpur (M.P.)

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Appticant

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Versus

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M/s Santosh Enterprises, Through its ProprietorMrs. lvladhuri Namdeo, W/o Shri Santosh Namdeo, Gram-Kandrakheda, Tehsi[-Panagar, Distt.-Jabalpur (M.P.); Also at: House No.-263, Ward No.-12, Deendayal Ward, Khitola Basti, Sihora, District-Jabalpur

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..... Defendant

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Counsel for the Appticant : Shri Vivek Shukta, Advocate

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Defendant : Ex-parte

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JUDGMENT

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(Dated : 2Oh December,2O23l

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The Appticant-Bank has fited the present Original Application u/s 19 of Recovery of Debts and Bankruptcy Act on 07102123 against the Defendant for recovery of Rs. 24,76,431.00 (Rupees Twenty Four Lac, Seventy Six Thousand, Four Hundred and Thirty One 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, the Appticant Bank sanctioned Cash Credit Limit of Rs. 13.30 Lac and Term Loan of Rs. 10.45 Lac aggregating Rs. 23.75 Lac on 10/02/21 and in consideration of the same the Defendant executed requisite loan documents. The Defendant avaited the credit facilities but faited to tiquidate the outstanding dues despite issuance of Legat Notice on zgllzlzz by the Appticant Bank. The Appticant-Bank has retied upon the documents at Ex. A-1 to 4-16 which were proved by Shri premnidhi Mishra, Branch Manager.

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Despite service of notice, the Defendant neither appeared nor filed written statement. The Defendant was proceeded ex-parte vide order dated a4109123. There is therefore, no reason to disbetieve the contentions

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oA236t23

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of the Bank. Considering the facts of the case, I opine that the Defendant is liabte to pay the claim amount together with interest and costs. The Appticant-Bank in its application has claimed interest @8.85%^p.a. with monthly rests. However, I feel it fair and reasonabte to^grant interest @8.85%^p.a. simpte^{pendentelite and future ti[[ realization of the dues. The} personal properties and assets of the Defendant are tiabte to be sold for recovery of amount due.

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The Original Apptication is atlowed and it is ordered as under-

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i) The Defendant do pay Rs. 24,76,431.00^(Rupees Twenty Four Lac, Seventy Six Thousand, Four Hundred and Thirty One only) together with pendentelite and future interest @8.85% per annum simple from the date of filing of the OA, i.e.,07102123, with costs titt its realization.

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ii) The Appticant Bank is entitted to sett the^{personal properties} and assets of the Defendant for realization of its dues. The Defendant^is hereby restrained by means of injunction from depteting, transferring, encumbering, alienating or in any way dealing with its^{properties/assets} without first paying the ctaim of the Appticant Bank.

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iii) A Recovery Certificate be issued uls¹⁹⁽²²⁾ of^{Recovery of} Debts and Bankruptcy Act. The appticant^{bank may file a memo of cost} within 7 days for^preparing Recovery Certificate.

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Judgment^pronounced in the open^{court on this 20s Day of December,2023.}

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29
.12'
(Ram Niwas Patet)
Presidi Officer

Union Bank of India v. M/S Santosh Enterprises

Case brief

What is this about?

What did the court decide?

Union Bank of India v. M/S Santosh Enterprises

Case brief

What is this about?

What did the court decide?

What the court decided

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