The Debts Recovery Tribunal allowed the Applicant Bank's Original Application for recovery of outstanding dues of Rs. 28,24,012.00 along with adjusted interest from the Defendant who failed to appear.
Defendant ordered to pay Rs. 28,24,012.00 with interest; injunction against asset transfer; Recovery Certificate to be issued.
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.
DEBTS RECOVERY TRIBUNAL : JABALPUR
(for the States of Madhya Pradesh and Chhattisgarh)
(Presiding Officer - Hon'bte Shri Ram Niwas Patet)
Originol Applicotion No. - 244122
lndian Bank, Katanga, Jabatpur (M.P.)
Applicant
Versus
Smt. Sarita Hiranandani, W/o Kishore Hiranandani, House No.-1'144, Narmada Road, Near Gorakhpur Potice Station, Jabalpur
Defendant
Counsel for the Appticant : Shri R.K. Joshi, Advocate Defendant : Ex-parte
JUDGMENT (oateffilf zozs)
)
oA244122
Bank in its apptication has ctaimed[email protected]% p.a' with monthly rests in cash credit account and interest @9.80%p.a. with monthlyrests in term loan account. However, I feet it fairand reasonabteto grant interest @10.50%p.a. in cashcreditaccountand interest @9.50%p.a. in termloan account simptependentetite and future titl reatizationof the dues.The personal properties and assets of the Defendant are liable to be soldfor recovery of amount due:
i) The Defendant do pay Rs. 28,24,012.00(Rupees Twenty Eight Lac, Twenty Four Thousand and Twetve onty) together withpendente[iteand future interest @10.50%p.a. in cash credit account and interest @9.50%p.a. in term loan account simple from the date of fiting of the OA, i.e., 09/02122, with costs titl its realization.
ii) The Appticant Bank is entitted to se[[ the personal properties and assets of the Defendant for reatization of its dues. The Defendant is hereby restrained by means of injunction from depleting, transferring, encumbering, atienating or in any way deating with her properties/ assets without first paying the claim of the Applicant Bank.
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 preparing Recovery Certificate.
Judgment pronounced in the open court on this Day of 11th May, 2023.
( -rY f) (Ram Niwas Patet) Presidine Officer
2 issues framed by the court
Whether the applicant bank was entitled to recover the outstanding dues along with interest and costs.
Whether a Recovery Certificate should be issued under Section 19(2) of the Recovery of Debts and Bankruptcy Act.
2 provisions across 1 enactments
Indian Bank, Katanga, Jabalpur
Ram Niwas Patet
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
