Allowed

State Bank of India v. Smt. Mona Pawar

DRT12 Jan 2023OA/29/2022

Case brief

AI extract

What is this about?

The Tribunal allowed an Order Originating Application filed by SBI Stressed Assets Recovery Branch against a borrower for recovery of outstanding dues amounting to Rs 44.12 Lakhs. The court granted interest at adjusted contractual rates and directed the issuance of a recovery certificate.

What did the court decide?

Defendant to pay Rs. 44,12,397.08 with interest; Recovery Certificate to be issued; Injunction to restrain alienation of properties.

State Bank of India versus Smt. Mona Pawar — 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'ble Shri Ram Niwas Patel)

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Originol Applicotion No. - 29122

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State Bank of lndia, Stressed Assets Recovery Branch, 5, Y.N. Road, lndore (M.P.)

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..... Appticant

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Versus

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Smt. Mona Pawar, W/o Shri Ditip Singh Pawar, Proprietor of M/s Yash Trading Company, Rlo 442, Mishritat Nagar, Dewas (M.P.) a55001; Also at: 515, Mishrilal Nagar, Dewas (M.P.) 455001

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Defendant

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Counset for the Appticant : Shri J.B. Patel, Advocate Defendant : Ex-parte

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JUDGMENT

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loateU^{:-2tF.lanuary,,ZOZf} I

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The Appticant-Bank has fited the present Originat Apptication u/s 19 of Recovery of Debts and Bankruptcy Act on 05101122 against the Defendant for recovery of Rs. 44,12,397.08 (Rupees Fourty Four Lac, Twelve Thousand, Three Hundred Ninety Seven and Paisa Eight onty) atong with interest and other retiefs 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 (under e-DFS) Limit of Rs. 30 Lac on 29 l07 1 17 which was renewed on 221 021 19 and Working Capitat Term Loan (WCTL) of Rs. 5.90 Lac on M106120. ln consideration of the same, the Defendant in addition to execution of loan documents has atso created equitable mortgage over the immovabte property, i.e., Residential Ptot No.-513, Mishritat Nagar, Ward No.-16, Dewas (M.P.) area 30 x 50 totat area 1500 sq.ft. The Defendant also executed Revivat Letter on M106120. As per COVID-19 Regutatory Package 2020 Funded lnterest Term Loan^(FITL) account of Rs. 1,59,296.00 was opened on 27 108120 against the interest accrued in Working Capitat. The Defendant avaited the credit facilities but failed to tiquidate the outstanding dues despite issuance of Legat Notice on 23111121 and initiation of action under the Securitisation Act by the

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oA29D2

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Applicant Bank.^{The Appticant-Bank has retied uponthe documentsat Ex A-1} to A-18 which^{were proved by Shri TamratLa[ Kori,Chief Manager'}

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Despite service^{of notice,the Defendantneitherappearednor} fited written statement.^{She was proceeded ex-partevide order dated} 13toglz2. There^{is therefore,no reasonto disbetieve the contentionsof the} Bank.Consideringthefactsofthecase,lopinethattheDefendantistiabte to pay the^{ctaimamounttogetherwith interest and costs' The Appticant'} BankinitsapplicationatPara5.2ltheeffectiveratesofinterestinrespect of Cash Credit,^{WCTL(GECL)and FITL facititiesare 12'60% p'a" 11'40% p'a'} and 12.60%^{p.a. with monthty rests is mentionedbut in the retief ctauseat} Para-6 of the^{appticationthe Appticant'Bank has claimedinterestat} contractual rate.^{However, I feet it fair and reasonable to grant interest} @12%^{p.a. for Cash Credit& FITL account and interest @11'40%p'a' for} wcTL(GECL)accountsimptependentetiteandfuturetittrealizationofthe dues. The^mortgaged Property^{is tiabte to be sotd for recoveryof amount} due along^{withthe personalpropertiesand assets of the Defendant'}

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The Originat^{Appticationis attowed and it is orderedas under-}

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i) The Defendant^{do pay Rs' 44,12,397'08(RupeesFourtyFour} Lac,TwelveThousand,ThreeHundredNinetySevenandPaisaEightonty) togetherwithpendentetiteandfutureinterest@12%p,a.forCashCredit& F|TLaccountandinterest@11,40%perannumsimptefromthedateoffiting of the OA, i.e.,05lO'l^{t22, with coststitl its reatization'}

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ii)TheAppticantBankisentittedtosetlthemortgagedaswellas personalProPertiesandassetsoftheDefendantforrea[izationofitsdues. TheDefendantisherebyrestrainedbymeansofinjunctionfromdepleting, transferring,^{encumbering, al'ienatingor in any way deatingwithher} properties/assets without^{first paying the claimof the AppticantBank'}

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iii) A Recovery^{Certificate be issuedu/s 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 12s January, 2023.}

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22
.<br>(Ram Ni Patet)
Presidi nq icer

State Bank of India v. Smt. Mona Pawar

Case brief

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State Bank of India v. Smt. Mona Pawar

Case brief

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