Allowed

Uco Bank v. M/S Aditi Lime Stone

DRT6 Jan 2023OA/32/2022

Case brief

AI extract

What is this about?

Regarding an application for recovery of dues, the court accepted the bank's petition. The debt was unliquidated by the respondent, who attempted to furnish a written statement. The order allowed the recovery petition, granted interest, and restrained the transfer of assets.

What did the court decide?

The respondent was ordered to pay the claim amount of Rs. 21,56,199.04 with interest at 9.35% p.a. simple. A Recovery Certificate was directed to be issued. The respondent was restrained from transfer

Uco Bank versus M/S Aditi Lime Stone — Banking and Recovery | 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 Patet)

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Originol Applicotion No. - 32122

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UCO Bank, Civic Centre, lndira Palace, Bhitai (C.G.)

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Appticant

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Versus

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M/s Aditi Lime Stone, Prop.-Shri lvlanish Kumar Singh, S/o Shri Uday Pratap, R/o H.No.-480, Kanhaiyapuri, Kasaridh, Durg (C.G.) 491001

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..... Defendant

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Counsel for the Appticant : Shri M.D.N.^{Bajpai,Advocate} Defendant : Ex'parte

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JUD MENT (Dated : 06 January,2023)

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The Appticant-Bank has^{fited the} Present^{Originat Apptication} u/s 19 of Recovery of^{Debts and BankruptcyAct on 21112121against the} Defendant for recovery of^{Rs. 21,55,199.04(Rupees TwentyOne Lac, Fifty} Six Thousand, One^{Hundred Ninety Nineand Paisa Four onty) along 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^{AppticantBank sanctioned cash credit HypothecationLimit} of Rs. 25 Lac on^{76t02120 and in considerationof the samethe Defendant} executed requisite^{loan documents.The Defendant avaitedthe cashcredit} facitity but^{faited to tiquidatethe outstanding dues despiteissuanceof} Recatl Notice on^{11t05121 by the Appticant Bank' The Appticant-Bankhas} retied upon^{the documentsat Ex' A'1 to A-9 which were provedby Shri} Anuradha^{Agrahari,Chief Manager'}

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Despite service^{of notice,the Defendantneither appearednor} fited written^{statement. He wasproceeded ex'partevide orderdated} 13lOgt27.^{Thereis therefore, no reasonto disbelievethe contentionsof the} Bank. Considering^{the facts of the case' I opinethat the Defendant is tiabte} to^pay the^{ctaim amount togetherwith interestand costs' The Appticant-} Bank in^{its aPpticationhas ctaimedinterest@9'35%P'a' with monthty rests'}

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oA32t22

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However, I feet it fair and reasonable to grant interest @9.35% p.a. simpte pendentelite and future till realization of the dues. The personal properties and assets of the Defendant are liable to be sold for recovery of amount due.

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The Originat Apptication is allowed and it is ordered as under-

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i) The Defendant do pay Rs. 21,56,199.M (Rupees Twenty One Lac, Fifty Six Thousand, One Hundred Ninety Nine and Paisa Four onty) together with pendentelite and future interest @9.35% per annum simple from the date of filing of the OA, i.e.,21 112121, with costs titt its reatization.

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ii) The Appticant Bank is entitled to se[[ the personal properties and assets of the Defendant for realization of its dues. The Defendant is hereby restrained by means of injunction from depleting, transferring, encumbering, atienating or in any way dealing with his properties/assets without first paying the claim of the Appticant Bank.

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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 preparing Recovery Certificate.

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Judgment pronounced in the open court on this Day of 06s January, 2023.

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?
I'
o 6 .o
(Ram Niwas Patet)
Presidine Officer

Uco Bank v. M/S Aditi Lime Stone

Case brief

What is this about?

What did the court decide?

Uco Bank v. M/S Aditi Lime Stone

Case brief

What is this about?

What did the court decide?

What the court decided

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