Allowed

Bank of Baroda v. M S Shree Gum Udhyog

DRT12 Jan 2023OA/360/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an original application filed by Bank of Baroda for recovery of Rs 3,55,98,367.88 from M/s Shree Gum Udhyog and Monika Jain. The court held respondents jointly and severally liable, sanctioned future interest and penal charges, and directed issuance of a recovery certificate for sale of mortgaged properties.

What did the court decide?

Order allowed declaring respondents jointly and severally liable to pay Rs 3.55 crore with interest; directed issuance of recovery certificate for sale of mortgaged properties.

Bank of Baroda versus M S Shree Gum Udhyog — Banking and Recovery | DRT (2023)

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“ORIGINALAPPLICATION” No. 360 of 2022

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BEFORE THE DEBTS RECOVERY TRIBUNAL, JAIPUR PRESENT- SHRI VIVEK SAXENA

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PRESIDING OFFICER

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O.A. NO. 360 OF 2022

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DATE OF DELIVERY OF ORDER 12.01.2023

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BANK OF BARODA

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Branch Office – Jawai Bandh Road, Sumerpur, Pali (Rajasthan)

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…..Applicant Bank…..

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VERSUS

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1. M/S SHREE GUM UNDHYOG

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through its Proprietor Shri Shanti Lal Lunawat S/o Mool Chand, Having Office at G 86, RIICO Industrial Area, Sheoganj, Distt. Sirohi 307027 Raj. Also at: Plot No. 953, 12^th D Road, Behind Goyal Hospital, Sardarpura, Jodhpur 342003, Raj.

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2. MONIKA JAIN

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W/o Shree Chand Lunawat,

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Plot No. 953, 12^th D Road, Behind Goyal Hospital, Sardarpura, Jodhpur 342003, Raj.

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……Defendants…..

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Counsel for the Applicant Bank Shri A. Kulshreshtha Defendants Ex parte

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JUDGMENT

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This Original Application was filed by Applicant Bank against Defendants on 4.3.2022 for recovery of an amount of Rs 3,55,98,367.88 with pendentlite and future interest and cost.

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As per O.A., Defendants approached the Applicant Bank for financial assistance. After due consideration, credit facility was sanctioned by the Applicant Bank in favour of

OA No.360 of 2022

Defendants. Defendants failed to maintain financial discipline and therefore, their loan account was classified as NPA. Applicant Bank has therefore, filed this original application for recovery of its dues against the Defendants.

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Defendants were proceeded ex parte on 28.09.2022.

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As stated supra, the Applicant Bank filed the evidence affidavit coupled with the recitals in the documents, viz Exhibit A/1 to A/25 marked on behalf of the applicant bank, clinches the claim of the applicant bank against the Defendants. Hence, I hold that the Defendants are jointly and severally liable to pay to the applicant bank the claim made in O.A. with future interest and costs.

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In the result, this O.A. No. 360 of 2022 is allowed declaring that:-

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a) The Defendants are jointly and severally liable to pay to the applicant bank a sum of Rs. 3,55,98,367.88 (Rupees Three Crore Fifty Five Lac Ninety Eight Thousand Three Hundred Sixty Seven and Eighty Eight Paisa Only) with future interest @ 11.55%, p.a. (Simple) + 2% penal interest in Cash Credit Facility, @ 7.30%, p.a. (Simple) + 2 % penal interest in BCECL Facility, @ 7.85%, p.a. (Simple) + 2% penal interest in BGECL Facility, @ 8.60%, p.a. (Simple) + 2% penal interest in Funded Interest Term Loan Facility from 04.03.2022 till the date of realization.

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b) The applicant bank is entitled to recover the above amount by sale of mortgaged properties – Factory Land and Building situated at 1. Plot No. G-87, RIICO Industrial Area, Sheoganj admeasuring 1000 Sq. Mtr. in the name of M/s Shree Gum Udhyog through proprietor Shanti Lal Lunawat, 2. Factory Land and Building situated Plot No. G-86, RIICO Industrial Area, Sheoganj admeasuring 1750 Sq.

OA No.360 of 2022

Mtr. in the name of M/s Shree Gum Udhyog through proprietor Shanti Lal Lunawat and Residential House situated at Plot No. 52, Khasra No. 775/83 Bhaskar Nagar East, West Pal Road, Scheme Basni Linl: Road, Jodhpur admeasuring 1250 Sq. Ft. in the name of Monika Jain W/o Shree Chand Lunawat as well as from the personal movable and immovable properties/assets of Defendants. The applicant bank is entitled to proceed against the same towards recovery of its debt.

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c) The applicant bank is entitled to the costs of the O.A.

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1. The recovery certificate be issued forthwith and be sent to the Recovery Officer, DRT, Jaipur.

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Parties are directed to appear before the Recovery Officer, DRT, Jaipur on 12.04.2023 .

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Prepare Recovery Certificate accordingly.

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A copy of the Judgment and Recovery Certificate be given or sent by registered post to each of the parties free. A copy of the Recovery Certificate be sent to the Recovery Officer of this Tribunal for necessary action as per the law.

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(Vivek Saxena) Presiding Officer, Debts Recovery Tribunal, Jaipur

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Order pronounced in the open court today i.e. 12.01.2023 .

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(Vivek Saxena) Presiding Officer, Debts Recovery Tribunal, Jaipur

OA No.360 of 2022

BEFORE THE DEBTS RECOVERY TRIBUNAL, JAIPUR PRESENT- SHRI VIVEK SAXENA

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PRESIDING OFFICER

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O.A. NO. 360 OF 2022

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DATE OF DELIVERY OF ORDER 12.01.2023

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RECOVERY CERTIFICATE

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(UNDER SUB Section 22 of the Recovery of Debts due to Banks and Financial Institutions Act, 1993 (Act 51 of 1993)

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BANK OF BARODA

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Branch Office – Jawai Bandh Road, Sumerpur, Pali (Rajasthan)

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…..Applicant Bank…..

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VERSUS

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1. M/S SHREE GUM UNDHYOG through its Proprietor Shri Shanti Lal Lunawat S/o Mool Chand, Having Office at G 86, RIICO Industrial Area, Sheoganj, Distt. Sirohi 307027 Raj. Also at: Plot No. 953, 12^th D Road, Behind Goyal Hospital, Sardarpura, Jodhpur 342003, Raj.

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2. MONIKA JAIN

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W/o Shree Chand Lunawat, Plot No. 953, 12^th D Road, Behind Goyal Hospital, Sardarpura, Jodhpur 342003, Raj.

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……Defendants…..

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Recovery Certificate for Rs. 3,55,98,367.88

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In terms of final order dated 12.01.2023 passed by this Tribunal in the above mentioned case, it is ordered that the-

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a) The Defendants are jointly and severally liable to pay to the applicant bank a sum of Rs. 3,55,98,367.88 (Rupees Three Crore Fifty Five Lac Ninety Eight Thousand Three Hundred Sixty Seven and Eighty Eight Paisa Only) with future interest @ 11.55%, p.a. (Simple) + 2% penal interest in Cash Credit Facility, @ 7.30%, p.a. (Simple) + 2 % penal interest in BCECL Facility, @ 7.85%, p.a. (Simple) + 2% penal interest in BGECL Facility, @ 8.60%, p.a. (Simple) + 2% penal interest in Funded Interest

OA No.360 of 2022

Term Loan Facility from 04.03.2022 till the date of realization.

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b) The applicant bank is entitled to recover the above amount by sale of mortgaged properties – Factory Land and Building situated at 1. Plot No. G-87, RIICO Industrial Area, Sheoganj admeasuring 1000 Sq. Mtr. in the name of M/s Shree Gum Udhyog through proprietor Shanti Lal Lunawat, 2. Factory Land and Building situated Plot No. G-86, RIICO Industrial Area, Sheoganj admeasuring 1750 Sq. Mtr. in the name of M/s Shree Gum Udhyog through proprietor Shanti Lal Lunawat and Residential House situated at Plot No. 52, Khasra No. 775/83 Bhaskar Nagar East, West Pal Road, Scheme Basni Linl: Road, Jodhpur admeasuring 1250 Sq. Ft. in the name of Monika Jain W/o Shree Chand Lunawat as well as from the personal movable and immovable properties/assets of Defendants. The applicant bank is entitled to proceed against the same towards recovery of its debt.

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c) The applicant bank is entitled to the costs of the O.A. Parties are directed to appear before the Recovery Officer, DRT, Jaipur on 12.04.2023 .

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The Recovery Officer shall realize the amount as per this Certificate in the manner and mode prescribed under Section 25 and 28 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (as amended from time to time) from the above named Certificate Debtor.

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This Certificate has been issued under my signatures and seal of the Tribunal on this 12.01.2023 .

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(Vivek Saxena) Presiding Officer, Debts Recovery Tribunal, Jaipur

OA No.360 of 2022

BEFORE THE DEBTS RECOVERY TRIBUNAL, JAIPUR PRESENT- SHRI VIVEK SAXENA

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PRESIDING OFFICER

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O.A. NO. 360 OF 2022

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DATE OF DELIVERY OF ORDER 12.01.2023

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SCHEDULE TO RECOVERY CERTIFICATE

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MEMO OF COST

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BANK OF BARODA

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Branch Office – Jawai Bandh Road, Sumerpur, Pali (Rajasthan)

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…..Applicant Bank…..

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VERSUS

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1. M/S SHREE GUM UNDHYOG

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through its Proprietor Shri Shanti Lal Lunawat S/o Mool Chand, Having Office at G 86, RIICO Industrial Area, Sheoganj, Distt. Sirohi 307027 Raj. Also at: Plot No. 953, 12^th D Road, Behind Goyal Hospital, Sardarpura, Jodhpur 342003, Raj.

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2. MONIKA JAIN

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W/o Shree Chand Lunawat,

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Plot No. 953, 12^th D Road, Behind Goyal Hospital, Sardarpura, Jodhpur 342003, Raj.

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……Defendants…..

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S.No.	Item of Costs	Amount (Rs.)
1	Fee on the Application	1,50,000.00
2	Process Fee (Inc. Publication)	290.00
3	Advocate Fee	1,250.00
4	Commission/Receiver/Valuation	NIL
5.	Miscellaneous Charges	NIL
	Total	1,51,540.00

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Presiding Officer, Debts Recovery Tribunal, Jaipur

OA No.360 of 2022

12.01.2023

Counsel:

Sh. A KULSHRESHTHA, Counsel for the Applicant Bank Defendants are exparte

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Judgment dictated separately and pronounced in the open court. As per order the O.A. is allowed. Recovery Certificate be prepisd accordingly and the Registry is directed to verify the Recovery Certificate as per Regulation 24(1) and (2) of Debts Recovery Tribunal Jaipur Regulation 2015 and after verification place the same before the Tribunal.

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(Vivek Saxena) Presiding Officer, Debts Recovery Tribunal, Jaipur

OA No.360 of 2022

12.01.2023

Counsel:

Sh. A KULSHRESHTHA, Counsel for the Applicant Bank Defendants are exparte

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The Tribunal vide order dated 12.01.2023 , directed the Registrar to verify the Recovery Certificate as per Regulation 24(1) and (2) of Debts Recovery Tribunal Jaipur Regulation 2015.

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The Registrar vide order dated 12.01.2023 verified the Recovery Certificate as per Regulation 24(1) and (2) of Debts Recovery Tribunal Jaipur Regulation 2015. Recovery Certificate is prepisd accordingly. Copy of the Judgment and Recovery Certificate be given free to the concerned parties as well as be sent to the Recovery Officer for further proceedings. File be put up before the Registrar for compliance. After compliance file be consigned to record.

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(Vivek Saxena) Presiding Officer, Debts Recovery Tribunal, Jaipur

OA No.360 of 2022

DEBTS RECOVERY TRIBUNAL, JAIPUR

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ORIGINAL APPLICATION NO. 360 of 2022

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The Recovery Certificate prepisd in compliance of order dated 12.01.2023 passed by Hon’ble Presiding Officer, DRT, Jaipur in Original Application No. 360 of 2022 Title Bank of Baroda Vs M/s Shree Gum Udhyog & Anr. has been checked and may be verified.

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Section Officer

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Assistant Registrar

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On the basis of the report of Section Officer the Recovery Certificate is verified. The Recovery Certificate is placed below for the signature of Hon’ble Presiding Officer please.

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Assistant Registrar

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Hon’ble Presiding Officer

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Bank of Baroda v. M S Shree Gum Udhyog

Case brief

What is this about?

What did the court decide?

Bank of Baroda v. M S Shree Gum Udhyog

Case brief

What is this about?

What did the court decide?

What the court decided

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