Allowed

State Bank of India v. M/S Shyam Stores

DRT22 Nov 2023OA/393/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed a recovery application filed by State Bank of India against M/s. Shyam Stores and proprietor Sri Rajendra Sharma for Rs. 26,11,732 along with interest, declaring the claim secured by hypothecated moveable property.

What did the court decide?

Defendants jointly and severally liable to pay Rs. 26,11,732 with interest @ 11.55% from 01.08.2022. Recovery certificate directed to be issued.

State Bank of India versus M/S Shyam Stores — Banking and Recovery | DRT (2023)

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BEFORE THE DEBTS RECOVERY TRIBUNAL-I KOLKATA

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PRESENT: -SHRI AMBUJA MOHAN DAS PRESIDING OFFICER

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O.A. No. 393 of 2022

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DATE OF DELIVERY OF ORDER : 22^nd November 2023

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State Bank of India , a body corporate constituted under the provisions of State Bank of India Act, 1955 having its Corporate Centre at State Bank of India Bhawan, Madam Cama Road, Mumbai – 400021 and previously the said account has been sanctioned by State Bank of Hyderabad, 32A Brabourn Road Branch, and after amalgamation the said account transferred to State Bank of India, Small & Medium Enterprises City Credit Centre (SMECCC), Kolkata, 1, Strand Road, Samridhi Bhaban, Annexe Bulding -E, 4^th Floor, Police Station – Hare Street, Kolkata – 700001, West Bengal, commonly known as State Bank of India, SMECCC – Kolkata Branch, West Bengal.

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..............APPLICANT

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M/s. Shyam Stores, a sole proprietorship firm represented by its proprietor, Sri Rajendra Sharma, having its residence and office at 14U, Dum Dum Road, Chenapatti, Kolkata – 700030, West Bengal.

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Sri Rajendra Sharma, proprietor of M/s. Shyam Stores, having its residence and office at 14U, Dum Dum Road, Chenapatti, Kolkata – 700030, West Bengal.

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................DEFENDANTS

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Counsel for the Applicant Bank: - Ms. Smruti Rekha Mishra. Counsel for the Defendants:- Set ex-parte on 28.8.2023

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J U D G M E N T

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The present Recovery Application is filed by the State Bank of India, nationalized Bank carrying on business of Banking all over India including from its Branch Office at State Bank of India, SMECCC-Kolkata Branch, 1, Strand Road, Samridhi Bhaban, Annexe Building - E, 4^th Floor, Kolkata – 700001, Police Station – Hare Street for recovery of Rs.26,11,732.00 with interest @ 11.55% with monthly rest from 01.08.2022 against the Defendants till payment and/or

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Rina S.

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realization. The Defendants are the borrower/guarantor/ mortgager.

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The service of summons was effected upon the Defendants in usual mode of postal service. Despite giving sufficient time, the Defendants neither appeared nor filed the Written Statement to controvert the claim of the Bank. Hence, the defendants are declared exparte on 28/8/2023.

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The Applicant in support of its contention filed Evidence on Affidavit duly affirmed by Mr. Soumik Biswas ,Chief Manager of the Bank annexing the various documents which are exhibited.

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I have perused the documents and Evidence and heard the Ld. Advocate for the Bank. By the said evidence on affidavit the Applicant could prove its claim and documents. The claim of the Bank is within the limitation and within the jurisdiction of this Tribunal. Hence, the claim of the Bank should be allowed with cost.

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In the above circumstances it is ordered:

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O R D E R

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i) Claim of the Applicants is allowed with cost.

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ii) The Defendants are jointly and severally liable to pay Rs.26,11,732.00 with interest @ 11.55% with monthly rest from 01.08.2022 till payment or realization.

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iii) It is declared that the claim is secured by hypothecation of moveable property described in the Schedule ‘X’ in the OA at page 20.

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iv) Let, a certificate be issued accordingly.

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v) Ld. Recovery Officer shall realize the amount as per the Recovery Certificate from the defendants in accordance with law.

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vi) Ld. Registrar of this Tribunal is directed to deliver recovery certificate in terms of the final order/judgment for recovery of the sum against the defendants in favour of the Applicant Bank under Section 19 (22) of the Recovery of Debts due to the Bank and Financial Institutions Act, 1993 now known as Recovery of Debts and Bankruptcy Act, 1993.

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vii) The parties are directed to appear before the Recovery Officer on 04/01/2024 for further action in accordance

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Rina S.

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with law in the event the entire amount is not paid by the said date.

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Accordingly, the Original Application being O.A. No 393 of 2022 is allowed and stands disposed of. All the IAs, filed in connection with this OA, are also disposed of.

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Copy of the Judgment/Final Order be uploaded in the Tribunal’s website.

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File is consigned to the Record Room.

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(Dictated to P.S., transcribed by her, corrected, signed and pronounced by me in the open Court on this the day 22^nd November 2023)

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Place: Kolkata ( Ambuja Mohan Das ) Date: 22/11/2023 Presiding Officer

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Rina S.

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Page No.-	Order Sheet(continuation)
Case No. OA	393 of 2022 State Bank of India –vs- M/s. Shyam Stores & Ors.
Date of the order	Order with signature	Office action with date and dated signature of parties when necessary
22/11/2023	Ld. Advocate Ms. Smruti Rekha Mishra appeared for the Applicant Bank. None is present on behalf of the Defendants. Matter was heard in open Court on this the day of 28.08.2023. The detailed order in three pages annexed separately. The gist of the order is as follows: O R D E R
	i) Claim of the Applicants is allowed with cost. ii) The Defendants are jointly and severally liable to pay Rs.26,11,732.00 with interest @ 11.55% with monthly rest from 01.08.2022 till payment or realization.
	iii) It is declared that the claim is secured by hypothecation of moveable property described in the Schedule ‘X’ in the OA at page 20. iv) Let, a certificate be issued accordingly. v) Ld. Recovery Officer shall realize the amount as per the Recovery Certificate from the defendants in accordance with law. vi) Ld. Registrar of this Tribunal is directed to deliver recovery certificate in terms of the final order/judgment for recovery of the sum against the defendants in favour of the Applicant Bank under Section 19 (22) of the Recovery of Debts due to the Bank and Financial Institutions Act, 1993 now known as Recovery of Debts and Bankruptcy Act, 1993.
	vii) The parties are directed to appear before the Recovery Officer on 04/01/2024 for further action in accordance with law in the event the entire amount is not paid by the said date. Accordingly, the Original Application being O.A. No. 393 of 2022 is allowed and stands disposed of. All the IAs, filed in connection with this OA, are also disposed of. Copy of the Judgment/Final Order be uploaded in the Tribunal’s website. File is consigned to the Record Room. (Dictated to P.S., transcribed by her, corrected, signed and pronounced by me in the open Court on this the day 22^nd November 2023)

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Rina S.

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Place: Kolkata (Ambuja Mohan Das) Date: 22/11/2023 Presiding Officer

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Rina S.

State Bank of India v. M/S Shyam Stores

Case brief

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State Bank of India v. M/S Shyam Stores

Case brief

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