Allowed

Asset Reconstruction Company India Ltd. v. Rajkumar Patni and Ors.

DRT25 Sept 2023OA/415/2022

Case brief

AI extract

What is this about?

In an ex-parte hearing, the Debt Recovery Tribunal allowed the Applicant Bank's Original Application seeking recovery of a specific debt amount, determining the defendants' joint and several liability for principal, interest, and costs.

What did the court decide?

Recovery of Rs. 94,87,20,141/- with interest and costs; stay on alienation of properties; issuance of Recovery Certificate under RDBFI Act.

Asset Reconstruction Company India Ltd. versus Rajkumar Patni… — Banking and Recovery | DRT (2023)

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BEFORE THE DEBTS RECOVERY^{TRIBUNAL-IIIKOLKATA} PRESENT: -SRI KAMAL DE.

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PRESIDING OFFICER.

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O.A. No.415 OF 2022.

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DATE OF DELIVERY OF ORDER :

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25.09.2023

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Asset Reconstructron Company(lndia) Limted, a company incorporated constrtuted under thc Companes Act, 1956 and registered as a Secunt zatron and Assel Reconstructron Company pursuant to Secton 3 of the SARFAESI act,2022 havnq rts RegLstered ofrrce at 1oth Floor, The Ruby, 29 Senapat Bapal Marg, Dadar West, l4umbai 400028 dnd also at Vidhi Partners, Advocates, 334 I L Nehru Road, Chatlerlee Internatronal Centre, 18"'Floor, Office No.13, Kolkata 700071.

Applicant Bank.

Versus_

I\4r. RajKumar Patnr, FE-285, Salt Lake City, Near Tank No.12, Sector-III, Kotkata, Bidhannagar City, District- 24 Parganas(N), West Bengal-700106.

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lYr. Parasmal Saraogi, FE 285, Salt Lake Ctty, Near Tank No.12, Sector llI, Kotkata, Bidhannagar City, District- 24 Parganas(N), West Bengal-700106.

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I4s. Samta lain, FE-285, Salt Lake Crty, NearTank No.12, Sector IU, Kotkata, Bidhannagar City, District 24 Parganas(N), West Bengal-700106.

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Surabhl Jain, FE-285, Salt Lake City, Near Tank No.12, Sector III, Kotkata, Bidhannaqar City, District 24 Parganas(N), West Bengat 700106.

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Defendants-

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Counsel for the Applicant Bank:

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Ms. Vidushi Chokhani

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Set ex parte on 14.O9.2023.

]!^DGE[4E NT

The Applicant Bank initiatty fited the present OA beinq No. OA/415/2022 ot) 22/0612022 for recovery of a total sum of Rs.94,87,20,141/- (Rupees ninety four crore eighty seven lakh twenty thousand one hundred and forty one only) towards Cash Credit Facility together with interest, cost and other usual reliefs.

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The Defendants are served with summons. The defendants did not appear, the law is for the vigilant and not for the dormants. As there was no representation from the defendants, the case was fixed for ex-parte hearing on 14.09.2023, and heard ex-parte accordingly. The record is put up today for order.

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The Applicant Bank examined through Syed Saidul Alam, Chief N4anager and marked 16 documents as Ex. Annexure-A to Ex. Anexure-p.

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Heard the Ld. Counsel for the Applicant Bank.

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The point that arises for consideration is :

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Whether the Applicant Bank is entitled to the claim made in the OA against the Defendants and OA schedule properties as prayed for?

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As stated supra, the Defendants^{remained absent and did not turn up to controvert} the version of the O.A.^{of ApplicantBank.TheEvidence Affidavit coupledwith the} recitals in the documents^{viz., Exibats Anexure-Ato AnexureP markedon behalfof} the Applicant Bank, established the^{claim of the Applicant Bank against the} Defendants and OA schedule^{properties. Hence, I hold that the Defendants are} jointly and severally liable to pay to the Applicant Bank the claims^{madein theOA} with future interest and costs.

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In the result, the^present Original^{Applicationis allowedex-partewith} costs, as under:-

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ORDERED

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(1)O.A. No.415 of 2022 filed by the Applicant Bank is allowed and debt^is determined with cost against the defendants. It is hereby ordered that applicant^{bankis entitled} to recover from the defendants the total amount^{to the tune of Rs.94,A7,20,1'41/-} (Rupees ninety four crore eighty seven lakh twenty thousand one hundred and forty one only) with pendentelite and future interest in the Cash^{Credit Facility} @12.00%^per annum^{with simple on the amount due from the date of filing of the} Original Application,.e. 22.06.2022 till full and final^realization of the^clairn amount.

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(2)Amount, if any, paid by the defendant ln the loan accounts or amount, if any, recovered by the Applicant Bank after filing of the O.A. the same be taken into account while arriving at the exact amount of dues/debt^payable by the defendants. Accordingly, pendentelite and future interest shall be calculated on the reduced a mou nt.

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(3)Defendants are debarred from disposing, alienating or dealing with any of the properties belonging to him till the aforesaid decretal debt is recovered from the defendants.

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(4)Defendants are given a time of thirty days from the date of the ludgement/Final Order for repaying of the above mentioned dues, so intimated to them. In case the defendants fails to^pay the dues within the above mentioned time, the applicant bank is entitled to Tecover its dues by sale of secured assets, if any. Applicant bank is also entitled to^proceed against^{personalproperties} of the defendants^(Both movable and immovable) and also proceed against the defendants personally to recover the dues in accordance with law.

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(5)Let the Certificate oF Recovery be drawn up by Ld. Registrar forthwith in terms of Judgement for issuance of the same against defendant in favour of the applicant

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..'

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bank under Section 19^{(22) of the Recoveryof Debtsand BankruptcyAct,1993}

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and pul up the same for rssuance^{ol theCertrficate.}

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(6)Ld. Recovery officer shall realize^{the amount as per the Recovery certificatefrom} the defendants in accordance^{with law.}

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(7)Ld. Registrar of this Tribunal^{is directed to deliver recoverycertificatein term of the} final order/judgement^{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

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and Financial Institutions^{Act, 1993 now known as RecoveryofDebts} Bankruptcy Act, 1993.

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(8) The parties are directed to appear^{beforethe Recovery Officer on 22'17 2023fot} further action in accordance^{with law in the event the entire amount ls not paidby} the said date.

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Accordingly, the Original Application^{being O A No.415 of 2022 isallowedand} stands disposed of.

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Copy of the ludgement/Final Order be^{upload in the Tribunal'swebsite.} File is consigned to the Record Room.

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( Dictated to steno, transcribed by her, corrected, signed and pronounced by me in the open Court on this the 25th day of September, 2023 )

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PRESIDI NG OFFICER,

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Order Sheet (Continuation)

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CaseNo.OA	/415/2022 ARC(I)Ltd.-Vs-Mr. RajkumarPatni	&Ors.
Dateof Order	Orderwithsignature	Office action dated Signature
OrderNo.13 pt.25.09.2013 RC	OrderPronounced. Intheresult,O.A.No.4t5 of2022is costsinopen Court. allowedwith
	IssueRecoveryCertificateaccordingly.
	(KAN4ALDE) PRESIDINGOFFICER DRT-III,KOLKATA

Asset Reconstruction Company India Ltd. v. Rajkumar Patni and Ors.

Case brief

What is this about?

What did the court decide?

Asset Reconstruction Company India Ltd. v. Rajkumar Patni and Ors.

Case brief

What is this about?

What did the court decide?

What the court decided

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Issues for consideration

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