Allowed

Asset Reconstruction Company (India) Limited v. Abhinandan Jain and Ors.

DRT25 Sept 2023OA/416/2022

Case brief

AI extract

What is this about?

Ex-parte order in an Original Application filed by an Asset Reconstruction Company for recovery of a substantial debt of over Rs. 68 crore. The Tribunal determined the debt, granted recovery of principal plus future interest, directed issuance of a recovery certificate, and debarred the defendants from alienating properties.

What did the court decide?

Allowed the Original Application; directed recovery of Rs. 68.17 crores with 12% interest; issued recovery certificate under RDB Act Sec 19(22); imposed thirty-day repayment period and alienation bar.

Asset Reconstruction Company (India) Limited versus Abhinandan… — Banking and Recovery | DRT (2023)

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BEFORE THE DEBTS RECOVERY TRIBUNAL-III KOLKATA PRESENT:^.SRI KAI4AL DE.

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PRESIDING OFFICER,

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O.A. No.416 OF 2022.

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DATE OF DELIVERY OF ORDER i

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25.09.2023

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Asset Reconstruction Company(India) Limited, a company incorporated constituted under the Companies Act, 1956 and registered as a Securitization and Asset Reconstruction Company pursuant to Section 3 of the SARFAESI act,2o22 having its Registered office at lorh Floor, The Ruby, 29 Senapati Eapat Marg, Dadar West, lYumbai'400028 and also at Vidhii Partners, Advocates, 33A l.L. Nehru Road, Chatterjee International Centre, 18rh Floor, Office No.13, Kolkata-700071.

Applicant Bank.

Mr. Abhinandan lain, FE-285, Salt Lake City, Near Tank No.12, Sector-III, Kolkata, Eidhannagar City, District- 24 Parganas(N), West Bengal-700106.

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Mr. RajKumar Patni, FE-285, Salt Lake City, Near Tank No.12, Sector-Itl, Kolkata, Bidhannagar City, Dastrict- 24 Parganas(N), West Bengal-700106.

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Mr. Parasmal Saraogi, FE-285, Salt Lake City, Near Tank No.12, Sector-III, Kolkata, Bidhannagar City, District- 24 Parganas(N), West Bengal-700106.

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I\4s. Samta Jain, FE-285, Salt Lake City, Near Tank No.12, Secto.-Ilt, Kolkata, Bidhannagar City, District- 24 Parganas(N), West Bengal-700106.

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Surabhi lain, FE-285, Salt Lake City, Near Tank No.12, Sector-UI, Kolkata, Bidhannagar City, District- 24 Parganas(N), West Bengal-700106.

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Defendants.

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Counsel for the Applicant Bank: - 14s. Vidushi Chokhani

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Set ex-parte on 14.09.2023.

JUDGEI\4ENI

The Applicant Bank initially filed the present OA being No. OA/4L6/2022 ot. 22/06/2022 for recovery of a totat sum of Rs.68,17,90,132l- (Rupees sixty eight crore seventeen lakh ninety thousand one hundred and thirty two only) towards Cash Credit Facility together with interest, cost and other usual reliefs.

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The Defendants are seTved with summons. The defendants did not appear, the law is for the vigilant and not for the dormants. As there was no Tepresentation from the defendants, the case was fixed for ex-parte hearing on 1,4.09.2023, 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 [4anager and marked 25 documents as Ex. Annexure-A to Ex. Anexure-y.

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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 entiied to the claim made in the OA against the Defendants and OA schedule properies 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 Applicant Bank. The Evidence Affidavit coupled with the recitals in the documents viz., Exlbits Anexure-A to Anexure_y marked on behalf of 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 made in the OA with future interest and costs.

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In the result, the present Original Application is allowed ex_parte with costs, as undel -

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ORDERED

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(1)O.A. No.416 of 2022 filed by the Applicant Bank is altowed and debt is determined with cost against the defendants. It is hereby ordered that applicant bank is enti ed to recover from the defendants the total amount to the tune of Ri.6A,L7,gO,l32l_ (Rupees sixty eight crore seventeen lakh ninety thousand one hundred and thirty two only) with pendentelite and future interest in the Cash Credit Facility @12,00o/o^per annum with simple on the amount due from the date of filing of the Original Application,i.e. 22.06.2022 tiI full and finat realization of the claim amount.

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

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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 tudgement/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 recover its dues by sale of secured assets, if any. Applicant bank is also entitled to proceed against personal properties of the defendants (Both movable and immovable) and also proceed against the defendants persona y 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 bank under Section 19 (22) of the Recovery of Debts and Bankruptcy Act, 1993 and put up the same for issuance of the Certificate.

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

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(7)Ld. Registrar of this Tribunal is directed to deliver recovery certificate in 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 Financial Institutions Act, 1993 now known as Recovery of Debts and Bankruptcy Act, 1993.

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(B) The parties are directed to appear before the Recovery Officer on 22.11.2023 fot further action in accordance 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.416 of 2022 is a llowed and stands disposed of.

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Copy of the Judgement/Final Order be upload in the Tribunal,s website. File is consigned to the Record Room.

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

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( KAMAL DE ) PRESIDING OFFICER.

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Order Sheet (Continuation)

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Case No. OAl4j.612022 ARC (I) Ltd. -Vs- Abhinandan Jain & Ors.
Office action
with date and
Order with signature dated Signature
qrLer Na13
Dt-2 s-092023 Order Pronounced.
RC
In the result, O.A. No. 4L6 of 2022 is allowed with
costs in open Court.
Issue Recovery Certificate accordingly.
(KAMAL DE)
PRESIDING OFFICER
DRT-III, KQLKATA

Asset Reconstruction Company (India) Limited v. Abhinandan Jain and Ors.

Case brief

What is this about?

What did the court decide?

Asset Reconstruction Company (India) Limited v. Abhinandan Jain and Ors.

Case brief

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What the court decided

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