Allowed

Asset Reconstruction Company India Ltd. v. Standard Financial Consultants Pvt. Ltd. and Ors.

DRT25 Sept 2023OA/417/2022

Case brief

AI extract

What is this about?

In ex-parte proceedings, the Debts Recovery Tribunal allowed an application by a bank against several defaulting borrowers. The court determined the corporate debt to be approximately Rs. 69 crore plus interest and costs, granting the bank a recovery certificate and debaring defendants from disposing of assets.

What did the court decide?

Original Application allowed; debt determined at Rs. 69,50,30,981 with 12% interest; recovery certificate to be issued; defendants barred from disposing of assets; 30-day repayment period granted.

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

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BEFORE THE DEBTS^{RECOVERY TRIBUNAL-IIIKOLKATA} PRESENT:^-SRIKAMALDE'

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PRESIDING OFFICER.

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O.A. No.417 OF^2022.

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25.O9.2023 nATE OF DELIVERY OF ORDER |

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Asset Reconstructron^{Company(India)Limted, a company incorporated consttLtedunder the} i"rnp""i"t aa, 1956 and^{registeredas a Securitrzation and AssetReconstructronCompanvpursuant} to slition : or^{tn" snnrnrll act,2022havingits Reqisteredofficeat lOthFloor, The RubY'29} i"*puti^{g"put l4arg,} Dadar^{West,tvlumbai_400028and alsoat VidhiiPa(ners, Advocates'3lAIL} Nehru Road, Chatier-jee Internatronal^{Centre,18rr'Floor, Offrce No 13, Ko kata 700071}

Applicant Bank.

-Versus-

standard Financial consultants^{Pvt. Ltd.,B CamacStreet, Shantiniketan Building,Ttf'Floor,} Room No.11and 12, Kolkata,^{West Bengal-700017.}

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I\4ahashakti l4erchants^{pvt. Ltd} ,^{P-10,TaratalaRoad,Kolkata, West Bengal 700088'}

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Triplerank Mecantile^{pvt. Ltd} ,^{B CamacStreet, ShantiniketanBuilding,T'hFloor, RoomNo 11} and 12, Kolkata, West^{Benqal 700017}

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Inland Iron Traders^{pvt. Ltd.,B CamacStreet, Shantiniketan Building,TrhFloor, Room No11} and 12, Kolkata, West^{Benqal-700017.}

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Surabhi lain, FE-285,^{Salt LakeCity, Near Tank No 12, Sector-Ill, Kolkata, Bidhannagar} Cty, District- 24 Parganas(N),^{West Bengal 700106}

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Defendants.

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Counsel for the ApPlicant^{Bank: -} .. lYs. Vidushi Chokhani

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Set ex-parte on 1,4 .O9 .2023^.

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JUDGE14ENT

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The Applicant Bank initially filed the^{present OA beingNo. OAl417/2022on} 22/0612022 for recovery of^{a total sum of Rs.69,50,30,981/-(Rupeessixtynlne} crore fifty lakh thirty thousand^{nine hundredand eighty 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 defendantsdid not appear,the law} is for the vigilant and not for the dormants.^{As there was no representationfrom} the defendants, the case was flxed^{for ex-parte hearing on 14.O9 2023, and heard} ex parte accordingly. The record^{is putup today for order'}

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The Applicant Bank examined through Syed^{Saidul Alam, Chiefl4anagerand} marked 13 documents as Ex. Annexure-A to Ex.^Anexure-lvl.

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Heard the Ld. Counsel for the Applicant^Bank.

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The^poant that arises for consideration^is:

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Whether the Applicant^{Bank is entitled to theclaim made in theOAagainst the} Defendant and^{oA schedule propertiesas prayedfor?}

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As stated supra, the^{Defendants remained absentand did not turnup to controvert} the version of the^{O.A. of ApplicantBank.TheEvidence Affidavit coupledwith the} recitals in the documents viz.,^{Exibits Anexure-Ato Anexure-M markedon behalfof} the Applicant Bank,^{established the claimof 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 the OA} with future interest and costs.

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In the result, the^present Oriqinal Application^{is allowedex-partewith} costs, as under:^-

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ORDERED

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(1)O.A. No.417 of 2022 filed by the Applicant Bank is allowed and debt is determined with cost against the defendants, It is hereby ordered that applicant bank is entitled to recover from the defendants the total amount to the tune of Rs.69,50,30,981/(Rupees sixty nine crore fifty lakh thirty thousand nine hundred and eighty one 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 till full and final 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, recoveTed by the Applicant Bank after flling 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 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 Judgement/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 personally to recover the dues in accordance with law,

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JJ)Let^{the Certificateof Recovery be drawnup by Ld. Registrar forthwith in termsof} Judgement for issuance ofthe 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/judqement for recovery of the sum against^{the defendantsin 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 Recovery} of Debts Bankruptcy Act, 1993.

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(8) The parties are directed to appear before the Recovery Officer on²² \1.2023^fot further action in accordance with law in the event^{the entire amount is not paidby} the said date.

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Accordingly, the Original Application being O.A. No.4l7 of 2022 is allowed^and stands disposed of.

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Copy of the ludgement/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, signed and pronounced by me in the open Court on this the 25th day of September, 2023 )

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( KAMAL DE ) PRESIDINC OFFICER-

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Order Sheet (Continuation)

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c-se No,OAl	4L7l2022 ARC(I)Ltd.-Vs-StandardFinancial Pvt.Ltd.&Ors.	Consuttants
Dateof Order	Orderwithsignature	Office action withdateand dated Signature
OrderNo.13 0t25,092!2f RC	OrderPronounced. Intheresult, O.A. No. 417of2022isallowedwith costsinopen Court.
	IssueRecoveryCertificateaccordingly.
	(KAI4ALDE) PRESIDINGOFFICER DRT-III,KOLKATA

Asset Reconstruction Company India Ltd. v. Standard Financial Consultants Pvt. Ltd. and Ors.

Case brief

What is this about?

What did the court decide?

Asset Reconstruction Company India Ltd. v. Standard Financial Consultants Pvt. Ltd. and Ors.

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

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