Allowed

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

DRT25 Sept 2023OA/418/2022

Case brief

AI extract

What is this about?

In an ex-parte hearing, the Debts Recovery Tribunal allowed the Applicant Bank's Original Application for recovery of dues amounting to Rs. 80.85 crores. The court held defendants jointly liable, granted immediate time to pay, and directed the issuance of a recovery certificate under the RDB Act.

What did the court decide?

Awarded recovery of Rs. 80.85,80,568/- with interest at 12% p.a. and time to pay; directed issuance of recovery certificate.

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

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BEFORE THE DEBTS RECOVERY TRIBUNAL-III KOLKATA PRESENT: -SRI KAT4AL DE.

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PRESIDING OFFICER.

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O.A. No.41B OF 2022.

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DATE OF DELIVERY OF ORDER |

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25.09.2023

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Asset Reconstructron Conrpany(India) Limited, a company incorporated constituted under the Companies Act, 1956 and registered as a Secuntization and Asset Reconstruct on Company pursuant to Seclion 3 of the SARFAESI act,2022 having its Registered offrce at 10'h Floor, The Ruby, 29 Senapati Bapat l4arg, Dadar West, l4umbar-400028 and atso at Vrdh I partners, Advocates, 33A l.L. Nehru Road, Chatterjee International Centre, t8'h Ftoor. Offrre No.13. roll(aLa 70007r.

Applicant Bank.

-Versus-

Samta Jain, FE-285, Satt Lake City, Near Tank No.12, Sector-Itl, Kolkata, Bidhannagar City, District- 24 Parganas(N), West Bengal-700106.

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RajKumar Patni, FE-285, Salt Lake City, Near Tank No,12. Sector-III, Kolkata, Bidhannagar City, Distrid- 24 Parganas(N), West Bengat-700106.

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

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Surabhi Jain, FE-285, Salt Lake City, Near Tank No.12, Sector-III, Kolkata, Bidhannagar 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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I4s. Vidushi Chokhani

Set ex-parte on

14.09.2023.

]UDGEMENT

The Applicant Bank initially filed the present OA being No. OA/4LA/2022 on 22/0612022 for recovery of a totat sum of Rs.80,85,80,568/- (Rupees eighty crore eighty five lakh eighty thousand five hundred and sixty eight 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 !4.Og.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 tvlanager and marked 15 documents as Ex. Annexure-A to Ex, Anexure-O.

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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 enti ed to the ctaim made in the OA against the Defendants and OA schedule properties as prayed for?

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As stated supra,^{the Defendants remained absentand did not turnup to controvert} the version^{of the O.A. of Applicant Bank TheEvidence Affidavit coupledwith the} recitals in the documents^{viz,, Exibits Anexure-Ato Anexure-O markedon behalfof} the Applicant Bank,^{establishedthe claim of the Applicant Bankagainstthe} Defendants and^{OA schedule propertiesHence, 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 OriginalApplicationis allowedex-partewith}

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costs, as under:-

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O R D E.LE D

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(1)o.A. No.41B of 2022 filed by the Applicant Bank^is allowed^{and debtis determlned} 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.80.85,80,568/} (Rupees elghty crore eighty five lakh eighty thousand flve hundred and sixty eight only) with pendentelite and future interest in the Cash Credit Facillty @12.00% 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, 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 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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(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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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) ofthe Recovery of Debts due to the Eank 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 for further action ln 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.418 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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( KAMAa DE )-'-- -

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PRESIDING OFFICER.

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Order Sheet (Continuation)

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Case No. OA/41al 2022 nnc (i) rto. -vs- samta Jain & ors'
Office action
with date and
Date of Order with signature dated Signature
order
Older l&-13
aL25-092023 order Pronou nced.
RC
In the result, O.A. No. 478 of 2022 is allowed with
costs in open Court.
Issue Recovery Certificate according ly.
(KAMAL DE)
PRESIDING OFFICER
DRT-III, KOLKATA

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

Case brief

What is this about?

What did the court decide?

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

Case brief

What is this about?

What did the court decide?

What the court decided

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