Allowed

State Bank of India v. Sandeep Awasthi

DRT18 Apr 2023OA/488/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal for Jabalpur disposed of an original application filed by State Bank of India against two defendants for recovery of dues. The court ordered payment of principal amount along with interest at 12% p.a., created a recovery certificate, and granted an injunction over mortgaged properties. Defendants were proceeded ex-parte.

What did the court decide?

Order directing respondents to pay Rs. 43,21,843.00 with 12% interest p.a., restraining alienation of assets, and issuance of Recovery Certificate.

State Bank of India versus Sandeep Awasthi — Banking and Recovery | DRT (2023)

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DEBTS RECOVERY TRIBUNAL : JABALPUR

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(for the States of Madhya Pradesh and Chhattisgarh)

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(Presiding Officer - Hon'bte Shri Ram Niwas Patel)

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Original Application No.^- 488122

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State Bank of lndia, 5tressed Assets Recovery Branch, 3'd Ftoor, Zona[ Office, Vijay Nagar, Jabatpur (M.P.)

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..... Appticant

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Versus

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Shri Sandeep Awasthi, 5/o Shri C.L. Awasthi, Propreitor-M/ s Astha Traders, Ward No.-1, Gati No.-'1 , Narayanpura Road, Chhatarpur (M.P.); Also at: a) Near Maharaja Cinema, Bus Stand, Chhatarpur (M.P.) a71001 ; b) Bamitha Panna Road, Toriya Tek, Chhatarpur (M.P.) 471001 c) Sun City Cotony, Chhatarpur (M.P. ) 471 001

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Shri Deendayal Asati, S/o Shri Prem Narayan Asati, Ward No.-37, Near Fortune Office, Loknathpuram, Chhatarpur (M.P.) 471001 ;

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Also at: Dr N.P.N. Khare House, lnfront of Gali Loknathpuram, Ward No.-35, Chhatarpur (M.P.) 471001

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..... Defendants

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Counsel for the Appticant : Shri Jagbandan Patel, Advocate Defendants : Ex-parte

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JUDGMENT

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(Dated : 18th April, 2023)

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The Appticant-Bank has filed the^present Originat Apptication^u/s 19 of Recovery of Debts and Bankruptcy Act on^{01104/22against the} Defendants for recovery of Rs. 43,21,843.00^{(RupeesFourty Three Lac,} Twenty One Thousand, Eight Hundred and Fourty^{Three onty) atongwith} interest and other reliefs as stated.

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The brief facts of the case are that on the^{request of Defendant} No.^-l , the Applicant Bank sanctioned^Cash Credit^{(Hypothecation)Limit of Rs.} 10 Lac on 17/06117 which was subsequent[y^{enhancedto Rs. 40 Lacon}

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oA488122

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lstOglls,lnconsiderationofthesametheDefendantNo'-lasborrowerand Defendant^{No.-zas guarantorin addition to executionof loan and guarantee} documents have^{also created equitabte mortgage over the immovable} property, i.e., House/Shop^{No.'133/132,Ward No'-1' Jawaharlv\arg' Opposite} SaritaSteet,NawgongRoad,Chhatarpur(M'P'),totalarea24x10=24-sq'fl'' Doubte Storey^{Buitding; belonging to DefendantNo'-2' The DefendantNo'-1} avaitedthecreditfacitityandatsoexecutedReViVal,Letteronl2l02l20'Ihe accountbecameirregularandtheDefendantsfaitedtotiquidatethe outstandingduesdespiteissuanceofLegatNoticeonl4l0slz2andinitiation of action under^{the securitisation Act by the Appticant Bank' The Appticant'} Bank has relied^{upon the documentsat Ex.A-1 to A-11whichwere proved by} Shri Binod Kumar^{Sinha, Chief Manager'}

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Despite service^{of notice,the Defendantsneitherappeared nor} fited written^{statement.They were proceededex'Parte vide order dated} l2loltzs.Thereistherefore,noreasontodisbetievethecontentionsofthe Bank.Consideringthefactsofthecase,lopinethattheDefendantsarejointly andseverattytiabtetopaytheclaimamounttogetherwithinterestandcosts. TheAppticant.Bankinitsappticationhasc[aimedinterestatcontractualrate. However, I feet^{it fair andreasonabte to grant interest@12% p'a' simpte} pendentetite and future^{titt reatizationof the dues' The mortgaged proPerty} is l,iabte to^{be sotd for recovery of amountdue atongwith the personal} properties and assets^{of the Defendants'}

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The Originat^{Appticationis attowed and it is orderedas under-}

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i) The Defendants^{do pay jointtyandseveralty Rs' 43'21'843'00} (Rupees Fourty Three^{Lac, Twenty OneThousand, Eight Hundredand Fourty} Three onty)^{together with pendentetite and future interest @12% per annum} simpte from^{the dateof fiting of the OA, i'e',01t04/22'with costs titl its} reatization.

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ii) The Appl,icant^{Bank is entitted to sett the mortgagedas wetlas} personalpropertiesandassetsoftheDefendantsforrealizationofitsdues. The Defendants^{are hereby restrainedby meansof injunctionfrom depteting,} transferring,^{encumbering,alienatingor in any way dealing with their} properties/assets without^{first paying the ctaim of the AppticantBank'}

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oA488122

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iii) A Recovery Certificate be issued uls19(22) of Recovery of Debts and Bankruptcy Act. The applicant bank may file a memo of cost within 7 days for preparing Recovery Certificate.

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Judgment pronounced in the open court on this Day of 18th Aprit, 2023.

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't^'

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(Ram lwas Patet) Presidine Officer

State Bank of India v. Sandeep Awasthi

Case brief

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State Bank of India v. Sandeep Awasthi

Case brief

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