Allowed

State Bank of India v. Sachin Thanesuriya

DRT23 Aug 2023OA/543/2022

Case brief

AI extract

What is this about?

In an original application under Section 19 of the RDB Act, the debt recovery tribunal allowed the bank's claim for recovery of outstanding dues and awarded adjusted interest rates. The court granted a recovery certificate and restrained the defendant from transferring assets.

What did the court decide?

Defendant ordered to pay Rs. 53,74,644 with interest; Recovery Certificate issued; Injunction granted against disposal of assets.

State Bank of India versus Sachin Thanesuriya — Banking and Recovery | DRT (2023)

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DEBTS RECOVERY TRIBUNAL : JABALPUR 1lilr tlte^Statcs ttl''latllrr a l)r'aclcslr und C'lthattisglrr.h )

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(Presiding OII rccr' - I Ion'blc Shri Rarn N irvas [)atcl)

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Original .,lpplication No. 513/2022

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State Bank of India, Stressed Assets Recovery Branch (SARB), IIIrd Floor, Zonal Oflicc, Viiay Nagar, District-Jabalpur⁽ M. P) Applicant

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Vcrsus

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Sachin 1'hanesuriya, S/o Gyaprasad'['hancsuriya, R/o Gaur Mohalla, Village-Soi Kalan, Tehsil & District-Sheopur (M.P)

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Also at- Mahara.i Car Aclda,

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Police Line Road, Ilaguaz Sheopur (M.P) ..... Dclcndant

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Counsel for the Applicant : Shri Vivek Shukla, Advocate Delcndant : IJx-partc

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.IUI)GMENT

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(l)atetl : 23'd August,2(123)

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l. The Applicarrt-Bank has lllccl the prescnl Original Application u/s l9 of Rccovery ol-Dcbts and Bankruptcy Act on 04104122 against the Delendant for recovery of Rs. 53,74, 6441(Rupees Fifty fhree Lac, Scventl Four-l'housand, Six Ilundrcd and Forty Four only) along with interest and other reliefs as stated.

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The bricl'lacts ol'thc casc arc that on thc^rcqttest ol' Defendant, the Applicant Bank sanctioned^Cash Credit^{Limit of} Rs.9 Lac, Term Loan of Rs.3l^{l-ac on 23l1lll8 ancl lrl'[1. ol'} .1o

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)\a-llll

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Rs.52,350/- on 23105120. In consideration of thc^{same the} Defendant executcd rccluisite loan documents.^{The Delcndant} availed the credit facilities but failed to liquidate^{the outstanding} dues despite issuance of l-egal Notice dated^{16103122by thc} Applicant Bank.^'l'he Applicant-Bank has reliecl trpon^thc documents at Ex. A-l to A-5 which were^proved by Shri Binod Kumar Sinha, Chicf Managcr.

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Despite service of noticc, the Defendant neither appeared nor filed written statement. He was^proceeded ex-parte vide order dated 03102123. There is thcrefore, no rcason [() disbelieve the contentions of the Bank. Considering the lacts ol' the case, I opine that the Defendant is liable to pay the claim amount together vvith intcrcst and costs. The Applicant-llank in its application has claimed interest @14.15% p.a. with monthl)' rests for Cash Credit Account and interest @11.20% p.a. with monthly rests for^'l'crnr Loan Account and pendcntclitc and future interest for FITL Account. However, I feel it t-air and reasonable to grant interest @12% p.a. for Cash Credit Acc<lunt and intercst @ll% p.a. lbr lenn [.oan Account ancl intelest @7%^{p.a. for FITL Account simple pendenteliteand tirturc till} realization olthe dLres.^'l-he personal properlies and assets olthe Defcndant are liablc to bc sold for recovery of amount cluc.

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The Original Application is allowed and it is ordered as under-

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i) The Defendant do pay Rs. 53,74, 644l- (Rupees Fifty Three Lac, Sevcnty' Four l'housand, Six I-lLrndred [:ort1 l:our only) together with penclentelite and future @12% p.a. lor Cash

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o.\ -sl \ ll

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Credit Account and interest @11% p.a. for Term [.oan Account and intercst @)7% p.a. Iirr FI-|L Account sinrplc liont thc datc ol' filing of the OA, i.e., 04104122, with costs till its realization. -

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ii) The Applicant Bank is entitled to scll personal properties and asscts of thc Defendant for realization o['its ducs. The Defendant is hereby restrained by means of injunction from depleting, transf-erring, encumbering, alicnating or in an1' nuy dealing with his properties/assets without first paying tlrc clainr of the Applicant Bank.

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iii) A Recovcry Certificate be issued uls l9(22) ol' Recovery of Debts and Bankruptcy Act. The applicant bank may file a memo of cost rvithin 7 da1's for preparing Recovcrl' Certificatc.

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Judgment pronounced in the open couft on this 23'd Day ol' August, 2023.

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-) 7

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lRam'Niftas Patcl) Presidine O lficcr

State Bank of India v. Sachin Thanesuriya

Case brief

What is this about?

What did the court decide?

State Bank of India v. Sachin Thanesuriya

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

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