Allowed

Idfc Bank Limited v. Rajveer Fashions Private Limited

DRT15 Jun 2023OA/556/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's original application for recovery of outstanding dues of Rs. 26,23,818.51 classified as NPAs, declaring respondents jointly and severally liable and ordering a recovery certificate under the RDBFI Act, 1993.

What did the court decide?

Recovery certificate issued for Rs. 26,23,818.51 with future interest; respondents directed to pay amount from movable and immovable properties; costs awarded to the bank.

Idfc Bank Limited versus Rajveer Fashions Private Limited — Banking and Recovery | DRT (2023)

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“ORIGINALAPPLICATION” No. 556 of 2022

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BEFORE THE DEBTS RECOVERY TRIBUNAL, JAIPUR PRESENT- SHRI VIVEK SAXENA

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PRESIDING OFFICER

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O.A. NO. 556 OF 2022

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DATE OF DELIVERY OF ORDER 15.06.2023

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IDFC FIRST BANK LTD.

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Jaipur Office –5^th Floor Manupasana Tower, Sardar Patel Marg, near Chomu House Circle, Jaipur -

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…..Applicant Bank…..

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VERSUS

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1. RAJVEER FASHIONS PRIVATE LIMITED, 774 Behind Minarva Cinema, Sanganeri Gate, Jaipur - 302003

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2. HEERA NAND,

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774 Behind Minarva Cinema, Sanganeri Gate,

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3. PALAK VALIRAMANI, 774 Behind Minarva Cinema, Sanganeri Gate, Jaipur - 302003

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……Defendants…..

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Counsel for the Applicant Bank Sh. Saransh Ghiya Defendants Ex parte

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Ex parte

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JUDGMENT

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This Original Application was filed by the applicant bank on 02.05.2022 for recovery of outstanding amount of Rs. 26,23,818.51 from the Defendants.

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As per O.A., Defendants approached the Applicant Bank for financial assistance. After due consideration, credit facility was sanctioned by the Applicant Bank in favour of Defendants. Defendants failed to maintain financial discipline and therefore, their loan account was classified as

OA No. 556 of 2022

NPA. Applicant Bank has therefore, filed this original application for recovery of its dues against the Defendants.

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Defendants are proceeded ex parte on 11.01.2023.

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Heard arguments and perused the record.

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As stated supra, the Applicant Bank filed the evidence affidavit coupled with the recitals in the documents, viz Exhibit A to G marked on behalf of the applicant bank, clinches the claim of the applicant bank against the Defendants. Hence, I hold that the Defendants are jointly & severally liable to pay to the applicant bank the claim made in O.A. with future interest and costs.

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In the result, this O.A. No. 556 of 2022 is allowed declaring that:-

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a) The Defendants are jointly & severally liable to pay to the applicant bank a sum of Rs. 26,23,818.51 (Rupees Twenty Six Lac Twenty Three Thousand Eight Hundred Eighteen and Fifty One Paisa only) with future interest as per agreed rate of interest from 02.05.2022 till the date of realization.

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b) The applicant bank is entitled to recover the above amount from the personal movable and immovable properties/assets of Defendants. The applicant bank is entitled to proceed against the same towards recovery of its debt.

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c) The applicant bank is entitled to the costs of the O.A.

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1. The recovery certificate be issued forthwith and be sent to the Recovery Officer, DRT, Jaipur.

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Parties are directed to appear before the Recovery Officer, DRT, Jaipur on 15.09.2023 .

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Prepare Recovery Certificate accordingly.

OA No. 556 of 2022

A copy of the Judgment and Recovery Certificate be given or sent by registered post to each of the parties free. A copy of the Recovery Certificate be sent to the Recovery Officer of this Tribunal for necessary action as per the law.

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(Vivek Saxena) Presiding Officer, Debts Recovery Tribunal, Jaipur Order pronounced in the open court today i.e. 15.06.2023 . (Vivek Saxena) Presiding Officer, Debts Recovery Tribunal, Jaipur

OA No. 556 of 2022

BEFORE THE DEBTS RECOVERY TRIBUNAL, JAIPUR PRESENT- SHRI VIVEK SAXENA

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PRESIDING OFFICER

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O.A. NO. 556 OF 2022

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DATE OF DELIVERY OF ORDER 15.06.2023

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RECOVERY CERTIFICATE

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(UNDER SUB Section 22 of the Recovery of Debts due to Banks and Financial Institutions Act, 1993 (Act 51 of 1993)

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IDFC FIRST BANK LTD.

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Jaipur Office –5^th Floor Manupasana Tower, Sardar Patel Marg, near Chomu House Circle, Jaipur -

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…..Applicant Bank…..

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VERSUS

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1. RAJVEER FASHIONS PRIVATE LIMITED,

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774 Behind Minarva Cinema, Sanganeri Gate, Jaipur - 302003

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2. HEERA NAND,

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774 Behind Minarva Cinema, Sanganeri Gate,

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3. PALAK VALIRAMANI,

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774 Behind Minarva Cinema, Sanganeri Gate,

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Jaipur - 302003

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……Defendants…..

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Recovery Certificate for Rs. 26,23,818.51

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In terms of final order dated 15.06.2023 passed by this Tribunal in the above mentioned case, it is ordered that the-

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a) The Defendants are jointly & severally liable to pay to the applicant bank a sum of Rs. 26,23,818.51 (Rupees Twenty Six Lac Twenty Three Thousand Eight Hundred Eighteen and Fifty One Paisa only) with future interest as per agreed rate of interest from 02.05.2022 till the date of realization.

OA No. 556 of 2022

b) The applicant bank is entitled to recover the above amount from the personal movable and immovable properties/assets of Defendants. The applicant bank is entitled to proceed against the same towards recovery of its debt.

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c) The applicant bank is entitled to the costs of the O.A.

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Parties are directed to appear before the Recovery Officer, DRT, Jaipur on 15.09.2023 .

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The Recovery Officer shall realize the amount as per this Certificate in the manner and mode prescribed under Section 25 and 28 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (as amended from time to time) from the above named Certificate Debtor.

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This Certificate has been issued under my signatures and seal of the Tribunal on this 15.06.2023 .

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(Vivek Saxena) Presiding Officer, Debts Recovery Tribunal, Jaipur

OA No. 556 of 2022

BEFORE THE DEBTS RECOVERY TRIBUNAL, JAIPUR PRESENT- SHRI VIVEK SAXENA

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PRESIDING OFFICER

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O.A. NO. 556 OF 2022

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DATE OF DELIVERY OF ORDER 15.06.2023

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SCHEDULE TO RECOVERY CERTIFICATE

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MEMO OF COST

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IDFC FIRST BANK LTD.

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Jaipur Office –5^th Floor Manupasana Tower, Sardar Patel Marg, near Chomu House Circle, Jaipur -

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…..Applicant Bank…..

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VERSUS

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1. RAJVEER FASHIONS PRIVATE LIMITED,

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774 Behind Minarva Cinema, Sanganeri Gate, Jaipur - 302003

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2. HEERA NAND,

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774 Behind Minarva Cinema, Sanganeri Gate,

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3. PALAK VALIRAMANI,

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774 Behind Minarva Cinema, Sanganeri Gate, Jaipur - 302003

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……Defendants…..

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S.No.	Item of Costs	Amount (Rs.)
1	Fee on the Application	29,000.00
2	Process Fee (Inc. Publication)	96.00
3	Advocate Fee	1,250.00
4	Commission/Receiver/Valuation	NIL
5.	Miscellaneous Charges	NIL
	Total	30,346.00

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Presiding Officer, Debts Recovery Tribunal, Jaipur

OA No. 556 of 2022

15.06.2023

Counsel:

Sh. Saransh Ghiya, Counsel for Applicant Bank Defendants are exparte

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Judgment dictated separately and pronounced in the open court. As per order the O.A. is allowed. Recovery Certificate be prepisd accordingly and the Registry is directed to verify the Recovery Certificate as per Regulation 24(1) and (2) of Debts Recovery Tribunal Jaipur Regulation 2015 and after verification place the same before the Tribunal.

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(Vivek Saxena) Presiding Officer, Debts Recovery Tribunal, Jaipur

OA No. 556 of 2022

15.06.2023

Counsel:

Sh. Saransh Ghiya, Counsel for Applicant Bank Defendants are exparte

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The Tribunal vide order dated 15.06.2023 , directed the Registrar to verify the Recovery Certificate as per Regulation 24(1) and (2) of Debts Recovery Tribunal Jaipur Regulation 2015.

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The Registrar vide order dated 15.06.2023 verified the Recovery Certificate as per Regulation 24(1) and (2) of Debts Recovery Tribunal Jaipur Regulation 2015. Recovery Certificate is prepisd accordingly. Copy of the Judgment and Recovery Certificate be given free to the concerned parties as well as be sent to the Recovery Officer for further proceedings. File be put up before the Registrar for compliance. After compliance file be consigned to record.

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(Vivek Saxena) Presiding Officer, Debts Recovery Tribunal, Jaipur

OA No. 556 of 2022

DEBTS RECOVERY TRIBUNAL, JAIPUR

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ORIGINAL APPLICATION NO. 556 of 2022

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The Recovery Certificate prepisd in compliance of order dated 15.06.2023 passed by Hon’ble Presiding Officer, DRT, Jaipur in Original Application No. 556 of 2022 Title IDFC First Bank Ltd. Vs Rajveer Fashions Private Limited & Ors. has been checked and may be verified.

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Section Officer

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Assistant Registrar

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On the basis of the report of Section Officer the Recovery Certificate is verified. The Recovery Certificate is placed below for the signature of Hon’ble Presiding Officer please.

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Assistant Registrar

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Hon’ble Presiding Officer

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Idfc Bank Limited v. Rajveer Fashions Private Limited

Case brief

What is this about?

What did the court decide?

Idfc Bank Limited v. Rajveer Fashions Private Limited

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

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Case details

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