Allowed

Indian Overseas Bank v. M/S Holydrops Organic Ltd.

DRT9 Mar 2023OA/71/2022

Case brief

AI extract

What is this about?

The Tribunal allowed the Original Application filed by Indian Overseas Bank for recovery of dues totaling Rs. 38,66,381.96. It held the defendants jointly and severally liable, directed the issuance of a Recovery Certificate, and granted costs.

What did the court decide?

Defendants directed to pay Rs. 38,66,381.96 with interest; Recovery Certificate issued for recovery from hypothecated and personal assets; costs awarded to the Applicant Bank.

Indian Overseas Bank versus M/S Holydrops Organic… — Contract and Commercial Disputes | DRT (2023)

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“ORIGINALAPPLICATION” No. 71 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. 71 OF 2022

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DATE OF DELIVERY OF ORDER 09.03.2023

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INDIAN OVERSEAS BANK

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Branch Office – Vaishali Nagar, SR-3A, F Block, Arihant Plaza, Amrapali Marg, Jaipur (Rajasthan)

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…..Applicant Bank…..

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VERSUS

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1. M/S HOLYDROPS ORGANIC LTD.

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G20, Crown Plaza, Vaishali Nagar, Jaipur (Rajastan) Registered Address – B-6/370, Vaishali Nagar, Jaipur Rajasthan - 302021

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2. MRS. NUPUR KATARIA

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W/o Shri Paritosh Yadav,

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Guarantor & Director of M/s Holidrops Organics Farm Ltd. R/o Flat No. 1073, Block 19, Rangoli Garden Vaishali Nagar, Jaipur, Rajasthan-3020021.

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3. SURESH CHAND YADAV

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S/o Shri Ram Kumar Yadav, Guarantor & Director of M/s Holidrops Organics Farm Ltd. R/o Ward No. 07, Manpura Mohalla, Opposite Bank of Baroda, Behror, District Alwar, Rajasthan

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4. SURENDRA SHARMA

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S/o Shri Phool Chand Sharma

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Director M/s Holidrops Organics

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Farm Ltd. R/o 25-A, Vishnu Colony, Near 4 Number Dispensary, Sodala, Jaipur-302019, Rajasthan

……Defendants…..

OA No. 71 of 2022

Counsel for the Applicant Bank Sh. Jang Bahadul Defendants Ex parte

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JUDGMENT

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This Original Application was filed by Applicant Bank against Defendants on 31.12.2021 for recovery of an amount of Rs 38,66,381.96 with pendentlite and future interest and cost.

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

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Defendants were proceeded ex parte on 03.11.2022.

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Heard arguments and perused the record.

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6 As stated supra, the Applicant Bank filed the evidence affidavit coupled with the recitals in the documents, viz Exhibit A/1 to A/16 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. 71 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. 38,66,381.96/(Thirty Thirty Eight Lac Sixty Six Thousand Three Hundred Eighty One and Ninety Six Paisa Only) with future interest @ 8.90% p.a. (Simple) from 31.12.2021till the date of realization.

OA No. 71 of 2022

b) The applicant bank is entitled to recover the above amount by sale of hypothecated assets as well as 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 09.06.2023 .

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Prepare Recovery Certificate accordingly.

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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. 09.03.2023 . (Vivek Saxena) Presiding Officer, Debts Recovery Tribunal, Jaipu

OA No. 71 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. 71 OF 2022

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DATE OF DELIVERY OF ORDER 09.03.2023

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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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INDIAN OVERSEAS BANK

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Branch Office – Vaishali Nagar, SR-3A, F Block, Arihant Plaza, Amrapali Marg, Jaipur (Rajasthan)

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…..Applicant Bank…..

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VERSUS

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1. M/S HOLYDROPS ORGANIC LTD.

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G20, Crown Plaza, Vaishali Nagar, Jaipur (Rajastan) Registered Address – B-6/370, Vaishali Nagar, Jaipur Rajasthan - 302021

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2. MRS. NUPUR KATARIA

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W/o Shri Paritosh Yadav,

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Guarantor & Director of M/s Holidrops Organics Farm Ltd. R/o Flat No. 1073, Block 19, Rangoli Garden Vaishali Nagar, Jaipur, Rajasthan-3020021.

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3. SURESH CHAND YADAV

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S/o Shri Ram Kumar Yadav,

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Guarantor & Director of M/s Holidrops Organics Farm Ltd. R/o Ward No. 07, Manpura Mohalla, Opposite Bank of Baroda, Behror, District Alwar, Rajasthan

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4. SURENDRA SHARMA

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S/o Shri Phool Chand Sharma

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Director M/s Holidrops Organics Farm Ltd. R/o 25-A, Vishnu Colony, Near 4 Number Dispensary, Sodala, Jaipur-302019, Rajasthan

……Defendants…..

OA No. 71 of 2022

Recovery Certificate for Rs. 38,66,381.96

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In terms of final order dated 09.03.2023 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. 38,66,381.96/(Thirty Thirty Eight Lac Sixty Six Thousand Three Hundred Eighty One and Ninety Six Paisa Only) with future interest @ 8.90% p.a. (Simple) from 31.12.2021till the date of realization.

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b) The applicant bank is entitled to recover the above amount by sale of hypothecated assets as well as 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. Parties are directed to appear before the Recovery Officer, DRT, Jaipur on 09.06.2023 .

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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 09.03.2023 .

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

OA No. 71 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. 71 OF 2022

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DATE OF DELIVERY OF ORDER 09.03.2023

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SCHEDULE TO RECOVERY CERTIFICATE

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MEMO OF COST

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INDIAN OVERSEAS BANK

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Branch Office – Vaishali Nagar, SR-3A, F Block, Arihant Plaza, Amrapali Marg, Jaipur (Rajasthan)

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…..Applicant Bank…..

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VERSUS

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1. M/S HOLYDROPS ORGANIC LTD.

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G20, Crown Plaza, Vaishali Nagar, Jaipur (Rajastan) Registered Address – B-6/370, Vaishali Nagar, Jaipur Rajasthan - 302021

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2. MRS. NUPUR KATARIA

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W/o Shri Paritosh Yadav,

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Guarantor & Director of M/s Holidrops Organics Farm Ltd. R/o Flat No. 1073, Block 19, Rangoli Garden Vaishali Nagar, Jaipur, Rajasthan-3020021.

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3. SURESH CHAND YADAV

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S/o Shri Ram Kumar Yadav,

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Guarantor & Director of M/s Holidrops Organics Farm Ltd. R/o Ward No. 07, Manpura Mohalla, Opposite Bank of Baroda, Behror, District Alwar, Rajasthan

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4. SURENDRA SHARMA

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S/o Shri Phool Chand Sharma

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Director M/s Holidrops Organics Farm Ltd. R/o 25-A, Vishnu Colony, Near 4 Number Dispensary, Sodala, Jaipur-302019, Rajasthan

……Defendants…..

OA No. 71 of 2022

S.No.	Item of Costs	Amount (Rs.)
1	Fee on the Application	43,000.00
2	Process Fee (Inc. Publication)	NIL
3	Advocate Fee	1,250.00
4	Commission/Receiver/Valuation	NIL
5.	Miscellaneous Charges	NIL
	Total	44,250.00

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Presiding Officer, Debts Recovery Tribunal, Jaipur

OA No. 71 of 2022

09.03.2023

Counsel:

Sh. Jang Bahadur, Counsel for Applicant Bank Defendants are ex parte

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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. 71 of 2022

09.03.2023

Counsel: Sh. Jang Bahadur, Counsel for Applicant Bank Defendants are ex parte

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The Tribunal vide order dated 09.03.2023 , 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 09.03.2023 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. 71 of 2022

DEBTS RECOVERY TRIBUNAL, JAIPUR

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ORIGINAL APPLICATION NO. 71 of 2022

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The Recovery Certificate prepisd in compliance of order dated 09.03.2023 passed by Hon’ble Presiding Officer, DRT, Jaipur in Original Application No. 71 of 2022 Title Indian Overseas Bank Vs M/s Holydrops Organic Ltd. & 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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Indian Overseas Bank v. M/S Holydrops Organic Ltd.

Case brief

What is this about?

What did the court decide?

Indian Overseas Bank v. M/S Holydrops Organic Ltd.

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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