Allowed

Kotak Mahindra Bank Limited v. Shree Balaji Earthmovers

DRT16 Jun 2023OA/848/2022

Case brief

AI extract

What is this about?

This is an original application filed by Kotak Mahindra Bank Limited for recovery of outstanding debt from respondents. The Tribunal allowed the application upon evidence affidavit, declaring respondents jointly liable to pay the dues with interest and costs, and issuing a recovery certificate for sale of hypothecated assets.

What did the court decide?

Recovery Certificate issued for Rs. 22,81,340.59 with 9.4% p.a. interest; respondents declared jointly liable; sale of hypothecated tipper and other assets authorized for recovery.

Kotak Mahindra Bank Limited versus Shree Balaji Earthmovers — Execution and Attachment | DRT (2023)

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“ORIGINALAPPLICATION” No. 848 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. 848 OF 2022

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DATE OF DELIVERY OF ORDER 16.06.2023

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KOTAK MAHINDRA BANK LIMITED

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Branch Office – 1^st floor, 57, Krishna Tower, Sardar Patel Marg, C-Scheme, Jaipur, Raj.

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…..Applicant Bank…..

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VERSUS

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1. SHREE BALAJI EARTHMOVERS

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R/o 1, Pardodas, Banera, Bhilwara 311302,

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(Raj.) India

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2. MR. PRABHU LAL

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S/o Mr. Sukhdev Jat

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R/o 1, Pardodas, Banera, Bhilwara 311302,

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(Raj.) India

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3. MR. GHANSHYAM

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S/o Mr. Rup Lal Jat

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R/o Antali Atali, Bhilwara – 311302 (Raj.) India

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……Defendants…..

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Counsel for the Applicant Bank Sh. Mukesh Chand Sharma 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 14.07.2022 for recovery of outstanding amount of Rs. 22,81,340.59 from the Defendants.

OA No. 848 of 2022

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 28.03.2023.

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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/1 to A/10 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. 848 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. 22,81,340.59 (Rupees Twenty Two Lac Eighty One Thousand Three Hundred Forty and Fifty Nine Paisa only) with future interest @ 9.4% p.a. from 14.07.2022 till the date of realization.

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b) The applicant bank is entitled to recover the above amount by sale of hypothecated primary asset 2786595 – Construction Equipment – Tipper – DAIMLER INDIA COMMERCIAL VEHICLES PVT LTD – CB_FULLY_BUILD_TIPPER_6X4_4275_E6_BHR T_2823C_BHARA Chassis No. – MEC841EBBLP093170, Engine No. – 92956D0094583 Serial No. – RJ51GA2298 as well as from the personal movable and immovable

OA No. 848 of 2022

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 16.09.2023 .

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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. 16.06.2023 . (Vivek Saxena) Presiding Officer, Debts Recovery Tribunal, Jaipur

OA No. 848 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. 848 OF 2022

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DATE OF DELIVERY OF ORDER 16.06.2023

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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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KOTAK MAHINDRA BANK LIMITED

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Branch Office – 1^st floor, 57, Krishna Tower, Sardar Patel Marg, C-Scheme, Jaipur, Raj.

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…..Applicant Bank…..

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VERSUS

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1. SHREE BALAJI EARTHMOVERS

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R/o 1, Pardodas, Banera, Bhilwara 311302, (Raj.) India

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2. MR. PRABHU LAL

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S/o Mr. Sukhdev Jat

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R/o 1, Pardodas, Banera, Bhilwara 311302,

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(Raj.) India

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3. MR. GHANSHYAM

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S/o Mr. Rup Lal Jat

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R/o Antali Atali, Bhilwara – 311302 (Raj.) India

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……Defendants…..

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Recovery Certificate for Rs. 22,81,340.59

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In terms of final order dated 16.06.2023 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. 22,81,340.59 (Rupees Twenty Two Lac Eighty One Thousand

OA No. 848 of 2022

Three Hundred Forty and Fifty Nine Paisa only) with future interest @ 9.4% p.a. from 14.07.2022 till the date of realization.

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b) The applicant bank is entitled to recover the above amount by sale of hypothecated primary asset 2786595 – Construction Equipment – Tipper – DAIMLER INDIA COMMERCIAL VEHICLES PVT LTD – CB_FULLY_BUILD_TIPPER_6X4_4275_E6_BHR T_2823C_BHARA Chassis No. – MEC841EBBLP093170, Engine No. – 92956D0094583 Serial No. – RJ51GA2298 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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Parties are directed to appear before the Recovery Officer, DRT, Jaipur on 16.09.2023 .

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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 16.06.2023 .

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

OA No. 848 of 2022

BEFORE THE DEBTS RECOVERY TRIBUNAL, JAIPUR

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PRESENT- SHRI VIVEK SAXENA

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PRESIDING OFFICER

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O.A. NO. 848 OF 2022

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DATE OF DELIVERY OF ORDER 16.06.2023

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SCHEDULE TO RECOVERY CERTIFICATE

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MEMO OF COST

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KOTAK MAHINDRA BANK LIMITED

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Branch Office – 1^st floor, 57, Krishna Tower, Sardar Patel Marg, C-Scheme, Jaipur, Raj.

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…..Applicant Bank…..

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VERSUS

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1. SHREE BALAJI EARTHMOVERS

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R/o 1, Pardodas, Banera, Bhilwara 311302,

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(Raj.) India

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2. MR. PRABHU LAL

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S/o Mr. Sukhdev Jat

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R/o 1, Pardodas, Banera, Bhilwara 311302,

(Raj.) India

3. MR. GHANSHYAM

S/o Mr. Rup Lal Jat

R/o Antali Atali, Bhilwara – 311302 (Raj.) India

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……Defendants…..

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S.No.	Item of Costs	Amount (Rs.)
1	Fee on the Application	25,005.00
2	Process Fee (Inc. Publication)	270.00
3	Advocate Fee	1,250.00
4	Commission/Receiver/Valuation	NIL
5.	Miscellaneous Charges	NIL
	Total	26,525.00

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Presiding Officer, Debts Recovery Tribunal, Jaipur

OA No. 848 of 2022

16.06.2023

Counsel: Sh. Mukesh Chand Sharma, 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. 848 of 2022

16.06.2023

Counsel:

Sh. Mukesh Chand Sharma, Counsel for Applicant Bank Defendants are ex parte

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The Tribunal vide order dated 16.06.2023 , 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 16.06.2023 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. 848 of 2022

DEBTS RECOVERY TRIBUNAL, JAIPUR

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ORIGINAL APPLICATION NO. 848 of 2022

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The Recovery Certificate prepisd in compliance of order dated 16.06.2023 passed by Hon’ble Presiding Officer, DRT, Jaipur in Original Application No. 848 of 2022 Title Kotak Mahindra Bank Vs Shree Balaji Earthmovers & 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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Kotak Mahindra Bank Limited v. Shree Balaji Earthmovers

Case brief

What is this about?

What did the court decide?

Kotak Mahindra Bank Limited v. Shree Balaji Earthmovers

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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