Allowed

State Bank of India v. Dinesh Kumar Tripathi

DRT19 Dec 2023OA/865/2022

Case brief

AI extract

What is this about?

The Recovery Tribunal allowed the Applicant Bank's original application for recovery of dues from three Defendants. The Bank had provided housing and education loans secured by a mortgage. Despite notices, the Defendants failed to pay, and the Tribunal proceeded ex-parte, applying interest at 10% and 11.50% p.a. for recovery from joint and several personal and mortgaged assets.

What did the court decide?

Recovery of principal and interest; Recovery Certificate issued; Injunction on sale/transfer of assets.

State Bank of India versus Dinesh Kumar Tripathi — Contract and Commercial Disputes | 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 Patet)

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Original Applicotion No. - 865122

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State Bank of lndia, Stressed Assets Recovery Branch, Btock B-1, Pujari Chambers, Near Pachpedinaka, Tikrapara, Raipur (C.G.)

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..... Applicant

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Versus

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Dinesh Kumar Tripathi, S/o Shri R.P. Tripathi

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Smt. Kiran Tripathi, W/o Shri Dinesh Tripathi

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Kunat Tripathi, 5/o Shri Dinesh Tripathi

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(all at B-4, Luv Kush Vihar, Choubey Cotony, Raipur C.G. 492001; Also at: Ftat No.-403, Third Ftoor, Gokut Partment, Near lv\aharashtra Manda[, Choubey Cotony, Raipur C.G. 4920011 Defendants

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Counsel for the Appticant : Shri Arun K Pandey, Advocate Defendants : Ex-parte

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JUDGMENT loatea :TilEffiIEi,^zoz3l

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The Appticant-Bank has fited the present Original Apptication u/s 19 of Recovery of Debts and Bankruptcy Act on Ul07 122 against the Defendants for recovery of Rs.64,47,639.95 (Rupees Sixty Four Lac, Fourty Seven Thousand, Six Hundred Thirty Nine and Paisa Ninety Five onty) atong with interest and other retiefs as stated.

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The brief facts of the case are that on the request of Defendant No.-l and 2, the Applicant Bank sanctioned Housing Loan of Rs. 7.40 Lac on 2810512003 and on the request of Defendant No.-1 &. 3 the Appticant-Bank sanctioned Education Loan of Rs. 20 Lac on 15112110. ln consideration of the sanction of credit facitities the Defendant No.-1 & 2 as borrower for housing loan and Defendant No.-l & 3 as borrower and Defendant No.-2 as guarantor for education toan in addition to execution of

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oA86sl22

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loan and guarantee documents have also created equitable^{mortgage over} the immovabte^property, i.e., all^part and^parcel of^{FtatNo.-403, Third} Floor, Gokul Apartment, Wake Mauja Choubey^{Cotony,SwamiAtmanand} Ward No.-3, P.H. No.-'1068, R.N.M. Raipur-1,^{Tehsit& District-Raipur (C.G.)} admeasuring area 940 sq.ft.; betonging to^{Defendant No.'1 &, 2. The} Defendant No.-1 &.2 executed Revival Letters^{lastly on 24111 120 for housing} loan and Defendant No.-1 & 3 executed^{RevivatLetters tastly on 12t02120} for education toan. The Defendants availed the^{credit facitities but faited to} tiquidate the outstanding dues despite issuance^{of LegalNotice on A4106122} and by the Appticant Bank and^various letters^{by the Defendants promising} to pay the outstanding dues. The Applicant'Bank^{has retied upon the} documents at Ex. A-1 to A-15 which^{were provedby ShriHarishChandra} Ahinrar, Chief Manager.

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Despite service of notice, the Defendants neither^{appeared nor} filed written statement. They were^{proceededex'parte vide order dated} 24104123. Perusal of record reveats that^{Defendant No.-3has executed} documents for education loan only^{and therefore, the tiabitity of Defendant} No.-3 is restricted to the dues in education^{toan' Consideringthe facts of the} case, I opine that the Defendants^{are jointty and severalty tiable to paythe} ctaim amount together with interest^{and costs.The Applicant'Bank in its} apptication has claimed interest @10.10%^{p.a. and11.55%p.a. with monthly} rests for housing loan and educational^{loan accountrespectivety. However, I} feet it fair and reasonabte to^{grantinterest @10% p.a. and 11'50%p.a. for} housing toan and educationat^{loan account respectivety simPle pendentetite} and future titt realization^{of the dues. The mortgagedproperty is liable to} be sotd for recovery^{of amountdue alongwith the personalproperties and} assets of the Defendants.

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The Original Application^{is atlowed and it is orderedas under-}

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i) The Defendant No.-1 & 2 do^{pay jointty and severatlyFs'} 64,47,639.95^{(Rupees SixtyFourLac, Fourty Seven Thousand,Six Hundred} Thirty Nine and^{Paisa Ninety Five onty) due in housing loan and education} loan account. Further^{Defendant No.-3do pay jointtyand severalty with} Defendant No.-1^{Rs. 57,92,526.25 (Rupees Fifty Seven Lac,Ninety Two} Thousand, Five^{Hundred TwentySix and PaisaTwenty Five only) due in} education loan account.^{The Appticant-Bankis entitted to recover} pendentetite and future^{interest@10%p'a. and 11'50% p'a' simptefor}

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oA865122

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housing loan and educational loan account^{respectivelyfrom the date of} fiting of the OA, i.e., 0/,|07122,^with costs till^{its realization.}

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ii) The Appticant Bank is entitted to sett^{the mortgagedas wett as} personal properties and assets of the Defendants^{for reatization of its dues.} The Defendants are hereby restrained by^{means of injunctionfrom} depteting, transferring,^{encumbering,alienating or in anyway deating with} their properties/assets without^{first paying the ctaim of the AppticantBank.}

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iii) A Recovery Certificate^{be issued uls 19(221 of Recoveryof} Debts and BankruPtcy Act.^{The appticant bank may file a memoof cost} within 7 days for^{preparingRecoveryCertificate.}

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Judgment^{pronouncedin the open court on this 19sDay of December,2023.}

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9 \1^.'.r.-- (Ram N was Patel) Presidi ne Officer

State Bank of India v. Dinesh Kumar Tripathi

Case brief

What is this about?

What did the court decide?

State Bank of India v. Dinesh Kumar Tripathi

Case brief

What is this about?

What did the court decide?

What the court decided

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Statutes considered

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