Allowed

Indian Bank v. M/S New Salim Traders

DRT17 Oct 2023OA/877/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's application for recovery of RS. 2.58 Lakhs from the defendant borrower and guarantors. The court directed payment of principal and interest, sale of mortgaged properties, and issuance of a recovery certificate.

What did the court decide?

Respondents to pay RS. 2.58 Lakhs plus simple interest at 9% p.a. from 04.10.2022; Applicant entitled to sell mortgaged and personal assets; Recovery Certificate to be issued.

Indian Bank versus M/S New Salim Traders — Banking and Recovery | DRT (2023)

¶1

DEBTS ECOVERY TRIBUNAL : JABALPUR (for the States ol'Madhya Pradcsh and Chhattis-earh) (Prcsicling Olllccl IIon'blc Shri [{lm Nilras l)utel)

¶2

Ori gina 1 .,1 ppl icat io n hto. -877/2022

¶3

Indian Bank.

¶4

Vy'apar Vihar, Oppositc i\4ahima Conrplcr. Bilaspur (C.G) 195001

¶5

Applicant

¶6

Versus

¶7

I M,'s Ncu' Sal inr lrlrdcrs, Through ils I)ro1-rrictori,

¶8

Mr.' Molrd Wahicl \4cnran.

¶9

S tr I x1g ltlhrtl \1.'rrrlrrt.

¶10

Shop No. [8; Ilittutt I)laza

¶11

lund it'

¶12

2 Sm1. .lecnat Mcntan, W/o Mr. Mohacl Ytrsul'Mc nt An Mr.r salinlrn \1ohalla^'I akatpr.rt. N ear,M altapral ir M aucli D istr'iCt - Ililaspu T(C .G

¶13

3 n]l. ll s0ctt []atto. t. Mt)lirl \ lrhi rl \lctnrttt I altatltLrt', e nclir. ,I stri .c)

ur;

l)e lL'nclaⁿ ts

oA 877',))

Counsel 1br lllt t Shri Shankaran Nair, Advocatc Def'endants l:x l)^ilrte

¶19

.IUI)GM ENT Datcrl : lTth Octobcr,2ll23)

¶20

The App I icant Bank has filed the present Original Application u/s 19 o ['Rccovcr"r ol'Dcbts and Bankruptcl, Act on 01101 122 again-st " thc [)cl'cntlrrtrts lor^{'reco</sup> cr\ rrl i(:. 2,s8,06,193 (Rr,rpces^'l'u'o Crorc, F ilty Eight l..ac. Six Thousand, Onc Hundrccl Ninctl^-l'hrce onlr) along rvith intcrcst and other relicli as stated.}

¶21

) -l-hc bricl' lircts ol'thc clrse are that thc I)clL'ncllrnt No.l through.ils,, l) lopliettlr rr'as cir.ior ing⁽ iish^('rcdit llrcilitl ,rl' Rs.75 l-ac lionr tlrc crstuhilc A:llahabad tlank (hercinllrcr refblred to as tlrc lJanii) and on further reqllest o1' Def-endant No.l. thc Cash Crctlit I lrcilitr rils sLrbserluolttl\ cnhilnuc(l ul) t() Rs.l .50 Lac or.r 5 ll2'12. In considera{ion ol' thc sunrc tlrc Def'cndant No.l BS, borrtru,cr and l)cltnclant No.2 ttl J in thcir indir idual caplrcitr as sLrrlarrtors irr irtltlition to crccrrtion t,l'lrilrrr and guarantcc docr-lnrcnts havc also' crcatccl cquitablc rnor.tuage ovcr thc irrnhrovable ploltcrtics, i.e:., '

¶22

(i) Diverted lahd ouncd by Srrrt. Jccnui N,lcman. W,o Nlr.. Yusrrl'Mcrniln atril Srrrt. Nlrsccrrr lllrrro M''man. w,o Mr.. Molrd Wahid N4eman sitrrrrrcd'ar Kh No.2(r5. I,h No.l7" (,irele Jarhagaon. MoLrja- []ir'cla. Mtrrgc.li. c.lr, I)ancha\ at []ar.clr. l'ehsil-Nlrrngcli. I)isrict-Nilungcli (ii..t;); arcrr 0.J0 acrc.

¶23

Or\ 8r7 ll

¶24

Meman and Vlr. Vlolrd (ii) Dir crtcd I Wahid Meman .321t22 afler divelsion 321 16, I'II NO No.3, Area-O.21 acre. MoLr^ja- likrllr Lrf^'lchsil- I'al<halpLrr. District- tlilasp .(;). Thc DelLrdant iled th e credit f,acilitl,trut lailed to liquidatc the outstand dr"rcs dcspitc issuancc ol'[{ccall \trticc on ll/l li20 b1 the Applicant Bank.^'l'he Applicant Bank uhilc tnl t lilt lng i"rclion trrrr-lcl thc SccLrlitisatiorr'Act has .oltl tlre mortgaged'f r0pcltlc s rlcsclibcd at Para-5.7 (2) & (3).^'llre Defe ndan iso mali epal1p ay l1'rc nt of Rs. 10, 000/- bLrt rras Irot 'ilr sufflcicnt ar thc or crclue. c Applicant-Bank has rcliccl upon thc d c nl cll ts at lr . A-l to A-17 rihich wcrc pt'ovccl [r.v Shri Pril ad Mishra, C hi ef N'lan ager. ll

¶25

[)csp itc scn icc ol' nirticc, tlie rDclenditnts^tlcitlter' appcared erdtln nor any C ourlsel appeared on bchall'^o1' Def-endants !y ling Vakalatnarng '[he1 were proceeded erparte v-i rlc tl rtl r drrtr:d I lⁱ 0(r'2J: lltcrc^{is tllcrclorc.l)o le :ls()l) L()} disbclier c thc cotltcntions^ol'thc :tlarlk.^{Consideringtlte litcts ol'} tlre case. I opinelthitt^{the [)efendalrtsarc} .iointly^{and set'ct'allr} liable to^pit1, thc c'lairn^{urt.tgttnttOgcthcr u ith intcrcst ltiltl ctt:ls.} 1-hc Applicant-Bank in its^{application has claintccl itltct'cst} (r'Il.t5'1,, p.zt. rr'ith hrorlrhlr^{restis. IIo\crcr. I ttc'l it lnir llrld} reasonablc lo^{griirfirrtcrcst tc L lil ,,} 1;.a.^{sirnplc pcncle rttclitc lrrltl} firture till realization of^{thc dues. 'l'hc mortgagcd propcrtie s rtt'c} liablc to tri sold titr^{rccorcrv trl'ltl.ttt'rttlttcltre alotlgl uilh thc} pcrsonal 1,,'t,p:.,iti.ls^{i.lt) rl ilssct s} ,.-<sup>o l' thc -r^{I )cl crrcilttrts'}

¶26

¶27

oA 817ⁱ²²

¶28

The Application is allowed and it is ordered as under-

¶29

i) Thc Del-endants do pa1'-jointly'and sevclallr Ils. 2.58.06.I 93/- (RLrpccs^'l'u o Crorc. Filiy t:ight l.ac. Sir l'housand. Onc IlLrndrcd Nincti^'l hrce onlr ) tosetlrul' rr irlt pendentelite and lutu|c interest Qttttolo per anltulx sintplc lirrr the date of filing ol'thc OA, i.c.. 04107t22. vvith costs till its rcalization.

¶30

ii) Thc Applicant Bank is entitled to sell rhe rnorlgagcd as rrcll as persoilul 1l'rlpcrlics anil u.,scts ol'thc t)elL'ntllitrts iiir. realization of its du,-'s. the De l'endar)ls arc hercbr rcsl.rrritrctl [t-r means ol- injtrnctirtrr liom depleting. translcn irrg, encuntberirrs, alienatinq or irr artr u ar dcaling ri ith thcir pt.opcl.t ics ltsstts uithout first paying thc clainr ol'thc Applicant llank.

¶31

iii) A l{ecovcrr^('ertillcate bc issuecl uis l9(ll ) ol' Recov0n o1'l)cbts ard l]ankruplo,Act. t hc applicant lrurrli rnrrr flle- a me rno qf^, iosl rvithin 7 dal s for prcparing Recov,crr Certificate. i:^t,

¶32

I th Judgment pron ounccd in 0pen court on lhis 17 Da ol' Oclober, 2023. I S DXA^

¶33

I a S DXA^ 0.e

¶34

( ,,liiN iu,'-rs t,u,.l , I) sidin Ollrccr

¶35

-t

¶36

:". :ri,'i|."'.

Indian Bank v. M/S New Salim Traders

Case brief

What is this about?

What did the court decide?

Indian Bank v. M/S New Salim Traders

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

Similar cases

Ms Arvind Traders versus State Bank of India

Shri Pradeep Sharma versus Indian Bank (Allahabad Bank)

Punjab National Bank versus Arunoday Singh

Punjab National Bank versus M/S Balaji Traders

Mr Ashwani Jaiswal versus Capri Global Capital Limited

Pratiksha Narang versus Karnataka Bank Limited