In an ex-parte original application under Section 19 of the RDB Act, the Tribunal decreed in favor of Indian Bank to recover loan dues with modified interest rates and granted directions to sell properties.
Recovery of Rs. 27,39,240.00 with interest; Issuance of Recovery Certificate; Injunction against alienation of assets.
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DEBTS RECOVERY TRIBUNAL : JABALPUR
(for the States of Madhya Pradesh and Chhattisgarh)
(Presiding Officer - Hon'ble Shri Ram Niwas Patel)
Originol Application No. - 9i5122
lndian Bank, Ranital Chowk, Jabatpur (M.P.)
Appticant
Versus
Smt. Vaishati Trivedi, W/o Mohit Trivedi, House No.-146, Sarkari Kuan, Ghamapur, Jabatpur 482001
Defendant
Counsel for the Appticant : Shri R.K. Joshi, Advocate Defendant : Ex-parte
JUDGMENT
(Dated : 04th August, 2023)
2
oA935t22
Defendant is liabte to pay the claim amount together with interest and costs. The Applicant-Bank in its apptication has ctaimed interest @13.50% p.a. with month[y rests in cash credit account, interest @11.10% p.a. with monthty rests in term loan account and interest @8.40% p.a. with monthty rests in COVISD Loan account. However, I feet it fair and reasonabte to grant interest @12% p.a. in cash credit account, interest @1 1% p.a. in term loan account and interest @8% p.a. in COVID Loan account simple pendentelite and future til[ reatization of the dues. The personal properties and assets of the Defendant are liable to be sotd for recovery of amount due.
i) The Defendant do pay Rs. 27,39,240.00 (Rupees Twenty Seven Lac, Thirty Nine Thousand, Two Hundred and Fourty onty) together with pendentetite and future interest @127o p.a. in cash credit account, interest @1 1%p.a. in term toan account and interest @8%p.a. in COVID Loan account simple from the date of fiting of the OA, i.e.,27 lO7l22, with costs titl its reatization.
ii) The Appticant Bank is entitled to sell the personal properties and assets of the Defendant for realization of its dues. The Defendant is hereby restrained by means of injunction from depleting, transferring, encumbering, atienating or in any way deating with her properties/assets without first paying the ctaim of the Applicant Bank.
iii) A Recovery Certificate be issued uls 19(22) of Recovery of Debts and Bankruptcy Act. The appticant bank may fite a memo of cost within 7 days for preparing Recovery Certificate.
Judgment pronounced in the open court on this Day of 04th August, 2023.
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( mN twas Patet)
Presidine Officer
2 issues framed by the court
Whether the original application filed under Section 19 of the RDB Act for recovery of dues is maintainable.
Whether a higher court of interest fixed below statutory claims is reasonable under the circumstances.
2 provisions across 1 enactments
Indian Bank, Ranital Chowk, Jabalpur
Ram Niwas Patel
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
