Allowed

Central Bank of India v. Blue Sky Cosemetics

DRT18 Dec 2023TA/449/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the original application filed by Central Bank of India against Blue Sky Cosmetics for recovery of outstanding loan amount of Rs. 1,63,5L,735/- with interest and costs, directing sale of mortgaged property if unpaid.

What did the court decide?

Directed defendant to pay Rs. 1,63,5L,735/- with interest and costs within 30 days; Recovery Certificate issued; Sale of mortgaged property authorized in case of default.

Central Bank of India versus Blue Sky Cosemetics — Banking and Recovery | DRT (2023)

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Before SUSHIL KUMAR RASTOGI, Presiding Officer ' Debts Recovery Tribunal-Il, Delhi

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TA No. 49 oJ 2022

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CENTRAL BANK OF INDIA VS. BLUE SIff COSMETICS

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Reserued on : 03.11,2023

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Pronounced on : 18.12.2023

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Central Bank of India -^{Applicant bank} Vs. Blue Sky cosmetics (Through proprietor Mr. Ashish Chawla) - Defendant

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Present: Sh. Jaswinder Singh, Counsel appears for applicant bank. None for defendants.

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FINAL ORDER

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This original application has been filed by the applicant bank, on L3.07.2016 through Shri Tej^Pal, Chief Manager of the applicant bank, under Section¹⁹ of the Recovery of Debts Due to Banks and^Financial Institution Ad, 1993 against the defendant for recovery of a sum of Rs.1,63,5L,735/- together with cost, charges and^{pendentellite} and future interest @ 9.70o/o p.a. from date of filing of this O.A. till the realization in ful!.

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The brief facts of the case are that the defendant company through its^proprietor has approached the applicant bank for over draft under Cash Credit Scheme of Rs.1,10,00,000/- vide loan application dated 09.05.2012 and the same was sanctioned by the applicant bank on 07.06 .20L2. In order to avail the saiqloqn facility the defendant has - E\f

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TA NO. 449 of 2022

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executed loaning/security documents through its proprietor on 07.06.2012. Shri Harish Chawla stood as guarantor and executed a letter of continuing guarantee dt. 07.06.2012. The properly bearing no. L1LO6, Old Rajender Nagar, New Delhi^-110060 was equitably moftgaged by defendant by deposit of original title deed with the applicant bank on 07.06.20L2. The defendant vide letter dt. 18.02.2013 requested the applicant bank for conversion of existing CC limit to OD under Cent Trade^{Scheme and} applicant bank vide letter dated 18.02.2013^favourbly considered the same and security documents^were executed by the defendant through^{its proprietor on} 18.02.2013.

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It is further submitted that the^defendant enjoyed and utilized the Loan^{facility, but failed to} maintain the financial discipline and^{failed to repay} the due amounts. The applicant^{bank requested the} defendant to regularize the^{loan account by visits and} letters, but there was no^{response from the} defendant, hence the account^{was classified as NPA} Thereafter, the applicant bank^{seryeda legal demand} notice dated 18.03.2015 to the^{defendant,demanding} the amount due as on that date,^{but failed to recover} the same. Thus, the^{present T.A. is preferred by the} applicant bank to recover^{its dues.}

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On notice by this^{Tribunal, defendant failed to} put appearance at all, despite^{publicationand} accordingly defendant^{was proceededagainst expafte} on 29.11.2019.^{^t--}

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TA NO. 449 of 2022

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The documentary evidence filed by way of affidavit of Sh. Vinod Kumar Chauhan, Chief^Manager of the applicant bank from^paper no.1 to 82^have gone unchallenged and un-rebutted. Hence, the case of the applicant bank stands fully^{established against} the defendant with respect to non^{payment of EMI/} outstanding amount.

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In the light of the above discussions,^{the Original} Application deserues to be allowed.

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ORDER

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I hereby allow this^{T.A. of the ApplicantBank} and direct the defendant^{to pay to the applicantbank} within 30 days from today, a^{sum of Rs.1,63,5L,7351-} along with cost,^{expenses and interest @ 9.70o/o} simple from the date^{of filing of this o.A. till the date} of realization.

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In case of failure to^{depositthe above amount} within the stipulated^{period, the same shall be} recovered from the sale of^{the mortgagedproperty} bearing no. tlLO6, Old^{Rajender Nagar,New Delhi -} 110060. In case of shoft^{fall, the same shall be} recovered from the sale of^{personalmovable and} immovable assets of the^defendant.

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Recovery Ceftificate^{be issuedfofthwith and be} sent to Recovery officer,^{Debts Recovery Tribunal-Il,} Delhi. 'N

TA NO. 449 of 2022

The registry of this Tribunal is hereby directed to issue free copy of the order and send the same to both the pafties.

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Parties are direct to appear before the Ld. Recovery Officer, DRT-II, Delhi on 23.02.2024. Pending IAs, if'any, stand disposed of.

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File be consigned to records.

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Date : 18. L2.2023 (SUSHI

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PRESIDING OFFICER DRT-II, Delhi

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This^judgement has been signed, dated and pronounced in open court.

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Date : 18.t2.2023

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4* (SUSHIL KUMAR RASTOGI) PRESIDING OFFICER DRT-II, Delhi

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Central Bank of India v. Blue Sky Cosemetics

Case brief

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Central Bank of India v. Blue Sky Cosemetics

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