Allowed

State Bank of India v. Babu Bai

DRT29 Oct 2024OA/1005/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed the State Bank of India's application for recovery of dues against Smt. Babu Bai. The court directed payment of the principal amount and reduced interest to 12% p.a., while also restricting the defendant from transferring assets and issuing a recovery certificate.

What did the court decide?

Defendant ordered to pay principal with 12% p.a. interest; asset alienation restrained; Recovery Certificate issued.

State Bank of India versus Babu Bai — Banking and Recovery | DRT (2024)

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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. - 1005122

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State Bank of lndia, Stressed Assets Recovery Branch, State Bank Bhawan, 5, Y.N. Road, lndore (M.P.)

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..... Appticant

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Versus

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Smt. Babu Bai, W/o Shri Bhawar Lat, 21 2, Vittage-Kharsodkalan, Tehsit-Badnagar, Distt.-Ujjain (M.P.) 45631 3

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..... Defendant

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Counsel for the Appticant : Shri Arun Kumar Pandey,^Advocate Defendant : Ex-parte

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JUDGMENT

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(Dated : 29th October, 2024)

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The Appticant-Bank has fited the present Originat Apptication u/s 19 of Recovery of Debts and Bankruptcy Act on 30107122 against the Defendant for recovery of Rs. 26,59,044.91 (Rupees Twenty Six Lac, Fifty Nine Thousand Fourty Four and Paisa Ninety One onty) atong with interest and other retiefs as stated.

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Z. The brief facts of the case are that on the request of Defendant, the Appticant Bank sanctioned Kisan Credit Card of Rs. 14.75 Lac on29/12/17 and Agricutture Term Loan of Rs.6.75 Lac on 24101/18 and in consideration of the same the Defendant in addition to execution of loan documents has atso created charge under the provisions of M.P. Krishi Udhar Pravartan Tatha Prakriyan Upbandh (Bank) Adhiniyam 1977 over the immovabte property, i.e., Agricutture Land bearing Patwari Circte No.-11, Survey No.-1975 area 3.530 hectare; 1998 area 0.980 hectare; 2097 area 1.410 hectare; 2093 area 0.720 hectare total area 6.640 hectare, situated at Vittage-Kharsodkata, Btock-Badnagar, Tehsit-badnagar, District-Ujjain (M.P.) The Defendant avaited the credit facitities but faited to [iquidate the outstanding dues despite issuance of Legal Notice on 09/07/22 by the Appticant Bank. The Appticant-Bank has retied upon the documents at Ex A-1 to A-2 which were proved by Shri Sanjay Mehta, Chief Manager.

oA t005122

Despite service of notice, the Defendant neither appeared nor fited written statement. She was proceeded ex-parte vide order dated 30104/24. There is therefore, no reason to disbetieve the contentions of the Bank. Considering the facts of the case, I opine that the Defendant is tiabte to pay the ctaim amount together with interest and costs. The AppticantBank in its apptication has ctaimed interest @13.90% p.a. with monthty rests in Kisan Cash Credit account and interest @12.65% p.a. with hatf-yearty rests in Agricuttural Term Loan account. However, I feel it fair and reasonabte to grant interest @12% p.a. simpte common in both the accounts pendentetite and future titl reatization of the dues. The mortgaged property is tiabte to be sotd for recovery of amount due along with the personal properties and assets of the Defendant.

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The Originat Apptication is attowed and it is ordered as under-

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i) The Defendant do pay Rs. 26,59,044.91 (Rupees Twenty Six Lac, Fifty Nine Thousand Fourty Four and Paisa Ninety One onty) together with pendentetite and future interest @12% per annum simple from the date of fiting of the OA, i.e. , 30107 /22, with costs titt its realization.

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ii) The Appticant Bank is entitted to setl the mortgaged as wetl as personal properties and assets of the Defendant for reatization of its dues. The Defendant is hereby restrained by means of injunction from depteting, transferring, encumbering, atienating or in any way deating with her properties/assets without first paying the ctaim of the Applicant Bank.

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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.

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Judgment pronounced in the open court on this 29th Day of October,2024.

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11
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sP t) Presidine Officer

State Bank of India v. Babu Bai

Case brief

What is this about?

What did the court decide?

State Bank of India v. Babu Bai

Case brief

What is this about?

What did the court decide?

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