Allowed

Central Bank of India v. Ashok Kumar Shukla

DRT24 Jul 2024OA/1016/2023

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an application by Central Bank of India against Ashok Kumar Shukla for recovery of loan dues. The applicant bank obtained a relief to sell the hypothecated vehicle and personal properties for realization of dues.

What did the court decide?

Claim amount, pendentente and future interest, costs, and recovery certificate granted. Defendant restrained from dealing with assets.

Central Bank of India versus Ashok Kumar Shukla — 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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cAr P couRT AT RATPUR (C.G.)

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(Presiding Officer - Hon'bte Shri Ram Niwas Patet)

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Originol Application No. - 1016/23

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Centra[ Bank of lndia, Satpata, Bishrampur, Distt.^-Surajpur (C.G. )

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..... Appticant

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Versus

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Ashok Kumar Shukta, S/o Shri Ramakant Shukla, Q.No.-1^{C152,Ward No.-11,} 1C Cotony, Bishrampur, Distt.^-Suraj pur (C.G. ) 497226; Atso at: Near Gouri Shankar Mandir, Shanti Nagar, Bishrampur, Distt.^-Surajpur (C.G. ) 497226

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... Defendant

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Counsel for the Appticant : Shri Sanjeev Dubey, Advocate Defendant : Ex-parteEx-parte

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: Ex-parteEx-parte

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JUDGMENT loatea^{I74Flu ty, zoz+;}

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The Appticant-Bank has fited the present Original Application u/s 19 of Recovery of Debts and Bankruptcy Act on 14109123 against the Defendant for recovery of Rs. 29,99,415.66 (Rupees Twenty Nine Lac, Ninety Nine Thousand, Four Hundred Fifteen and Paisa Sixty Six onty) atong with interest and other reliefs as stated.

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The brief facts of the case are that on the request of Defendant, the Appticant Bank sanctioned Term Loan of Rs. 30.16 Lac on 01109117 for purchase of Truck and FITL of Rs. 3 Lac on 09/12119 and in consideration of the same the Defendant executed requisite loan documents. The Defendant purchased HGV Heavy Goods Vehicte Mahindra and Mahindra Ltd bearing Registration No.-CG15DE/9939 and hypothecated it in favour of the Appticant-Bank. The Defendant avaited the credit facitities but faited to tiquidate the outstanding dues despite issuance of Legat Notice on 05/09122 by the Appticant Bank. The Appticant-Bank has retied upon the documents at Ex. A-1 to A-10 which were proved by Shri Sidhart Kumar, Chief Manager.

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oA 1016123

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Despite service of notice, the Defendant neither appeared nor fited written statement. He was proceeded ex-parte vide order dated 19/01174. There is therefore, no reason to disbetieve the contentions of the Bank. Considering the facts of the case, I opine that the Defendant is liabte to pay the ctaim amount together with interest and costs. The AppticantBank in its apptication has ctaimed interest @9.25% p.a. in term loan account and interest @10.50% p.a. in FITL account. I feel it fair and reasonabte to grant interest @9.25% p.a. in term loan account and interest @10.50% p.a. in FITL account simpte pendentetite and future tit[ reatization of the dues. The hypothecated HGV Heavy Goods Vehicte Mahindra and Mahindra Ltd bearing Registration No.-CG15DE/9939 is tiabte to be sotd for recovery of amount due atong 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. 29,99,415.66 (Rupees Twenty Nine Lac, Ninety Nine Thousand, Four Hundred Fifteen and Paisa Sixty Six onty) together with pendentetite and future interest @9.25% p.a. in term loan account and interest @10.50% p.a. in FITL account simpte from the date of fiting of the OA, i.e.,14109123, with costs titt its reatization.

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ii) The Appticant Bank is entitted to setl the hypothecated HGV Heavy Goods Vehicte Mahindra and Mahindra Ltd bearing Registration No.CG15DE/9939 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 his properties/assets without first paying the ctaim of the Appticant Bank.

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iii) A Recovery Certificate be issued u/s 19(22) of Recovery of Debts and Bankruptcy Act. The applicant 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 24th Day of Juty, 2024 at Camp Court Raipur.

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h ,-7 (Ram s Patet) Presidine Officer

Central Bank of India v. Ashok Kumar Shukla

Case brief

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Central Bank of India v. Ashok Kumar Shukla

Case brief

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