Allowed

Central Bank of India v. Nidhi Dubey

DRT29 Nov 2024OA/1033/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Bank's application for recovery of dues totaling Rs. 1.06 crore against the defendant. The defendant failed to appear or file a written statement, leading to an ex-parte order granting the claim with specific interest rates and an injunction on asset disposal.

What did the court decide?

Order to pay Rs. 1,06,98,463.15 with interest and costs; injunction on asset transfer; Recovery Certificate under Section 19.

Central Bank of India versus Nidhi Dubey — 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'ble Shri Ram Niwas Patet)

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Original Application No. - 1033122

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Centrat Bank of lndia, Thatipur, Gwatior (M.P.)

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..... Appticant

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Versus

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Smt. Nidhi Dubey, W/o Shri Rahu[ Dubey, Proprietor-M/s Gwatior Enterprises, B-Btock, Anand Nagar, Sangartal Road, Gwalior (M.P.) 474010', Atso at: A-82, Achteshwar Vihar Cotony, Tansen Road, Gwatior (M.P.) 474002

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Defendant

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Counsel for the Appticant : Shri Arun K. Pandey, Advocate

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Defendant : Ex-parte

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JUDGMENT

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(Dated : 29th November,2024)

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The Appticant-Bank has fited the present Original Apptication u/s^'19 of Recovery of Debts and Bankruptcy Act on 16/08/22 against the Defendant for recovery of Rs. 1,06,98,463.15 (Rupees One Crore, Six Lac, Ninety Eight Thousand, Four Hundred Sixty Three and Paisa Fifteen onty) atong with interest and other retiefs as stated.

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2, The brief facts of the case are that on the request of Defendant, the Appticant Bank sanctioned Cash Credit (Hypothecation) Limit of Rs. 55 Lac, Term Loan of Rs.20 Lac on21 /10/19 under National Credit Guarantee Trustee Company (NCGfC) Coverage as^per SUI^(Stand Up lndia) Scheme, Working Capital Term Loan (Cent Guaranteed Emergency Credit Line) of Rs. 11 Lac on 05106120 and Funded lnterest Term Loan of Rs. 79,973/^- on^'10111 /70 and in consideration of the same the Defendant executed requisite loan documents from time to time. The Defendant availed the credit facitities but failed to liquidate the outstanding dues despite issuance of Legal Notice on 76105/22 by the Appticant Bank.^The Appticant-Bank has retied upon the documents at Ex. A-1 to^{A-20 whichwere} proved by Shri Sushit Kumar Verma, Chief Manager.

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oA 1033122

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Despite service of notice, the Defendant^{neither appeared nor} fited written statement. She was^{proceeded ex-partevide order dated} 08/05123, There is therefore, no reason^{to disbetieve the contentionsof the} Bank. Considering the facts of the case, I opine that the^{Defendant is tiabte} to^pay the claim amount together with interest and costs.^{The Appticant-} Bank in its application has ctaimed interest @8.65%^{p.a.,10.35%p.a.,7.50%} p.a. and 7.80% p,a, with monthty rests in respect of term loan, cash credit, working capital term loan and funded interest term [oan accounts respectivety. However, I feet it fair and reasonabte to^grant interest @8.65% p.a., 10.35% p.a.,7.50% p.a. and 7.80% p.a. simpte pendentetite and future in respect of term toan, cash credit, working capitat term loan and funded interest term loan accounts respectivety titl reatization of the dues. The personal properties and assets of the Defendant are liabte to be sotd for recovery of amount due.

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The Origina[ Apptication is attowed and it is ordered as under-

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i) The Defendant do pay Rs. 1,06,98,463.15 (Rupees One Crore, Six Lac, Ninety Eight Thousand, Four Hundred Sixty Three and Paisa Fifteen onty) together with pendentetite and future interest @8.65% p.a., 10.35% p.a.,7.50% p.a. and 7.80% p,a, simpte in respect of term [oan, cash credit, working capita[ term loan and funded interest term loan accounts respectivety f rom the date of fiting of the OA, i.e., 16 /08/22 , with costs titl its reatization.

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ii) The Appticant Bank is entitted to sell the 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 dealing 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 November

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of NovemberNovember 24.
l<br>m Niwas Patel)
P sid 0fficer

Central Bank of India v. Nidhi Dubey

Case brief

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Central Bank of India v. Nidhi Dubey

Case brief

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