Allowed

Bank of India v. Rajesh Shinde

DRT12 Apr 2024OA/1054/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed the bank's original application for recovery of dues and interest. The court directed joint and several payment, enforcement of mortgage charge, and issuance of a Recovery Certificate under Section 19(2) of the RDB Act.

What did the court decide?

Recovery of Rs. 24,71,261.71 along with interest, issuance of Recovery Certificate under Section 19(2) of the RDB Act, and injunction against transfer of assets.

Bank of India versus Rajesh Shinde — Execution and Attachment | 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 Application No. - 1054122

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Bank of lndia, Amravati Road, Burhanpur (M.P.)

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Appticant

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Versus

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Shri Rajesh Shinde, 01 ) S/o Shri Raghunath Shinde, R/o Vittage-Dhaba Raiyat, Post Nagziri, Tehsi[-Khaknar, District-Burhanpur (M. P. )

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02). Shri Madhukar, S/o Shri Dondu, R/ o 221 /3, Vittage-Dhaba Raiyat, Post Nagziri, Tehsit-Khaknar, District-Burhanpur (M. P. )

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Defendants

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Counsel for the Appticant : Shri Alok Mishra, Advocate Defendants : Ex-parte

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JUDGMENT loateE:T2rnprit,zoz+;

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The Appticant-Bank has fited the present Original Apptication u/s 19 of Recovery of Debts and Bankruptcy Act on 01 /09122 against the Defendant for recovery of Rs, 24,71 ,261 .71 (Rupees Twenty Four Lac, Seventy One Thousand, Two Hundred Sixty One and Paisa Seventy One 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 No.-1, the Appticant Bank sanctioned Kisan Credit Card Limit of Rs. 9.95 Lac on 72102/13. ln consideration of the sanction of KCC facitity the Defendant No.-1 as borrower and Defendant No.-2 as guarantor in addition to execution of loan documents have atso created charge under the provisions of M.P. Krishi Udhar Pravartan Tatha Prakriyan Upbandh (Bank) Adhiniyam 1977 over the immovable property, i.e., Land bearing Khasra/Survey No.-6912, area 3.380 hectares, PH No.-16, situated at VittageDhaba Raiyat, Post Nagziri, Tehsit-Khaknar, District-Burhanpur (M.P.); betonging to Defendant No.-1. The Defendant No.-1 avaited the credit

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oA 1054t22

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facitity and also executed Acknowtedgment of Debt & Security lastly on 02/08171. The account became NPA and the Defendants faited to liquidate the outstanding dues despite issuance of Legat Notice on 09/06121 by the Appticant Bank. The Appticant-Bank has retied upon the documents at^{Ex A-1} to A-14 which were^proved by Shri Vitas Ganpat Bavaskar, Senior Branch Manager.

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Despite service of notice, the Defendants neither appeared nor fited written statement. They were proceeded ex-parte vide order dated 09105123, There is therefore, no reason to disbetieve the contentions of the Bank. Considering the facts of the case, I opine that the Defendants are jointty and severatty liabte to pay the ctaim amount together with interest and costs. The Appticant-Bank in its application has ctaimed interest @1 1.80%^p.a. with hatf-yearly rests. However, lfeet it fair and reasonable to grant interest @1 1.80% p.a. simpte pendentetite and future ti[[ realization of the dues. The mortgaged property is liabte to be sold for recovery of amount due atong with the personal properties and assets of the Defendants.

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The Original Application is attowed and it is ordered as under-

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i) The Defendants do pay^jointty and severatly Rs. 24,71,261.71 (Rupees Twenty Four Lac, Seventy One Thousand, Two Hundred Sixty One and Paisa Seventy One onty) together with pendentelite and future interest @1^{1.80% per} annum simpte from the date of fiting of the OA, i.e.,⁰¹ 109122, with costs tit[ its rea[ization.

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ii) The Appticant Bank is entitled to sett the mortgaged as wetl as personal properties and assets of the Defendants for realization of its dues. The Defendants are hereby restrained by means of injunction from depleting, transferring, encumbering, atienating or in any way deating with their properties/assets without first paying the claim of the Appticant Bank.

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iii) A Recovery Certificate be issued uls 19(221 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 12th Day of Aprit,^2024.

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tl' (Ram Niwas Patet) Presidinq Officer

Bank of India v. Rajesh Shinde

Case brief

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Bank of India v. Rajesh Shinde

Case brief

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