Allowed

Uco Bank v. Subhash Chandra Singh

DRT7 Aug 2024OA/1100/2022

Case brief

AI extract

What is this about?

In an original application under the RDB Act, the Debt Recovery Tribunal allowed a bank's application for recovery of an outstanding loan of approx. Rs. 89 lakhs. The court granted interest at 10.50% p.a., declared the defendant's personal assets liable for realization, and directed issuance of a recovery certificate.

What did the court decide?

Defendant No. 1 ordered to pay Rs. 89,13,745.06 with 10.50% p.a. interest; personal properties liable for attachment; prohibition on dealing with assets; Recovery Certificate under s. 19(22) RDB Act t

Uco Bank versus Subhash Chandra Singh — 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 Application No. - 1100/22

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UCO Bank, Civic Centre, lndira Palace, Bhitai (C.G.)

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Appticant

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Versus

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Shri Subhash Chandra Singh

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Kanchan Devi, W/o Shri Subhash Chandra Singh

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(Both R/o 261 , Kaitash Nagar, Near MPHB, Bhitai, C.G. 490025)

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Defendants

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Counsel for the Appticant : Shri M.D.N.^Bajpai ,^Advocate

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Defendants : Ex-Parte

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JUDGMENT

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(Dated : 07tn August, 2024)

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The Appticant-Bank has fited the^{presentOriginaLApptication} u/s 19 of Recovery of Debts and^{BankruptcyAct on 75/08/72against the} Defendants for recovery of Rs.89,13,745.06^{(Rupees Eighty Nine Lac,} Thirteen Thousand, Seven Hundred^{Fourty Five and Paisa Six onty) along with} interest and other reliefs^as stated.

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The brief facts of the case are^{that on the requestof} Defendant No.-1, the Appticant^{Banksanctioned Term Loan of Rs. 11 Lac on} 27t11 t13, Car Loan of Rs. 12^{Lac on 16106/16and CC Loan of Rs. 52 Lac on} o4l09l17.0n the further^{request of Defendant No.-1 the Applicant-Bank} restructured the^{Loan by way of CC Limit of Rs. 52 Lac, WCTL of Rs' 16 Lac,} Bank Guarantee of^{Rs. 4 tac aggregatingRs. 72 Lac on 31/03/20'ln} consideration of the^{sanction of creditfacitities the DefendantNo.-1} executed requisite loan^{documentsand Defendant No.-2createdequitable} mortgageovertheimmovabteproperty,i.e.,Residentia[Land&Buitding PtotNo.-261,KHNo.-1606/'l2,PHNo.'14,WardNo"14,Kurud,Bhilai,Durg (c.G.). rhe Defendant No.-1^{avaitedthe credit facititiesand atso executed} Balance confirmation^{on01 /09117but faitedto tiquidate the outstanding} dues despite^{issuanceof LegalNotice on 74103171 and initiation of action}

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oA 1100t22

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under the Securitisation Act by the Appticant Bank. The Appticant-Bank has retied upon the documents at Ex. A-1 to A-32 which were proved by Smt. Anuradha Agrahari, Chief 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 13/02123. lt is observed from the pteadings of the Appticant-Bank in the oA that the Defendant No.-2 has not executed any loan documents however alteged to have created equitabte mortgage over he.immovabte property but no relief is sought against the atteged mortgaged property. considering the facts of the case, I opine that the Defendant No.-1 is tiabte to pay the ctaim amount together with interest and costs. The Appticant-Bank in its apptication has ctaimed interest @10.60% p.a. with monthty rests. However, I feel it fair and reasonabte to grant interest @10.50% p.a. simpte pendentetite and future titt reatization of the dues. The personal properties and assets of the Defendant No.-'l are tiabte to be sotd for recovery of amount due.

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

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i) The Defendant No.-01 do pay Rs. g9,13,745.06 (Rupees Eighty Nine Lac, Thirteen Thousand, seven Hundred Fourty Five and paisa Six onty) together with pendentetite and future interest @io.50% per annum simpte from the date of fiting of the OA, i.e., 25/0g/Zl with costs titt its reatization.

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ii) The Appticant Bank is entitted to sett the personal properties and assets of the Defendant No.-1 for rearization of its dues. The Defendant No.-1 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 uls 19(ZZ) of Recovery of Debts and Bankruptcy Act. The appticant bank may file a memo of cost within 7 days for preparing Recovery Certificate.

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Judgment pronounced in the open court on this 07th Day of August, 2024. j>r\

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o b
1
iwa, r.,.,,
Presidi nq Officer

Uco Bank v. Subhash Chandra Singh

Case brief

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What did the court decide?

Uco Bank v. Subhash Chandra Singh

Case brief

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