Allowed

State Bank of India v. Shivkanti Prajapati W/O- Kamlesh Prajapati

DRT3 Apr 2024OA/1162/2022

Case brief

AI extract

What is this about?

The Tribunal allowed the applicant bank's application under Section 19 of the Recovery of Debts and Bankruptcy Act. The court granted interest at 11.05% per annum simple and directed the sale of mortgaged and personal assets for recovery.

What did the court decide?

Recovery of Rs. 75,94,072.94 with interest at 11.05% p.a. simple; issuance of Recovery Certificate; injunction against disposal of assets.

State Bank of India versus Shivkanti Prajapati W/O- Kamlesh… — 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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Originol Application No. - 1162122

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State Bank of lndia, Stressed Assets Recovery Branch, 5, Yashwant Niwas Road, lndore (M.P.)

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..... App[icant

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Versus

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Smt. Shivkanti Prajapati, Wio Shri Kamlesh Prajapati

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Shri Kamlesh Prajapati, S/o Shri Mani Ram Prajapati

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(Both R/o MIG-205, Housing Cotony, Bagdun, lndorama, Sector-3, Pithampur, Dhar, M.P. 454775) Defendants

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Counsel for the Appticant : Shri Arun K Pandey, Advocate

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Defendants : Ex-parte

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JUDGMENT ( o ateE : o J-ap ri t, zo za )

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The Appticant-Bank has fited the^present Original Apptication u/s 19 of Recovery of Debts and Bankruptcy Act on 13/09/27 against the Defendants for recovery of Rs. 75,94,072.94^(Rupees Seventy Five Lac, Ninety Four Thousand Seventy Two and Paisa Ninety Four 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 No.-1 & 2, the Appticant Bank sanctioned First Housing Loan of Rs, 35 Lac and Funding of Home Loan lnsurance Cover of Rs. 1.50 Lac on 26108170 and Second Housing Loan of Rs. 35 Lac and Funding of Home Loan lnsurance Cover of Rs. 1.50 Lac on 26108 120. ln consideration of the sanction of housing loans the Defendants in addition to execution of loan documents have atso created equitabte mortgage over the immovable properties betonging to Defendant No.-1, i.e.,

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i) Ptot No.-59, admeasuring area 750 sq.ft., situated at Vidhya Vihar Cotony, Vittage-Katti Bittod, Tehsit-Depalpur, Distt.-lndore (M.P.);

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oA 1t62/22

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ii) Plot No.-60, admeasuring area 750 sq.ft., situated at Vidhya Vihar Cotony, Vittage-Katti Bittod, Tehsit-Depalpur, Distt._lndore (M.p.).

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The Defendants avaited the credit facitities but faited to tiquidate the outstanding dues despite issuance of Demand Notice on 1gl0g/22 by the Appticant Bank. The Appticant-Bank has retied upon the documents at Ex A-.1 to A-21 which were proved by Shri Tamrat La[ Kori, Chief Manager.

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Despite service of notice, the Defendants neither appeared nor filed written statement. They were proceeded ex-parte vide order dated 28/04123. There is therefore, no reason to disbetieve the contentions of the Bank. considering the facts of the case, r opine that the Defendants are jointty and severalty liabte to pay the claim amount together with interest and costs. The Appticant-Bank in its apptication has ctaimed interest @11,05% p.a. with monthty rests, However, I feel it fair and reasonabte to grant interest @11.05% p.a. simpte pendentetite and future titt reatization of the dues. The mortgaged properties are tiabte to be sotd for recovery of amount due along with the personal properties and assets of the Defendants.

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

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i) The Defendants do pay jointty and severatly Rs.75,94,072.94 (Rupees seventy Five Lac, Ninety Four Thousand seventy Two and paisa Ninety Four onty) together with pendentetite and future interest @11.05% per annum simpte from the date of fiting of the OA, i.e., 13/09122, with costs tit[ its reatization.

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ii) The Appticant Bank is entitted to sett the mortgaged as wetl as personal properties and assets of the Defendants for reatization of its dues. The Defendants are hereby restrained by means of injunction from depteting, transferring, encumbering, atienating or in any way deating with their properties/assets without first paying the ctaim of the Appticant 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 03d Day of Aprit, 2024.

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\ ?^,h' (Ram Niwas Patet) Presidine Officer

State Bank of India v. Shivkanti Prajapati W/O- Kamlesh Prajapati

Case brief

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State Bank of India v. Shivkanti Prajapati W/O- Kamlesh Prajapati

Case brief

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