Allowed

Bank of Baroda v. M/S Maruti Granules

DRT25 Jul 2024OA/1163/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Bank of Baroda's application filed under Section 19 of the RDB Act for recovery of dues amounting to Rs. 71,88,911.00 plus interest from companies and their partners who defaulted on loans.

What did the court decide?

Defendants ordered to pay Rs. 71,88,911.00 plus interest and costs; Recovery Certificate to be issued; Defendants restrained from transferring assets.

Bank of Baroda versus M/S Maruti Granules — 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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cAtAP COURT AT RATPUR (C.G.)

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

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Original Application No. - 1 163 /22

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Bank of Baroda, Mahavir Goshata Comptex, K.K. Road, Moudhapara, Raipur (C.G.) 492001

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..... Appticant

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Versus

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M/s Maruti Granutes, Through its PartnersMr. Deepak Kumar Agrawa[ &. Mrs. Rashmi Garg, Khasra No.-13112, P.H.No.^-11141, Behind Nawetco lndustries, Gram-Sakri, Raipur (C.G.)

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Mr. Deepak Kumar Agrawat, S/o Shri Kamat Kumar Agrawat, R/o Gayatri Nagar, B-39, Shankar Nagar, Near Sai Katyan Hospitat, Raipur (C.G.)

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Mrs. Rashmi Garg, D/o Shri Ramesh Kumar Agrawat, R/o House No. H-12, Avani Vihar, Green Orchid, Gram-Datdal Seoni, Saddu, Raipur (C.G.)

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..... Defendants

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Counsel for the Appticant : Ms Akshita Mohitey, Advocate

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Defendants : Ex-parte

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JUDGMENT

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1oate7l7ilF.t,^ty;ozn;

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The Appticant-Bank has fited the present Original Apptication uls 19 of Recovery of Debts and Bankruptcy Act on 16109122 against the Defendants for recovery of Rs. 71,88,911.00 (Rupees Seventy One Lac, Eighty Eight Thousand, Nine Hundred and Eteven onty) atong with interest and other retiefs as stated.

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The brief facts of the case are that on the request of Defendant No.-1 through its Partners Defendant No.-2 & 3, the Appticant Bank sanctioned Overdraft (Hypothecation of Stocks & Book Debts) Limit of Rs. 35 Lac and Term Loan of Rs.20 Lac on 18112118, Working capitat Term

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oA 1163122

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Loan of Rs. 10.40 Lac under^{BGECLSscheme on25/06/20and FITL-Covid of} Rs. 86,6871- on 23109/20. ln consideration of^{the sanction of credit} facitities the Defendants executed^{requisite [oan documentsfrom time to} time. The Deferrdants availed the^{credit facilitiesand atso executed Letter} of Acknowtedgnrent on 26/06/ 20 but faited^{to liquidate the outstandingdues} despite issuance of Legat Notice on 05/08/22^{and initiation of actionunder} the Securitisation Act by the Appticant^{Bank.The Appticant-Bankhas retied} upon the documents at Ex. A-1 to A-25 which^{were proved by Shri AniI Kumar} Jha, 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} 30104/24. There is therefore, no reason to disbetieve^{the contentionsof the} Bank. Considering the facts of the case, I opine that the^{Defendantsare} jointty and severratty tiabte to pay the ctaim amount together with interest and costs. The Appticant-Bank in its apptication has claimed^interest @10.60%^p.a. with monthty^{rests.However,lfeel it fair and reasonabteto} grant interest @,10.50% p.a. simpte pendentetite and future til[ reatization of the dues. The personal properties and assets of the^Defendants are [iabte^to be sotd for recovery of amount due.

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The Originat Appl,ication is attowed and it is ordered as under-

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i) The Defendants do pay^jointty and severatty^{Rs. 71,88,911.00} (Rupees Seventy One Lac, Eighty Eight Thousand, Nine Hundred and^Eteven onty) together with pendentetite and future interest @10.50%^{per annum} simpte from ther date of fiting of the OA, i.e.,16109122,^{with costs titt its} reatization.

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ii) The Appticant Bank is entitted to se[[ the^{personal properties} and assets of the Defendants^{for reatizationof its dues. The Defendantsare} 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 AppticantBank.}

oA 1163t22

iii) A Recovery Certificate be issued u/s¹⁹⁽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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of Juty, 2074 at

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Judgment pronounced in the open court on this^{25th Day} Camp Court Raipur.

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,7 (Ram t) Presidinq Officer

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Bank of Baroda v. M/S Maruti Granules

Case brief

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Bank of Baroda v. M/S Maruti Granules

Case brief

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