Allowed

Idbi Bank v. Sohan Lal Janghel

DRT25 Jul 2024OA/1177/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal adjudicated an Original Application filed by IndusInd Bank Ltd. against two defendants for recovery of a loan of Rs. 29,86,223.24. The court observed the defendants defaulted on credit facilities and failed to appear. It ordered payment of the principal amount with interest at 10% p.a., an injunction over properties to prevent alienation, and issuance of a recovery certi

What did the court decide?

Payment of Rs. 29,86,223.24 with 10% per annum simple interest, costs, injunction on properties, and issuance of recovery certificate.

Idbi Bank versus Sohan Lal Janghel — 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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cAt P couRT AT RATPUR (C.G.)

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

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Original Application No. - 1177122

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lDBl Bank Ltd., Durg (C.G.)

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..... Appticant

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Versus

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01 ) Shri Sohan La[ Janghet, S/o Shri Mohan La[ Janghel

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1. Shri Ramchand Janghet, S/o Shri Khemtal Janghet

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(Both at Vittage-Sateh Khurd, Post- Ronda, Tehsit-Dhamdha,

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District-Durg, C.G . 491331) ..... Defendants

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Counsel for the Appticant Shri Jagbandan Patet, Advocate Defendants Ex-parte

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JUDGMENT loatea^{I75ffi .tuty, 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 30109/22 against the Defendants for recovery of Rs. 29,86,223.24 (Rupees Twenty Nine Lac, Eighty Six Thousand, Two Hundred Twenty Three and Paisa Twenty Four 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, the Appticant Bank sanctioned KCC Loan of Rs. 24 Lac on 05102/15 and Funded lnterest Term Loan^(FITL) of Rs. 54,070.60 as^per Covid-19 Regutatory Package. ln consideration of the sanction of credit facitities the Defendant No.-1 as borrower and Defendant No.-2 as guarantor in addition to execution of loan and guarantee documents have atso created charge under the provisions of Chhattisgarh Krishi Udhar Pravartan Tatha Prakriyan Upbandh (Bank) Adhiniyam 1972 over the immovabte^property, i.e., Agricutture Land Survey No.-61 area 0.60 hect.; Survey No.-77 area 4.13 hect, total area 4.73 hectare, situated in Vittage-Satehkhurd, RIC and TehsitDhamdha, Patwari Hatka No.-1, District-Durg(C.G.); betonging to^Defendant

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oA 1 177122

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No.-1. The^{DefendantNo.-1 avaitedthe credit facititiesand atso executed} Acknowledgment^{of Debt cum RevivalLetter on 28101171' The accounts} were subsequentty^{ctassified as NPA and the Defendants faited to liquidate} the outstanding^{duesdespite issuance of Recatt Notice on 05104122 by the} Appticant^{Bank. The Appticant-Bank has retied upon the documents at Ex A-1} to A-13 which^{were proved by shri Anup vishwakarma, D'G'M' and Branch} Head.

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Despite service^{of notice,the Defendants neitherappeared nor} fited written^{statement. They were proceededex-parte vide order dated} 18108173.^{Thereis therefore, no reasonto disbetieve the contentionsof the} Bank. Consjdering^{the facts of the case, I opine that the Defendantsare} jointty and severatty tiabte^{to pay the ctaim amount togetherwith interest} and costs.^{The Appticant-Bankin its apptication has claimed interestat} contractual^{rate with monthty rests. However,I feet it fair and reasonabte} to grant interest^{@10%p.a.simpte pendentetite and future titt reatization of} the dues.^{The mortgaged propertyis tiabte to be sotd for recovery of} amount due^{atongwith the persona[ propertiesand assets of the Defendants'}

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The originat Apptication^{is attowed and it is orderedas under'} i) The Defendants^{do pay jointty and severatty Rs. 29,86,223'24} (Rupees Twenty Nine^{Lac, Eighty six Thousand,Two Hundred Twenty Three} and Paisa Twenty^{Four onty)together with pendentetiteand futureinterest} @10%^{per annum simptefrom the date of fiting of the oA, i'e',30109122,} with costs titt^{its reatization}

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ii) The Appticant^{Bank is entitted to setl the mortgagedas wetlas} personal properties^{and assetsof the Defendantsfor reatization of its dues'} The Defendants are^{hereby restrained by means of injunctionfrom} depteting, transferring,^{encumbering,alienating or in any way dealingwith} their properties/assets^{without first paying the ctaim of the Applicant Bank'}

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iii) A Recovery^{certificate be issued u/s 19(22) of Recovery of} Debts and Bankruptcy^{Act. The appticant bank may file a memo of cost} within 7 days for^{preparingRecovery Certificate'}

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Judgment^{pronouncedin the open court on this 25th Day of Juty,2074 at} Camp Court^RaiPur

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I 'l' h (Ram Niwas atet) P residinq Officef

Idbi Bank v. Sohan Lal Janghel

Case brief

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Idbi Bank v. Sohan Lal Janghel

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