Allowed

Idbi Bank v. Tikaram Sahu

DRT23 Sept 2024OA/124/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an occupational application filed by IDBI Bank Ltd. for recovery of dues totaling approximately 39.61 lakhs against two defendants. The court ordered the payment of principal with interest and the issuance of a recovery certificate.

What did the court decide?

Defendants to pay principal with future interest; Applicant Bank to set real properties and personal assets for recovery; Defendants restrained from transferring properties; Recovery Certificate to be

Idbi Bank versus Tikaram Sahu — Specific Performance | 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'ble Shri Ram Niwas Patet)

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Originol Application No, - 124/22

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lDBl Bank Ltd., Bhitai, Distt.-Durg (C.G.)

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Appticant

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Versus

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01 ) Shri Tikaram Sahu, 5/o Shri Chintaram Sahu ViItage-Khapri, Post-Barhapur, Tehsit-Dhamdha, District-Durg (C.G. ) 491 331

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Shri Hemant Sahu, S/o Shri Sukal Sahu, House No.-95, Vittage-Khapri, Post-Barhapur, Tehsil-Dhamdha, District-Durg^(C.G. ) 491 331 Defendants

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Counsel for the Applicant : Shri Jagbandan Patel, Advocate

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Defendants : Ex-parte

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JUDGMENT loated^{:7JE September,2024)}

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The Appticant-Bank has fited the present Original Application u/s 19 of Recovery of Debts and Bankruptcy Act on 75101 122 against the Defendants for recovery of Rs. 39,61,196.15 (Rupees Thirty Nine Lac, Sixty One Thousand, One Hundred Ninety Six and Paisa Fifteen 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, the Applicant Bank sanctioned Cash Credit timit of Rs. 27 lacon12l01 115 and Funded lnterestTerm Loan (FITL) of Rs. 3,86,515 under Covid-19 Regulatory Package issued by Reserve Bank of lndia. ln consideration of the sanction of credit facilities the Defendant No.-1 as borrower and Defendant No.-2 as guarantor in addition to execution of loan and guarantee documents have also created charge under the provisions of M.P. Krishi Udhar Pravartan Tatha Prakriyan Upbandh (Bank) Adhiniyam 1972 over the immovabte properties, i.e., Agricutture Land Survey No.-79 area 1.29 hect.; 87/3 area 0.27 hect;88/3 area 0 7 hect.; 807 area 0.35 hect.,

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oA 124122

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totat 2.08 hectare,^{situated at Vittage'Khapri, Tehsit-Dhamdha, Patwari} Halka No.-10, District-Durg^{(C'G.); betonging to Defendant No.-1. The} Defendant No.-1 avaited^{the creditfacitities and atso executedRevival} Letter on 21 l11l7O.^{Theaccountbecameirregutar and the Defendants} faited to tiquidate the outstanding^{dues despiteissuance of RecatlNotice on} 11 t05/21 and various [etters/reminders^{lasttyon 78105121 by the Appticant} Bank. The Appticant-Bank has^{retied upon the documents at Ex. A-1 to A-'10} which were proved by Shri Debtanu Sengupta,^{D.G.M. and Branch Head.}

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Despite service of notice, the Defendants^{neitherappeared nor} fited written statement. They^{wereproceededex'parte vide order dated} 19109/72. There is therefore, no reason^{to disbetieve the contentionsof the} Bank. Considering the facts of the^case, I^{opine that the Defendantsare} jointty and severatly liabte to pay the ctaim amount together with interest and costs. The Appticant-Bank in its apptication^{has claimed interestat} contractual rate with monthty rests. However,^{I feel it fair andreasonabte} to grant interest @10%^p.a. for^KCC account^{and interest @7%p.a. for FITL} account simpte pendentelite and future titl^{realization of the dues.The} mortgaged properties are liable to be sotd for^{recovery of amount due atong} with the personal^properties and assets of the^Defendants'

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The Originat Apptication is attowed and it^{is orderedas under-}

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i) The Defendants do^{pay jointty} and^{severatly Rs. 39,61,196'15} (Rupees Thirty Nine Lac, Sixty One Thousand, One^{HundredNinety Six and} Paisa Fifteen onty) together with^{pendentetite and future interest@10%p.a.} for KCC account and interest @7Yo^{p.a. for FITL account simptefrom the date} of fitingof theOA, i.e.,75101^{122, withcoststitI itsrealization.}

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ii) The Appticant Bank is entitled^{to setl the mortgaged as we[[ as} personal properties and assets of the Defendants^{for reatization of its dues.} The Defendants are^{hereby restrained by means of injunctionfrom} depteting, transferring, encumbering,^{atienatingor in any way deating with} their properties/assets^{without first paying the ctaim of the AppticantBank.}

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oA 124122

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iii) A Recovery Certificate be^issued uls^{19(22)of Recoveryof} Debts and Bankruptcy Act. The^{applicant 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 23'd Day of September,2024-}

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h
.q
( N s Patet)
Presidine Officer

Idbi Bank v. Tikaram Sahu

Case brief

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Idbi Bank v. Tikaram Sahu

Case brief

What is this about?

What did the court decide?

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