Debt Recovery Tribunal allowed the applicant's claim for recovery of dues against two respondent-defendants who were sanctioned various loans and remained defaulting.
Defendants to pay Rs. 43,22,464.87 with 9% interest; hypothecated car and assets liable to be sold; injunction on transfer of assets; recovery certificate issued.
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DEBTS RECOVERY TRIBUNAL : JABALPUR
(for the States of Madhya Pradesh and Chhattisgarh)
(Presiding Officer - Hon'ble Shri Ram Niwas Patel)
Original Application No. - I 26 I /202 2
IDBI Bank Ltd., Wright Town Branch, District- Jabalpur (M.P)
..... Applicant
Versus
(Both R/o 01102, Near Deen Dayal Bus Stand, Damoh Road, Vijay Nagar, Jabalpur, M.P 482002 Also at- J.D.A Scheme No.5, H.No.5/3 13, Vikas Nagar, ..... Defendants Jabalpur, M.P 482002)
Counsel for the Applicant : Shri Jagbandan Patel, Advocate Defendants :Ex-parte
Defendants
JUDGMENT
(Dated : I't April, 2024)
1 The Applicant-Bank has filed the present Original Application u/s 19 of Recovery of Debts and Bankruptcy Act on l3ll0l22 against the Defendants for recovery of Rs. 43,22,464.87 (Rupees Forty Three Lac, Twenty Two Thousand, Four Hundred Sixty Four and paisa Eighty Seven only) along with interest and other reliefs as stated.
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oA 1261122
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oA 126U22
reasonable to grant interest @9% p.a. simple pendentelite and future for all the loan accounts till realization of the dues. The hypothecated Car- Ford Endeavour 2.2 Titanium bearing Registration No.-MP20CJ|7757 is liable to be sold for recovery of amount due along with the personal properties and assets of the Defendants.
DThe Defendantsdo pay jointly and severallyRs. 43,22,464.87 (Rupees Forly Three Lac, Twenty Two Thousand, Four Hundred Sixty Four and Paisa Eighty Seven only) together with pendentelite and future interest @9% per annum simple for all the loan accounts from the date of filing of the OA, i.e., 13110122, with costs till its realization.
ii) The Applicant Bank is entitled to sell the hypothecated Car- Ford Endeavour 2.2 Titanium bearing Registration No.-MP20CJ|7757 as well as personal properties and assets of the Defendants for realization of its dues. The Defendants are hereby restrained by means of injunction from depleting, transferring, encumbering, alienating or in any way dealing with their properties/assets without first paying the claim of the Applicant Bank.
iii) A Recovery Certificate be issued u/s 19(22) of Recovery of Debts and Bankruptcy Act. The applicant bank may
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file a memo of cost within 7 days forpreparing Recovery Certificate.
Judgmentpronounced in the open courton this 0l't Day of April,2024.
lr('
'
N Patel)
Presiding Officer
3 issues framed by the court
Whether the defendants are jointly and severally liable to pay the outstanding dues and interest.
Whether the recovery certificate can be issued under Section 19(2) of the RD&BA.
Whether the hypothecated car and other properties are liable to be sold for recovery.
1 provisions across 1 enactments
IDBI Bank Ltd., Wright Town Branch
Smt. Shweta Dubey Gotia
Shri Ram Dubey Gotia
Ram Niwas Patel
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
