Allowed

Bank of Baroda v. M/S Universal Chemicals

DRT4 Mar 2024OA/1271/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Bank of Baroda's application for recovery of Rs. 83.68 lakh with interest against M/s Universal Chemicals and Proprietor Ankur Kumar, finding the bank proved its case of outstanding dues due on 13.06.2022 and ordered issuance of Recovery Certificate.

What did the court decide?

Recovery of Rs. 83,68,881.17 with interest; Recovery Certificate to be issued; Sale of movable and immovable property directed.

Bank of Baroda versus M/S Universal Chemicals — Contract and Commercial Disputes | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-II, CHANDIGARH

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BEFORE: A S NARANG, PRESIDING OFFICER

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OA No: 1271/2022

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Date of Institution:28.06.2022

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Date of Decision: 04.03.2024

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Bank of Baroda at Sector 49, Sohna Road, Gurugram, Haryana

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……..Applicant

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Vs.

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M/s Universal Chemicals a Proprietorship concern situated at B-182, Bawana Industrial Area, Sector-4, Delhi-110039 through its Proprietor, Sh.

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Ankur Kumar

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Sh. Ankur Kumar s/o Sh. Surendra Kumar, Proprietor M/s Universal Chemicals, a Proprietorship concern situated at B-182, Bawana Industrial Area, Sector-4, Delhi-110039

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2nd Address : R/o House No. V-1/22, DLF Phase-3, Gurugram (Haryana)

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……….Defendants

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Advocates

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Sh. Kamal Dev Sharma proxy counsel for Sh. C.S. Pasricha, Counsel for the applicant bank

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Defendants ex-parte

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OA for the Recovery of Rs.83,68,881.17/- with interest @15.90% per annum with monthly rests for Cash Credit Loan Facility, @7.90% per annum with monthly rests for BGECL Facility and @7.60% per annum with monthly rests for FITL loan facility from 14.06.2022.

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ORDER

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Bank of Baroda (Applicant Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.83,68,881.17/- with interest against M/s Universal Chemicals and another (defendants).

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Defendant No.1 is a Proprietorship concern of defendant No.2. Bank’s case is that on 31.08.2019, it had granted a Cash Credit Facility of Rs. 60 lakh, on 03.08.2020, it had granted BGECL Facility of Rs. 11.80 lakh and on 30.09.2021, it had granted FITL Term Loan Facility of Rs. 3.50 lakh to the defendants for business purpose. The loan facilities were chargeable to interest @10.45% per annum with monthly rests for cash credit, @7.85% per annum with monthly rests for BGECLS facility and @9% per annum with monthly rests for FITL Term Loan facility. On 13.06.2022, a sum of Rs. 83,68,881.17/- was due from the defendants.

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Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 06.08.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 27.12.2023, defendants were proceeded ex parte. 4. In order to prove its case, the Bank has placed on record the affidavit of Sh. Gaurav Dutt Parasher, Chief Manager along with the loan and security documents and marked them as Exhibit A1 to A21. 5. I have perused the evidence on the record. I am of the considered view that the Bank has proved its case that it had advanced Cash Credit Facility of Rs. 60 lakh, BGECLS Facility of Rs. 11.80 lakh and FITL Term Loan Facility of Rs. 3.50 lakh and on 13.06.2022, a sum of Rs. 83,68,881.17 was due. 6. Accordingly, the application of the bank for the recovery of Rs. 83,68,881.17 (Rupees Eighty Three Lakh Sixty Eight Thousand Eight Hundred Eighty One and Seventeen Paisa Only) out of which Rs. 67,28,968.25 with interest @15.90% per annum with monthly rests for Cash Credit Loan Facility, Rs. 12,73,351.90 with interest @7.90% per annum with monthly rests for BGECL Facility and Rs. 3,66,561.02 with interest @7.60% per annum with monthly rests for FITL loan facility from 14.06.2022, till the date of payment is hereby allowed with costs. The liability of the defendants would be joint and several. Bank can recover its dues by the sale as from the sale of the hypothecated/personal movable and immovable property of the defendants.

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Pending IAs, if any, stand disposed of. 8. Recovery Certificate be issued accordingly.

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Parties are directed to appear before Recovery Officer on 03.04.2024, who is directed to distribute the sale proceeds as per the provisions of Section 19(20-AB) of the Act .

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A copy of this order along with Recovery Certificate be sent to the Recovery Officer as well as the parties.

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Pronounced in the open court (A S Narang) Dated: 04.03.2024 Presiding Officer DRT-2, Chandigarh (Additional charge)

Bank of Baroda v. M/S Universal Chemicals

Case brief

What is this about?

What did the court decide?

Bank of Baroda v. M/S Universal Chemicals

Case brief

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