Allowed

State Bank of India v. M/S Aadhya Super Bazar

DRT13 Sept 2024OA/1281/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the applicant Bank's original application for recovery of dues. The Tribunal found the defendants jointly and severally liable for the principal amount and granted a recovery certificate.

What did the court decide?

Directed defendants to pay Rs. 24,73,793.00 with 12% p.a. interest and costs; issued Recovery Certificate; restrained defendants from transferring assets.

State Bank of India versus M/S Aadhya Super Bazar — 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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(Presiding Officer - Hon'ble Shri Ram Niwas Patel)

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Originol Applicotion No. - 1281 122

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State Bank of lndia, Mohbhatta Road, Bemetra (C.G.)491335

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..... Applicant

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Versus

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M/s Aadhya Super Bazar,

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01 ) Through its ProprietorMrs. Vidya Ramteke

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1. Mrs. Vidya Ramteke, W/o Shri Ashwin Chaure

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(Both at EWS-64, Vaishati Nagar, Bhitai, C.G. 490023) Defendants

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Counsel for the Appticant : Shri Rajendra Singh Parmar, Advocate Defendants : Ex-parte

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JUDGMENT

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(Dated : 13th September, 2024)

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The Appticant'Bank has fited the^present Original Apptication u/s 19 of Recovery of Debts and Bankruptcy^{Act on 27 110122against the} Defendants for recovery of Rs. 24,73,793.00^{(Rupees Twenty Four Lac,} Seventy Three Thousand, Seven Hundred and Ninety^{Three only) atongwith} interest and other reliefs as stated.

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2.' The brief facts of the case are that on the^requestof Defendant No.-1 through its Proprietor Defendant No.'2,^{the ApplicantBank} sanctioned Cash Credit Limit of Rs. 7^{Lac and Term Loanof Rs. 10 Lacon} 17105117 and in consideration of the^same the^{Defendantsexecuted} requisite loan documents. The Defendants^{availed the credit facititiesand} atso executed Revival Letter on^16104120 but^{faited to liquidate the} outstanding dues despite issuance of^{Legal Notices lastly on 78/07 /20 by the} Appticant Bank. The AppLicant-Bank^{has retied uponthe documents at Ex A'1} to A-14 which were^{proved by ShriSunnyAkash, Chief Manager.}

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Despite service of notice,^{the Defendantsneitherappeared nor} fited wr,itten statement.^{They were proceededex-partevide order dated}

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oA t28tl22

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27 /07 /23. There^{is therefore, no reasonto disbetieve the contentionsof the} Bank.Consideringthefactsofthecase,IopinethattheDefendantsare jointty and severatty tiabte to^pay the^{ctaim amount togetherwith interest} and costs. The Appticant-Bank^{in its appticationhas claimedinterest @12%} p.a. with monthly rests' However,^{I feel it fair and reasonabte to grant} interest @127o^{p.a. simpte pendentetiteand future til[ realization of the} dues. The^{personal properties and assets of the Defendantsare liable to be} sotd for recovery of^{amount due.}

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

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i) The Defendants do^{pay jointtyand severalty Rs. 24,73,793'00} (Rupees Twenty Four Lac, Seventy^{Three Thousand, SevenHundred and} Ninety Three onty) together^{with pendentetite and future interest @12% per} annum simpte from the date^{of fiting of the OA, i-e.,27110122,with costs} tit[ its reatization.

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ii) The Appticant Bank is entitted to setl^{the personal properties} and assets of the Defendants for^{reatization of its dues. TheDefendantsare} hereby restrained by means of^{injunctionfrom depteting, transferring,} encumbering, atienating or in any^{way dealingwith their properties/assets} without first^paying the ctaim of the Appticant Bank.

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iii) A Recovery Certificate be issued uls 19(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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Judgment pronounced in the open court on this^{1 3th Day of September,2024.}

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6
(Ram Niwas et)
Presidine Officer

State Bank of India v. M/S Aadhya Super Bazar

Case brief

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State Bank of India v. M/S Aadhya Super Bazar

Case brief

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