Allowed

Axis Bank v. Tofan Singh Padihar

DRT3 Sept 2024OA/1297/2022

Case brief

AI extract

What is this about?

DT allowed an application by Axis Bank Ltd. for recovery of Rs. 22.79 lakh plus interest. The court directed the defendant to pay the dues with 12% annual interest and authorized the sale of mortgaged and personal assets for realization.

What did the court decide?

Defendant directed to pay Rs. 22,79,969.00 with interest at 12% p.a.; Recovery Certificate to be issued; properties liable to be sold for recovery.

Axis Bank versus Tofan Singh Padihar — Execution and Attachment | 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'bte Shri Ram Niwas Patet)

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Originol Applicotion No. - 1297122

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Axis Bank Ltd., Mandsaur (M.P.)

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Appticant

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Versus

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Shri Tofan Singh Padihar, S/o Shri Bhagwan Singh Padihar, R/o H.No.-1 1, Gram-Patkhanda, Post-Khajuri Panth, Teh-Shamgarh, District-Mandsaur^(M. P. )

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Defendant

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Counsel for the Applicant : Shri Adamya^{Bajpai, Advocate} Defendant : Ex-Parte

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JUDGMENT

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(Dated : 03'o September,2024)

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'1. The Appticant-Bank has fited the^present Originat^Apptication u/s 19 of Recovery of Debts and Bankruptcy^{Act on 12108122 against the} Defendant for recovery of Rs. 22,79,969.00^{(RupeesTwenty Two Lac,} Seventy Nine Thousand, Nine Hundred and Sixty^{Nine 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, the Appticant Bank sanctioned Agricutture Working^CapitaI (Production Credit) of Rs. 10,39,500/-, Overdraft (Kishan Samarth) of Rs. 5 [ac and Term Loan of Rs. 5 Lac on19111119 and in consideration of the same the Defendant in addition to execution of toan documents has atso created mortgage over the immovable property, i.e., 9.23 hectares of Agricutture Land bearing Survey No.-96, 67, 138, 143,240,244, 351 , 354/min-1, 355, 356,357,358, 359, 636,378,383, 384 situated at Patkahanda Hatka Mukhayataya Visanya Tehsit-Shamgarh,District-Mandsaur M.P. The Defendant avaited the credit facilities but failed to tiquidate the outstanding dues despite issuance of Legat Notice on 25102122 by the Appticant Bank. The Appticant-Bank has relied upon the documents at Ex. A-1 to A-20 which were proved by Shri Shivam Sharma, Assistant Manager (Law).

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)

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QA 1297122

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Despite service of notice, the Defendant neither appeared nor fited written statement. He was proceeded ex-parte vide order dated 21 /08/23. There is therefore, no reason to disbetieve the contentions of the Bank. Considering the facts of the case, I opine that the Defendant is liabte to pay the claim amount together with interest and costs. The AppticantBank in its application has claimed interest @15% p.a. with monthty rests, However, I feet it fair and reasonabte to grant interest @12% p.a, simpte pendentetite and future ti[ realization of the dues. The mortgaged property is Liabte to be sotd for recovery of amount due atong with the personal properties and assets of the Defendant.

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The Original Application is attowed and it is ordered as under-

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i) The Defendant do pay Rs. 22,79,969.00 (Rupees Twenty Two Lac, Seventy Nine Thousand, Nine Hundred and Sixty Nine onty) together with pendentetite and future interest @127o per annum simpte from the date of fiting of the OA, i.e., 12/08122, with costs titl its realization.

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ii) The Appticant Bank is entitted to setl the mortgaged as welt as personal properties and assets of the Defendant for realization of its dues. The Defendant is hereby restrained by means of injunction from depleting, transferring, encumbering, alienating or in any way deating with his properties/assets without first paying the ctaim of the Appticant Bank.

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iii) A Recovery Certificate be issued uls 19(221 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 03'd Day of September,2024.

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6' "a<br>o 9',
(Ra iwas Patet)
Presidin officer

Axis Bank v. Tofan Singh Padihar

Case brief

What is this about?

What did the court decide?

Axis Bank v. Tofan Singh Padihar

Case brief

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What did the court decide?

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