Allowed

State Bank of India v. Yogesh Dhamode S/O Khaliram Dhamode

DRT2 May 2024OA/1308/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Original Application filed by the State Bank of India for recovery of dues aggregating Rs. 35,91,660.45. The court granted interest at 9.50% for cash credit and term loans, 7.25% for GECL account, and ordered the issuance of a Recovery Certificate. An injunction was directed against the defendant disposing of assets.

What did the court decide?

Defendant directed to pay Rs. 35,91,660.45 with interest at 9.50% (cash credit, term loan, FITL) and 7.25% (GECL) from 27/11/22 and costs; Recovery Certificate issued under S. 19(2).

State Bank of India versus Yogesh Dhamode S/O Khaliram Dhamode — Cheque Dishonour | 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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Original Application No. - 1308/22

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State Bank of lndia, Stressed Assets Recovery Branch, 5, Yashwant Niwas Road, lndore (M.P.) 452003

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Applicant

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Versus

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Shri Yogesh Dhamode, S/o Shri Khayatiram Dhamode, Sole Proprietor of M/s Betul Ftex and Printers, ln front of Syndicate Bank, Behind Brahmakumar Ashram, Itarsi Road, Sadar, Betu[ (M.P.)460001 ; Atso at: Behind Otd Chitdren Jait, LinK Road, Tikari, Betul (M.P.)460001 Defendant

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Counsel for the Appticant : Shri Jagbandan Patel, Advocate Defendant : Ex- parte

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JUDGMENT

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(Dated : 02nd May,2O24)

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The Appticant-Bank has fited the present Original Apptication u/s 19 of Recovery of Debts and Bankruptcy Act on 27 110/22 against the Defendant for recovery of Rs. 35,91,660.45 (Rupees Thirty Five Lac, Ninety One Thousand, Six Hundred Sixty and Paisa Fourty Five 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 Cash Credit (Hypothecation) Limit of Rs. 3 Lac and Term Loan of Rs.24.74 Lac aggregating Rs. 27.74 Lac on 09/10/18. On the further request of Defendant the Applicant-Bank renewed/sanctioned cash credit Limit of Rs. 3 Lac, reduced Term Loan to Rs.24.71 Lac and sanctioned Guaranteed Emergency Credit Line (GECL) of Rs. 4.903 Lac aggregating Rs. 32.613 Lac on 05/06/20 and the credit facitities were lastly sanctioned / renewed as Cash Credit (Hypothecation) Limit of Rs. 3 Lac, enhanced Term Loan from Rs. 24,71 Lac to Rs. 24.74 Lac and reduced Guaranteed Emergency Credit Line (GECL) facitity to Rs. 4.90 Lac and sanctioned Funded lnterest Term Loan (FITL) of Rs. 0.50 Lac aggregating Rs. 33.14 Lac on 29106/ 21. ln consideration of the sanction of

S d-

oA 1308t22

credit facitities the Defendant executed requisite loan documents. The Defendant avaited the credit facitities and atso executed Revival Letter on 05/10/21 . The accounts were classified as NpA and the Defendants faited to tiquidate the outstanding dues despite issuance of Legat Notice on 2g/09lzz and initiation of action under the securitisation Act by the Appticant Bank. The Appticant-Bank has retied upon the documents at Ex. A-1 to A-13 which were proved by Shri Veerendra Kumar Sharma, Chief Manager.

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Despite service of notice, the Defendant neither appeared nor filed written statement. He was proceeded ex-parte vide order dated 19106123. There is therefore, no reason to disbetieve the contentions of the Bank. considering the facts of the case, I opine that the Defendant is tiabte ' to pay the ctaim amount together with interest and costs. The AppticantBank in its apptication'has claimed interest at contractual rate. However, I feel it fair and reasonabte to grant interest @9.50% p.a. in cash credit, Term Loan & FITL account and interest @7.25y, p.a. in GECL account simpte pendentetite and future titl realization of the dues. The personat properties and assets of the Defendant are liabte to be sotd for recovery of amount due.

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The Original Apptication is altowed and it is ordered as under-

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i) The Defendant do pay Rs. 35,91 ,660.45 (Rupees Thirty Five Lac, Ninety One Thousand, Six Hundred Sixty and^paisa Fourty Five onty) together with pendentetite and future interest @9.50% p.a. in cash credit, Term Loan &. FITL account and interest @7.25% p.a. in GECL account simple from the date of fiting of the OA, i.e.,27 110/22, with costs titt its realization.

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

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oA 1308t22

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iii) A Recovery Certificate be issued u/s 19(22) of Recovery of Debts and Bankruptcy Act. The appticant 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 02nd Day of May, 2024.

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<br>9
2-'
m Niwas Patel)
Presidinq Officer

State Bank of India v. Yogesh Dhamode S/O Khaliram Dhamode

Case brief

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State Bank of India v. Yogesh Dhamode S/O Khaliram Dhamode

Case brief

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