Allowed

Axis Bank v. Kailash Chandra Gendalal Patidar

DRT5 Apr 2024OA/1326/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's application for recovery of dues of Rs. 25,30,585.44 plus interest. The court granted an injunction to prevent transfer of assets and ordered issuance of a Recovery Certificate under Section 19(2).

What did the court decide?

Payment of Rs. 25,30,585.44 with 11.50% p.a. interest; injunction on properties; Recovery Certificate issuance.

Axis Bank versus Kailash Chandra Gendalal Patidar — Contract and Commercial Disputes | 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 Patel)

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Original Application No. - 1326122

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

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AppIicant

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Versus

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01 ) Mr. Kaitash Chandra Gendatal Patidar, S/o Shri Gendalal Patidar

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Mr. Hariom Patidar,

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S/o Shri Kaitash Chandra Gendatal Patidar

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(Both R/o Kandariya, PO-Kesur, District-Dhar, M.P.)

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Defendants

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Counset for the Appticant : Shri Adamya Bajpai, Advocate

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Defendants : Ex-parte

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JUDGMENT

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(oatea : o*Flprit, 1Oz+)

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The Applicant-Bank has fited the^present Original^Application u/s 19 of Recovery of Debts and Bankruptcy Act on^{12108122 against the} Defendants for recovery of Rs. 25,30,585.44^(Rupees Twenty Five^{Lac, Thirty} Thousand, Five Hundred Eighty Five and Paisa Fourty Four onty)^atongwith interest and other retiefs as stated.

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2, The brief facts of the case are that on the^{request of} Defendants, the Applicant Bank sanctioned Working Capital^(production credit) of Rs.25 Lac, Term Loan of Rs.5^Lac on^{10/01 /18 andin} consideration of the same the Defendants in addition to^{execution of loan} documents have also created mortgage over the^{immovabte properties of} Defendant No.-1, i.e.,

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i) Agricutture Land bearing Survey No.-2'1012,^21312,227/4, 233t4,23317, 264/4, area 4.421 hect., situated at^{Village-Kandariya, PH} Kandariya, Tehsit & District- Dhar^(M.P.); ii) Agricutture Land bearing Survey No.-138,139/3,211^11,22813, 229, 232 i 1, 457t 150 t2, area 7.843 hect.,^{situatedat Vitlage-Kandariya,PH} Kandariya, Tehsit & District- Dhar^(M.P.);

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oA t326/22

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iii) Agricutture Land bearing Survey No.-'li9/1, area 1.682 hect., situated at Viltage-Kandariya, PH Kandariya, Tehsit & District- Dhar (M.p.).

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The Defendants availed the credit facilities but faited to tiquidate the outstanding dues despite issuance of Legal Notice on 25/O2lZ2 by lhe Appticant Bank. The Applicant-Bank has retied upon the documents at Ex A-1 to A-17 which were proved by Shri Shivam Sharma, Assistant Manager (Law).

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Despite service of notice, the Defendants neither appeared nor fited written statement. They were proceeded ex-parte vide order dated 22106123 There is therefore, no reason to disbetieve the contentions of the Bank. Considering the facts of the case, I opine that the Defendants are jointty and severatty liabte to pay the claim amount together with interest and costs. The Appticant-Bank in its apptication has claimed interest @11,75% p.a. with monthty rests. However, I feel it fair and reasonable to grant interest @1 1.50% p.a. simple pendentelite and future titt reatization of the dues. The mortgaged property is liable to be sold for recovery of amount due along with the personat properties and assets of the Defendants.

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The Original Apptication is attowed and it is ordered as underi) The Defendants do pay jointty and severalty Rs. 25,30,585.44 (Rupees Twenty Five Lac, Thirty Thousand, Five Hundred Eighty Five and Paisa Fourty Four only) together with pendentetite and future interest @11.50% per annum simple from the date of fiting of the OA, i.e.,1Zl08l2Z, with costs titl its realization.

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ii) The Appticant Bank is entitted to se[[ the mortgaged as wetl 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, atienating or in any way deating with their properties/assets without first paying the claim 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 applicant 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 05th Day of Aprit, 2024.

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.hi

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(Ram Niwas Patet) Presidins Officer

Axis Bank v. Kailash Chandra Gendalal Patidar

Case brief

What is this about?

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Axis Bank v. Kailash Chandra Gendalal Patidar

Case brief

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