Allowed

Indian Bank v. Imtiyaz Ahmed

DRT19 Jul 2024OA/133/2022

Case brief

AI extract

What is this about?

In a recovery proceedings under the Recovery of Debts and Bankruptcy Act, the Tribunal allowed the bank's application, adjudged respondents jointly and severally liable to pay the debt, and ordered issuance of a Recovery Certificate with an injunction against property alienation.

What did the court decide?

Order for payment of Rs. 27,59,957.00 with interest; issuance of Recovery Certificate under Section 19(2A); injunction restraining alienation of assets.

Indian Bank versus Imtiyaz Ahmed — 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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CAMP COURT AT RATPUR (C.G.)

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(Presiding Officer - Hon'bte Shri Ram Niwas Patet)

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Originol Application No. - 133/22

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lndian Bank, (erstwhite Attahabad Bank) Khodri, Pandra Road, District-Pandra (C.G. )

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AppIicant

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Versus

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Shri lmtiyaz Ahmed,

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01 ) S/o Shri JamiI Ahmed, R/o Ward No.-6, Near Madina Maszid, Amarkantak Road, Tehsit-Pendra, District-Bilaspu r (C.G.) 4951 17

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Shri lrfan Ahmed, S/o Shri JamiI Ahmed, R/o Ward No.-6, Near Surbhi Hotel,

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Amarkantak Road, Tehsit-Pendra,

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District-Bitaspur (C.G.) 495 117 Defendants

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Counsel for the Applicant : Shri Ashish Kumar Dixit, Advocate

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Defendants : Ex-parte

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JUDGMENT

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(oate?: TfF.tutyJoza)

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The Appticant-Bank has fited the present Originat Apptication u/s 19 of Recovery of Debts and Bankruptcy Act on 21 /01 /22 against the Defendants for recovery of Rs. 27,69,957.00 (Rupees Twenty Seven Lac, Sixty Nine Thousand, Nine Hundred and Fifty Seven only) 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 No.-1, the Appticant Bank sanctioned Cash Credit Limit of Rs. 20 Lac on 18/10117. ln consideration of the sanction of credit facitity the Defendant No,-1 as borrow and Defendant No.-2 as guarantor in addition to execution of loan and guarantee documents, have also created equitabte mortgage over the immovabte property, i.e., Diverted Land and Buitding, Khasra No.-1129/49, Vittage-Tikarkata, Gauretla, Tehs.it-pendra Road, District-Bitaspur (C.c.), area measuring 435 sq.ft.; betongin g to Defendant

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oA t33/22

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No.-1. The Defendant No.-1 avaited the credit^{facitityandalso executed} Acknowtedgment of Debts and Security on 16/08119.^{The account became} Non Performing Asset and the Defendants failed to^{liquidate the outstanding} dues despite issuance of Notice on 30/07^/19 under^{the SecuritisationActby} the Appticant Bank. The Applicant-Bank has^retied upon^{the documentsat} Ex. A-1 to A-13 which were^proved by Shri Narendra Singh^{Dhruwe,Senior} Manager.

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Despite service of notice, the Defendants neither appeared nor fited written statement. They were^proceeded ex-parte vide order dated 27 103/24. 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 severatly tiabte to pay the claim amount together with interest and costs. The Appticant-Bank in its apptication has ctaimed interest @9.95% p.a. with monthty rests. However, I feet it fair and reasonabte to grant interest @9.50% p.a. simpte^pendentelite and future titl reatization of the dues. The mortgaged^property is tiable to be sold for^{recoveryof amount} due along with the personal properties and assets of the Defendants.

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The Original Application is altowed and it is ordered as underi) The Defendants do pay^jointty and severatty Rs. 27,59,957.00 (Rupees Twenty Seven Lac, Sixty Nine Thousand, Nine Hundred and Fifty Seven onty) together with pendentelite and future interest @9,50%^per annum simpte from the date of fiting of the OA, i.e.,21¹⁰¹ 172, with costs titI its reatization.

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ii) The Appticant Bank is entitled to setl the mortgaged as wetl^as personal properties and assets of the Defendants for reatization of its dues. The Defendants are hereby restrained by^means of^{injunctionfrom} depteting, transferring, encumbering,^{a[ienating or in anyway dealingwith} their properties/assets without^{first paying the claim of the AppticantBank.}

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iii) A Recovery Certificate^{be issued uls 19(22\ of Recoveryof} 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^{pronouncedin the opencourt on this 19th Day of Juty, 2024} at Camp Court RaiPur.

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')' m Niwas Patet) Presidine Officer

Indian Bank v. Imtiyaz Ahmed

Case brief

What is this about?

What did the court decide?

Indian Bank v. Imtiyaz Ahmed

Case brief

What is this about?

What did the court decide?

What the court decided

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