Allowed

Bank of Maharashtra v. Kunal Goyal

DRT15 May 2024OA/136/2022

Case brief

AI extract

What is this about?

The Tribunal granted an original application filed by the Bank of Maharashtra for recovery of a defaulted term loan and cash credit amounting to Rs. 38,33,010.00. The respondent defendant failed to appear, and the Tribunal decreed the claim with adjusted interest and a recovery certificate.

What did the court decide?

Decree for recovery of Rs. 38,33,010.00 with pendent lite interest; injunction against transfer of assets; recovery certificate.

Bank of Maharashtra versus Kunal Goyal — 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. - 136122

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Bank of Maharashtra, Asset Recovery Branch, Jabatpur

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Appticant

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Versus

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Shri Kunal Goyal, S/o Atok Kumar Goyat, Proprietor-M/s KunaI lndustries, R/o House No.-210, Rani Awanti Bai Ward, Mandta (M.P.) 48'1661

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Defendant

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Counset for the Appticant : Shri Ashish Kumar Dixit, Advocate Defendant : Ex-parte

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JUDGMENT

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(Dated : 15th May, 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 03101 127 against the Defendant for recovery of Rs. 38,33,010.00 (Rupees Thirty Eight Lac, Thirty Three Thousand and Ten 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 Term Loan of Rs. 72 Lac and Cash Credit against the Hypothecation of Stock Limit of Rs. 15 Lac aggregating Rs. 87 Lac on 05/03/15 and in consideration of the same the Defendant executed requisite loan documents. The Defendant avaited the credit facilities and also executed Batance and Security Confirmation Letters tastty on26/02/71 but faited to liquidate the outstanding dues despite issuance of Notice dated 17/05/19 under the Securitisation Act by the Appticant Bank. The Appticant-Bank has retied upon the documents at Ex. A-1 to A-i0 which were proved by Shri D.S. Sur, Assistant General Manager.

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Despite service of notice, the Defendant neither appeared nor fited written statement. He was proceeded ex-parte v.ide order dated 08101 124. 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

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oA 136/22

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to pay the ctaim amount^{togetherwith interest and costs.The Applicant-} Bank in its application^{has ctaimed [email protected]"p.a. in termloan} account and interest @11.40y"^{p.a. in cash creditaccount withmonthlyrests.} However, I feet it fair and^{reasonableto grantinterest@17%p'a' in term} loan account and^interest @11.40%^{p.a. in cash credit accountsimPle} pendentetite and future tilt reatization^{of the dues.The personatproperties} and assets of the Defendant^{are tiabte 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 Defendant do^{pay Rs' 38,33,010.00(RupeesThirtyEight} Lac, Thirty Three Thousand^{and Ten onty) together with pendentetiteand} future interest @1?%^per annum^{in term loan account and interest @11 ,40%} per annum in cash credit account simpte^{from the dateof fiting of the 0A,} i.e.,03/01 172, with costs ti[[^{'its realization.}

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ii) The Appticant Bank is entitled to^{setl the personal properties} and assets of the Defendant^{for realizationof its dues. The Defendantis} hereby restrained by^{means of injunctionfrom depleting,transferring,} encumbering, atienating or^{in any way dealing with his properties/assets} without first^paying the claim^{of the AppticantBank.}

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iii) A Recovery Certificate^{be issued uls 19(22)of Recovery of} Debts and Bankruptcy Act.^{The appticant bank may file a memo of cost} within 7 days for^{preparingRecoveryCertificate.}

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Judgment^{pronouncedin the open court on this 15thDay of May, 2024}

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?Jr 9' (Ram Niwas Patet) Presidin Officer

Bank of Maharashtra v. Kunal Goyal

Case brief

What is this about?

What did the court decide?

Bank of Maharashtra v. Kunal Goyal

Case brief

What is this about?

What did the court decide?

What the court decided

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