Allowed

Hdfc Bank v. M/S Arvind Oil

DRT29 Aug 2024OA/136/2023

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed the bank's application for recovery of outstanding loan dues along with interest. The court directed the sale of mortgaged and personal assets, issued an injunction restraining disposal of properties, and ordered the issuance of a Recovery Certificate.

What did the court decide?

Direct payment of principal and interest; sale of mortgaged and personal properties; injunction on disposal of assets; issuance of Recovery Certificate.

Hdfc Bank versus M/S Arvind Oil — Contract and Commercial Disputes | DRT (2024)

¶1

DEBTS RECOVERY TRIBUNAL : JABALPUR

¶2

(for the States of Madhya Pradesh and Chhattisgarh)

¶3

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

¶4

Original Application No. - 136123

¶5

HDFC Bank Ltd., Savitri 597, 312, CGF Road, Civit Lines, Jabalpur (M.P.) 482001

¶6

.... Appticant

¶7

Versus

¶8

1. M/s Arvind Oit, Through its ProprietorShri Arvind Kumar Goyat

¶9

1. Shri Arvind Kumar Goyat, S/o Shri Om Prakash Goyat

¶10

1. Shri Om Prakash Goyal, S/o Shri Gappu La[ Goyal

¶11

(2 & 3 R/o Ptot No.-3, Survey No.'53,

¶12

Ward No.-10, Back of Gandhi Ashram, Near Jat Boarding House, Sheopur, M.P. 476 337)

¶13

..... Defendants

¶14

Counsel for the Appticant : Shri Adamya^{Bajpai,Advocate}

¶15

Defendants : Ex-parte

¶16

JUDGMENT

¶17

(Dated : 29th August,2O24l

¶18

The Appticant-Bank has fited the^{present Originat Apptication} u/s 19 of Recovery of Debts and Bankruptcy^{Act on 09102123against the} Defendants for recovery of Rs. 27,37,401.20^{(RupeesTwentySevenLac,} Thirty Seven Thousand, Four Hundred^{One and Paisa Twenty onty) atong with} interest and other reliefs as stated.

¶19

The brief facts of the case are that^{on the request of} Defendant No.-1 through its^{Proprietor DefendantNo.-2, the Appticant Bank} sanctioned CC Limit of^Rs. 20^{Lac on06l11l22whichwas further enhanced} to Rs. 26 Lac on 31107113^{and was renewedtastty on 06/08/21.ln} consideration of the sanction^{of creditfacitity the Defendant No.-1 & 2 as} borrower and Defendant No.-3^{as guarantorin additionto execution of loan} and guarantee documents^{have atso created equitabte mortgage over the} immovabte property, i.e., Ptot^{No.-3, SurveyNo.-53,Ward No.-10, Back of} Gandhi Ashram, Near Jat^{BoardingHouse, Sheopur,M.P., area 104.58}

¶20

¶21

oA136123

¶22

sq.mtr; betonging to Defendant^{No.-2.The Defendantsavaited the credit} facitity and atso executed^{BatanceConfirmationLetter on 01 104116.The} account became irregutar and^{the Defendantsfaited to tiquidatethe} outstanding dues despite^{issuance of Notice u/s 13(2) of the Securitisation} Act dated 27t12122 by the Appticant^{Bank.The Appticant-Bank has relied} upon the documents at Ex. A-1^{to A'36 which wereproved by Shri Ashish} Rawat, Manager Law.

¶23

Despite service of notice, the Defendants neither^{appeared nor} fited written statement. They were^{proceededex-parte vide order dated} 21t05174. There is therefore, no reason to disbetieve^{the contentionsof the} Bank. Considering the facts of the case, I opine that the^{Defendantsare} jointty and severatty tiabte to pay the ctaim amount together with interest and costs. The Appticant-Bank in its application^has ctaimed^interest @13.50%^p.a. with monthty^{rests.However,lfeet it fair and reasonabteto} grant interest @12% p.a. simpte pendentelite and future titt reatization of the dues. The mortgaged property is liabte to be sotd for recovery of amount due along with the personal properties and assets of the Defendants.

¶24

The Originat Apptication is attowed and it is ordered as underi) The Defendants do pay^jointty and severatty Rs. 27,37,401.20 (Rupees Twenty Seven Lac, Thirty Seven Thousand, Four Hundred One and Paisa Twenty onty) together with pendentetite and future interest @12%^per annum simpte from the date of fiting of the OA, i.e., 09102123 , with costs titt its reatization.

¶25

ii) The Appticant Bank is entitted to setl the mortgaged as we[[ as personal properties and assets of the Defendants for reatization of its dues. The Defendants are hereby restrained by means of injunction from depteting, transferring, encumbering, atienating or in any way deating with their properties/assets without first^paying the claim of the Appticant Bank.

¶26

iii) A Recovery Certificate be issued u/s 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.

¶27

Judgment pronounced in the open court on this 29th Day of August, 2024.

¶28

v t ( Niwas Patet) Presidine Officer

Hdfc Bank v. M/S Arvind Oil

Case brief

What is this about?

What did the court decide?

Hdfc Bank v. M/S Arvind Oil

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases

Kotak Mahindra Bank Limited versus M/S Narayan Construction Company

Manoj Son of Shri Vishnu Lal Soni versus Kotak Mahindra Bank Limited

Seema Sahu versus Au Small Finance Bank Limited

Union Bank of India versus Virendra Rajak

Hdfc Bank versus Sunrise Traders

Central Bank of India versus Ms Burburik International