Allowed

State Bank of India v. Raghunandan Singh

DRT30 Jan 2024OA/1376/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed the bank's application for recovery of dues with interest, granted a recovery certificate, and restrained the defendant from alienating properties.

What did the court decide?

Payment of dues with interest at 10.50%, entitlement to settle mortgaged and personal properties for realization, issuance of Recovery Certificate under s. 19(2), and injunction against alienating ass

State Bank of India versus Raghunandan Singh — 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'bte Shri Ram Niwas Patel)

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Originol Applicotion No. - 1376122

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State Bank of lndia, Shahdot (M.P.)

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Applicant

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Versus

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Shri Raghunandan 5ingh, 5/o Late Mandhata Singh, Vittage-Amhatota, Post-Singhpur, Tehsit-Suhagpur, Distt.-Shahdol (M.P.)

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Defendant

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Counsel for the Appticant : Shri Rajendra Singh Parmar,^Advocate Defendant : Ex-parteEx-parte

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: Ex-parteEx-parte

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UD MENT (Dated: 30 January, 2024)

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The Appticant-Bank has fited the Present Originat Apptication u/s 19 of Recovery of Debts and Bankruptcy Act on 24111122 against^the Defendant for recovery of Rs. 32,49,030.00 (Rupees Thirty Two Lac, Fourty Nine Thousand and Thirty 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 Kisan Cash Credit Limit of Rs. 34.29 Lac on28l10l'l'8 and in consideration of the same, the Defendant in addition to execution of loan documents has also created charge over the immovabte property, i.e., Land bearing Survey/Khasra No.-3, 14, 15, 16,22, 66, 67 , 78, 97 , 123, 124, 134, 1 35, 1 55, total area measuring 29.713 hectare, situated at Viltage-Amhatola, Tatuka/Tehsit-Sohagpur, District-Shahdot (M.P.). The Defendant avaited the credit facility but faited to tiquidate the outstanding dues despite issuance of Legat Notice on 26107121 by the Appticant Bank. The Appticant-Bank has relied upon the documents at Ex A-1 to A-8 which were proved by Shri Jitendra Kumar Nawlakhe, Chief Manager.

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Despite service of notice, the Defendant neither appeared nor fited written statement. He was proceeded ex-parte vide order dated 14107123. There is therefore, no reason to disbelieve the contentions of the Bank. Considering the facts of the case, I opine that the Defendant is tiabte

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oA1376122

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to pay the claim amount^{togetherwith interest and costs' The Appticant'} Bank in its apptication has ctaimed^{[email protected]% p.a. with monthlyrests'} However, I feel it fair and^{reasonableto grant interest @10.50%p.a. simple} pendentelite and future titl realization of^{the dues. The mortgaged property} is tiabte to be sotd for recovery of^{amountdue atong with the personal} properties and assets of the Defendant.

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The Original Apptication is altowed and^{it is orderedas under'}

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i) The Defendant do^pay Rs. 32,49,030.00^{(RupeesThirtyTwo} Lac, Fourty Nine Thousand and Thirty onty) together^with Pendentetite^and future interest @10.50%^per annum simple from the date of^{fitingof the OA,} i.e.,24111122, with costs tilt its realization.

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ii) The Appticant Bank is entitled to setl the mortgaged as we[[^as personal properties and assets of the Defendant for reatization of its dues. The Defendant is hereby restrained by means of injunction from depleting, transferring, encumbering, alienating or in any way dealing with his properties/assets without first paying the claim of the Applicant Bank.

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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 preparing Recovery Certificate.

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Judgment pronounced in the open court on this 30s Day of January, 2

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30s Day of January, Day of January, of January, January, 2 4
9 0 )
(Ram Niwas Patet)
Presidinq Officer

State Bank of India v. Raghunandan Singh

Case brief

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State Bank of India v. Raghunandan Singh

Case brief

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