Allowed

State Bank of India v. Anil Kumar Mothla

DRT15 Jan 2024OA/1394/2022

Case brief

AI extract

What is this about?

The Applicant Bank filed an Originol Application under Section 19 of the Recovery of Debts Act for recovery of loans including Home Loan, Cash Credit, and GECL. The defendants did not appear. The court allowed the application, directed joint and several payment of dues, and ordered the issue of a Recovery Certificate.

What did the court decide?

Directed payment of Rs. 36,12,274.06 for Home Loan and Rs. 6,25,315.43 for Cash Credit/GECL. Ordered Recovery Certificate issuance. Mortgaged property liable for sale.

State Bank of India versus Anil Kumar Mothla — Company and Corporate | 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 Patet)

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Originol Application No. - 1394122

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State Bank of lndia, Stressed Assets Recovery Branch, 5, Yashwant Niwas Road, lndore (M.P.) 452003

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Appticant

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Versus

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Shri Anit Kumar Mothla, 01 ) S/o Shri Mangi La[ Mothta, House No.-MlG-26, Phase-1, Vishwakarma Nagar, Housing Board Cotony, Karond, Berasia Road, Bhopat (M.P.) 462001 ; Atso^{at: M/s New SuperTradersCo.,} Shop No.-2, Bat Vihar Road, Ghoda Nakkas, Bhopat (M.P.) 46200't

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Smt. Jyoti Mothla, W/o Shri Anit Kumar Mothta, House No.-MlG-26, Phase-1, Vishwakarma Nagar, Housing Board Colony, Karond, Berasia Road, Bhopal (M.P.) 462001 Defendants

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Counsel for the Applicant : Shri Jagbandan^{Patet, Advocate}

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Defendants : Ex-parte

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JUDGMENT

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(Dated : 15h January, 2024)

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The Appticant-Bank has fited the^present Originat^Apptication u/s 19 of Recovery of Debts^{andBankruptcyAct on 29111/72 against the} Defendants for recovery of^{Rs. 42,37,589.49(RupeesFourty Two Lac,Thirty} Seven Thousand, Five Hundred^{Eighty Nine and Paisa FourtyNine 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 No.-1 &. 2, the Appticant^{Bank sanctionedHome Loan of Rs' 12'07} Lac, Home Loan lnsurance^Cover of^{Rs. 86,000/- aggregatingRs. 12'93 Lac} and Home Tup-up Loan of^{Rs. 17.90 Lac on 10/10/19 whichwas subsequentty} restructured on 30l09/21 .^{On furtherrequestof the Defendant No"1,the} Appticant-Bank sanctioned/renewed^{cash Creditg (Hypothecation)Limit of}

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oA.1394/22

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Rs. 5 Lac and sanctioned^{Guaranteed EmergencyCredit Line (GECL)facitity} of Rs. 8O,OOO/- on'lOtO6/20.^{ln consideration of the sanction of credit} facitities the Defendants^{in addition to executionof toan documentshave} atso created^{equitabtemortgageover the immovabteproperty, i'e',} Residentiat House^{haYing total area'109.20 sq.mtr. in Ward No'-78,H'No'} MIG-26, Pthase-1,^{VishwakarmaNagar, Housing BoardColony,BerasiaRoad,} Bhopat (M.P.); betonging to^{DefendantNo.-1.The Defendantsavaited the} credit facitities but faited^{to tiquidate the outstandingdues despiteissuance} of Legat Notice on 31t1Ol2Z^{by the Appticant Bank. TheAppticant'Bankhas} retied upon the documents at^{Ex. A-1 to A'16 which were proved by Shri} Sanjay Mehta, Chief Manager.

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Despite service of notice, the Defendants^{neitherappeared nor} fited written statement. They^{were proceededex-Parte vide order dated} 10105/23. There is therefore, no reason to disbetieve^{the contentionsof the} Bank. Admittedly Defendant No.-2 has not executed any toan documents with regard to Cash Credit (Hypothecation) Limit and WCTL^(GECL) timit and thus the tiabitity of Defendant No.-2 is restricted to the dues in Home Loan accounts only. Considering the facts of the case, I opine that the Defendants are^jointty and severatty tiabte to^pay the ctaim amount together with interest and costs. The Appticant-Bank in its appLication has ctaimed interest at contractual rate. However, I feet it fair and reasonable to grant interest @9% p.a. simple for Home Loan accounts, interest @1'1.30% p.a. simpte for Cash Credit (Hyp) account and interest @7.50% p.a. simpte for WCTL (GECL) account pendentetite and future titt reatization of the dues. The mortgaged property is liabte to be sotd for recovery of amount due atong with the personaI properties and assets of the Defendants.

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The Originat AppLication is attowed and it is ordered as under-

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i) The Defendant No.-1 and 2 do pay jointty and severatty Rs. 36,12,274.06 (Rupees Thirty Six Lac, Twetve Thousand, Two Hundred Seventy Four and Paisa Six onty) due in Home Loan accounts and Defendant No.-1 do further pay Rs. 6,25,315.43 (Rupees six Lac, Twenty Fjve Thousand, Three Hundred Fifteen and Paisa Fourty Three onLy) due in Cash Credit (Hypothecation) and GECL accounts. The Defendants shatt pay pendentetite and future interest @9.00% per annum simpte for home toan accounts, interest @11.30% p.a. simpte for Cash Credit (Hyp) account and interest

oA,1394122

@7.50%^{p.a.simpLefor WCTL(GECL)accountfrom the date of fiting of the} OA, i.e., 29l'l'l122, with^{costs titt its reatization.}

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ii) The ApPticant Bank is^{entitted to setl the mortgaged as wett as} personat proPerties and assets of the^{Defendantsfor realizationof its dues'} The Defendants are^{hereby restrained by means of injunctjonfrom} depleting, transferring,^{encumbering, atienatingor in anyway deating with} their^{properties/assetswithout first paying thecLaim of the ApPticant Bank'}

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iii) A Recovery Certificate^{be issued uts 19(ZZlof Recovery of} Debts and Bankruptcy Act'^{The appticant bank may fite a memo of cost} within 7 days for Preparing^{RecoveryCertificate.}

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Judgment Pronounced^{in the open courton this 15th Day of January , 202}

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"\ t' (Ram Niwas Patet) Presidins Officer

State Bank of India v. Anil Kumar Mothla

Case brief

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State Bank of India v. Anil Kumar Mothla

Case brief

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