Allowed

Bank of India v. M/S Alish Beverages Pvt. Ltd.

DRT27 Sept 2024OA/1436/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the applicant Bank's claim against a company and its directors for outstanding dues of Rs. 33.09 lakhs granted under a loan facility. Interest was awarded at 11.45% p.a. Applicants sought the intervention of the court only if the defendants fail to pay the amount, but the defendants were also restored as parties to the trial. The court also ordered that interest

What did the court decide?

Dues of Rs. 33.09,667.28 with interest @11.45% p.a. simple ordered to be paid; recovery certificate under Section 19(2) issued; defendants restrained from transferring assets.

Bank of India versus M/S Alish Beverages Pvt. Ltd. — 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. - 1436122

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Bank of lndia, lndira Nagar, Burhanpur (M.P.)

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Appticant

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Versus

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01 ) M/s Atish Beverages Private Limited, Office at Khasra No.-144l3, Gram-Emagird, Tehsit & Distt.-Burhanpur (M.P.)

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1. Mr. Syed Siddiq Hasan, S/o Mr. Syed Musaddiq

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1. Mrs. Sadaf Ahmed, D/o Mr. Syed Musaddiq

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(2 & 3 House No.-39, Ward No.-4, Kai[ash Marg, S[impura,

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Tehsit & District-Burhanpur, M.P.) Defendants

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Counsel for the Appticant : Shri^{Alok Mishra, Advocate}

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Defendants : Ex-parte

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JUDGMENT

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(Dated : 27th SePtember,2024)

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The Appticant-Bank has fited^{the present Originat Apptication} u/s 19 of Recovery of Debts^{and BankruptcyAct on 28/11 122 against the} Defendants for recovery of^{Rs. 33,09,667.28(RupeesThirty Three Lac,Nine} Thousand, Six Hundred Sixty^{SevenandPaisa TwentyEight onty) atong with} interest and other retiefs^{as stated.}

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The brief facts of the^{case are that on the requestof} Defendant No.-1 through^{its Director Defendant No'-2 & 3, the Appticant} Bank sanctioned cash^{credit(Hypothecation) Limit of Rs. 6 Lac and Term} Loan of Rs. 22.40^{Lacaggregating Rs. 28.40Lac and in considerationof the} sametheDefendantNo.-lthroughitsDirectorsDefendantNo'-2&'3 executed requisite^{loan documentson 16/08/14' The DefendantNo'-1} throughitsDirectorsavaitedthecreditfacil,itiesandalsoexecuted AcknowledgmentofDebt&securitytastlyon01l01/20butfai[edto tiquidate the outstanding^{duesdespiteissuance of RecattNoticeon 70/08122}

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oA 1436/22

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and initiation of action under the^{SecuritisationAct by the Appticant Bank.} The Appticant-Bank has retied upon^{the documents at Ex. A-1 to A-15 which} were proved by Shri Yogesh Patit, Chief^Manager.

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Despite service of notice, the Defendants neither appeared^nor fited written statement, They were^{proceededex-partevideorderdated} 12104t24. There is therefore, no reason to disbelieve^{the contentionsof the} Bank. Considering the facts of the case, I opine that the^{Defendantsare} jointty and severalty liabte to pay the claim amount together with interest and costs. Perusal of record reveats that Defendant No.'2 and 3^have executed documents in the capacity as Directors of Defendant^No.-1 company any has not executed any documents in their individua[ capacity to secure the credit facitities sanctioned to Defendant No.-1. Thus the tiabitity of Defendant No.-2 & 3 is restricted to the vatue of shares/assets of the Defendant No.-1 Company in their hands. No personal tiabitity is fastened against the Defendant No.-2 and 3. The Appticant-Bank in its apptication^has claimed^'interest @11.45% p.a. with monthty rests. However, I feel it fair and reasonable to grant interest @11,45% p.a. simple^pendentelite and future titl reatization of the dues. The mortgaged property is tiabte to be sold for recovery of amount due along with the personal 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 Defendants do pay jointty and severally Rs. 33,09,667.28 (Rupees Thirty Three Lac, Nine Thousand, Six Hundred Sixty Seven and Paisa Twenty Eight onty) together with pendentetite and future interest @11.45% per annum simpte from the date of fiting of the OA, i.e.,28111122, with costs til[ its realization. The tiabitity of Defendant No.-2 & 3 is restricted to the vatue of shares/assets of the Defendant No.-1 Company in their hands.

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ii) The Appticant Bank is entitted to setl the properties and assets of the Defendant No.-1 Company for realization of its dues. The Defendants are hereby restrained by means of injunction from depteting, transferring, encumbering, atienating or in any way dealing with the properties/assets of Defendant No.-1 Company in their hands without first paying the ctaim of the Appticant Bank.

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oA.1436122

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iii) A Recovery^{Certificatebe issueduls 19(22) of Recovery of} Debts and Bankruptcy^{Act' The appticantbank may fite a memo of cost} within 7 days for^{preparingRecovery Certificate'}

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Judgment^{pronouncedin the open court on this 27th Day of September' 2024'}

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Bank of India v. M/S Alish Beverages Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

Bank of India v. M/S Alish Beverages Pvt. Ltd.

Case brief

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