Allowed

Icici Bank Limited v. M/S Imran Khan

DRT19 Jul 2024OA/1475/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed an applicant bank's application for recovery of dues of Rs. 41,80,641 from three respondents who defaulted on a secured loan, ordering payment of principal, interest, and issuance of recovery certificate.

What did the court decide?

Order for payment of Rs. 41,80,641 + 10% p.a. interest; Recovery Certificate under Section 19(2) RDB Act; Injunction against alienation of assets.

Icici Bank Limited versus M/S Imran Khan — 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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cAttP couRT AT RATPUR (C.c.)

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

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Original Applicotion No. - 1475122

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lClCl Bank Ltd., Surya Chambers, Ptot No.-Al09, Vyaphar Vihar, Bitaspur (C.G.) 495001

.... Appticant

Versus

010 M/s lmran Khan,

Through its Proprietor-

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Shri lmran Khan

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lmran Khan

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(1 & 2 at Ward No.-6, Masjid Road,

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Akattara, Janjgir Champa, C.G. 495552)

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Humaira Tarannum,

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Ward No.-7, Masjid Road, Akaltara,

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Janjgir Champa (C.G.) 495552 Defendants

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Counsel for the Appticant : Shri Shashank Verma, Advocate

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Defendants : Ex-parte

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JUDGMENT

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(Dated: 19th July, 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^'15112122 against the Defendants for recovery of Rs. 41,80,641 .00^(Rupees Fourty One Lac, Eighty Thousand, Six Hundred and Fourty One onty) atong with interest and other reliefs as stated.

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The brief facts of the case are that on the request of Defendants, the Appticant Bank sanctioned Loan facitity of Rs. 46.71 Lac^and in consideration of the same the Defendants in addition to execution^{of loan} documents on 10/05121 have atso hypothecated JCB205SC^{Track 600 0.9} cum HD BKT bearing Engine No.-84933312, Chassis^{No.-PUNJD20AKM2895795} in favour of the Appticant-Bank. The Defendants availed^{the creditfacitities} but faited to liquidate the outstanding dues^{despite issuanceof Letter on} O6tO8/22 by the Appticant Bank.^{The Appticant'Bank has retiedupon the}

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oA 1475/22

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documents at Ex. A-1 to^{A-8 whichwere proved by Shri ltays Hussain,} Manager.

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Despite service of notice, the^{Defendants neitherappeared nor} fited written statement. They^{wereproceededex-parte vide order dated} OBt11 123. There is therefore,^{no reasonto disbetieve the contentionsof the} Bank. Considering the facts of^{the case, I opine that the Defendantsare} jointty and severalty tiabte to pay the ctaim amount together^{with interest} and costs. The Appticant-Bank^{in its apptication has claimed interest} @'lO.O7y"^{p.a. with monthty rests. However, I feel it fair and reasonabteto} grant interest @10% p.a. simpte^pendentetite and^future titl^{reatization of} the dues. The hypothecated^{JCB205SCTrack 600 0.9 cumHD BKTbearing} Engine No.-84933312, Chassis^{No.'PUNJD20AKM2895795is tiabteto be sold} for recovery of amount due along^{with the personal properties and assets of} the Defendants.

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The Originat App[ication is attowed^and it^{is orderedas under-}

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i) The Defendants do^{pay jointty} and^{severatly Rs. 41,80,641 .00} (Rupees Fourty One Lac, Eighty Thousand, Six^{Hundredand FourtyOneonty)} together with^pendentetite and^{future interest@10% per annum simptefrom} the date of fiting of the OA, i.e.,15112122,^{with costs titt its reatization.}

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ii) The Appticant Bank is entitted to sett the^hypothecated JCB2O5SC Track 600 0.9 cum HD BKT bearing^{Engine No.-84933312,Chassis} No.-PUNJD20AKM2895795 as we[[ as^{personal propertiesand assetsof the} Defendants for reatization of its dues. The Defendants^{are hereby restrained} by means of injunction from depteting, transferring,^{encumbering, alienating} or in any way deating with their^{properties/assetswithout} first^{paying the} ctaim of the Appticant 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 fite a^memo of^cost within 7 days for preparing Recovery Certificate.

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Judgment pronounced in the open court on this 19th Day of Juty, ZO24 at Camp Court Raipur.

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)-<br>q '-?
<br>( m was Patel)
Presidine Officer

Icici Bank Limited v. M/S Imran Khan

Case brief

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Icici Bank Limited v. M/S Imran Khan

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