Allowed

Bank of India v. M/S Ryan Paper Industries

DRT27 Sept 2024OA/153/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Bank of India's application for recovery of Rs. 52,68,238.78 plus interest against the Defendants. The court ordered the issue of a Recovery Certificate and restrained the Defendants from disposing of their assets.

What did the court decide?

The Defendants were directed to pay Rs. 52,68,238.78 with interest and costs; a Recovery Certificate was to be issued, and the Defendants were restrained from dealing with their assets.

Bank of India versus M/S Ryan Paper Industries — Money Laundering | 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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Original Applicotion No. - 153123

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Bank of lndia, Power House, Bhitai (C.G.)

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Applicant

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Versus

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01 ) M/s Ryan Paper lndustries, Through its ProprietressMrs. Asefa Banu Khan, Ward No.-8, Durga Nagar, Kohka, Bhilai (C.G.) 490009

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1. Mrs. Asefa Banu Khan, W/o Mohammad Shoaib Atam, Rlo701 , MIG-1 HUDCO, Hospital Sector, Bhitai 491002 Defendants

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Counsel for the Applicant : Shri Atok^{Mishra, Advocate}

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Defendants : Ex-parte

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JUDGMENT loatea:@r,zo24l

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'1. The Appticant'Bank has fited the^{present Origina[ Apptication} u/s 19 of Recovery of Debts and Bankruptcy^{Act on 09102123against the} Defendants for recovery of Rs. 52,68,238.78^{(RupeesFifty Two Lac,Sixty} Eight Thousand, Two Hundred Thirty Eight and^{Paisa SeventyEightonty)} 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 Proprietress^{DefendantNo'-2, the Appticant} Bank sanctioned Cash Credit^{(Hypothecation)Limit of Rs. 25 Lac and Term} Loan of Rs. 10 lac on 07 105116^and in^{considerationof the samethe} Defendants executed requisite^{loan documents,The Defendants avaited the} credit facitities and atso executed^{Acknowtedgment of Debt & Security lastly} on 02/05122 but faited to tiquidate^{the outstandingdues despite issuance of} Recatt Notice on 2OlO1l23 by the Appticant^{Bank.The Appticant'Bankhas} retied upon the documents at Ex. A-1 to^{A'21which were provedby Shri} Sumit Sikdar, Chief Manager.

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oA 153/23

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Despite service of notice, the Defendants^{neitherappeared nor} fited written statement. They were^{proceededex-parte vide order dated} 17/04124. There is therefore, no reason to disbetieve the contentions^{of the} Bank. Considering the facts of the case, I opine that^{the Defendantsare} jointty and severatty liabte to pay the ctaim amount together with interest and costs. The Applicant-Bank in its application has ctaimed^interest @09.05%^{p.a. with monthly rests.However,I feel it fair and reasonabteto} grant interest @9.05% p.a. simpte pendentelite and future ti[[ rea[ization of the dues. The personal properties and assets of the Defendants are liable to be sotd for recovery of amount due.

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The Original Apptication is altowed and it is ordered as under-

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i) The Defendants do pay^jointty and severalty Rs. 52,68,238.78 (Rupees Fifty Two Lac, Sixty Eight Thousand, Two Hundred Thirty Eight and Paisa Seventy Eight onty) together with pendentetite and future interest @09.05%^per annum simpte from the date of fiting of the OA, i.e.,09102123, with costs titl its reatization.

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ii) The Appticant Bank is entitted to setl the personal properties and assets of the Defendants for reatization of its dues. The Defendants are hereby restrained by means of injunction from depleting, transferring, encumbering, atienating or in any way deating with their properties/assets without 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 file a memo of cost within 7 days for preparing Recovery Certificate.

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Judgment pronounced in the open court on this 27th Day of September,2024.

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,4'

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mN rwas Patet) Presidine Off icer

Bank of India v. M/S Ryan Paper Industries

Case brief

What is this about?

What did the court decide?

Bank of India v. M/S Ryan Paper Industries

Case brief

What is this about?

What did the court decide?

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