Allowed

Bank of India v. Shri G. Prateek Kumar

DRT18 Jul 2024OA/155/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Bank of India's original application for recovery of a vehicle loan. The defendant, who failed to appear, was ordered to pay the principal amount with interest at 9.5% p.a. A recovery certificate was to be issued, and the defendant was restrained from transferring hypothecated or personal assets.

What did the court decide?

Payment of Rs. 37,39,302.48 plus 9.50% per annum interest; issuance of Recovery Certificate; injunction restraining disposal of assets.

Bank of India versus Shri G. Prateek Kumar — Cheque Dishonour | 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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cAt P couRT AT RATPUR (C.G.)

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(Presiding Officer - Hon'bte Shri Ram Niwas Patet)

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Original Applicotion No. - 155/23

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

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..... Appticant

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Versus

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Shri G. Prateek Kumar, S/o shri Ganesh Kumar, Qr.^{No.-6D,Street-Avenue C,}

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Khursipar Zone-ll, Bhitai, Durg (C.G.)

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..... Defendant

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Counsel for the Appticant : Shri Atok Mishra, Advocate Defendant : Ex-parte

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JUDGMENT

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(Dated : 18th July, 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 07102123 against the Defendant for recovery of Rs. 37,39,302.48 (Rupees Thirty Seven Lac, Thirty Nine Thousand, Three Hundred Two and Paisa Fourty Eight 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 Term Loan in the shape of Vehicte Loan of Rs.28 Lac on 27/03/17 and in consideration of the same the Defendant executed requisite loan documents. The Defendant^purchased Ashok Leytand Truck bearing Registration No.^-CGl7BF 13097 and hypothecated it in favour of the Bank. The Defendant avaited the credit facitity and atso executed Acknowtedgment of Debt & Securities on^76103/ZO but faited to liquidate the outstanding dues despite issuance of^{Legat Notice} on 29/10118 by the Appticant Bank. The Appticant-Bank has retied^uponthe documents at Ex. A-1 to A-13 which were^proved by Shri Sumit^{Sikdar, 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}

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oA 155123

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04/07 /23. There is therefore, no^reason to^{disbetieve the contentionsof the} Bank. Considering the facts of the case,^{I opine that the Defendantis to pay} the claim amount together with interest^{and costs. The Appticant-Bankin} its apptication has ctaimed interest @9.55%^{p.a. with monthty rests.} However, lfeet it fair and reasonabte to^grant interest @9.50%^{p.a. simpte} pendentetite and future titl reatization of the dues.^{The hypothecatedAshok} Leytand Truck bearing Registration No.-CGO7BF/3097^{is tiabte to be sotd for} recovery of amount due atong with the^{personatproperties and assets of the} Defendant.

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The Originat Apptication is attowed and it is ordered^{as under-} i) The Defendant do pay Rs. 37,39,302.48^(Rupees Thirty^Seven Lac, Thirty Nine Thousand, Three Hundred Two and^{Paisa Fourty Eight onty)} together with pendentetite and future interest @9.50%^{per annum simpte} from the date of fiting of the OA, i.€., 07/02123, with^costs titt^its reatization.

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ii) The Appticant Bank is entitted to set[ the hypothecated^Ashok Leytand Truck bearing Registration No.-CGl7BFl3097 as wett as^personal properties and assets of the Defendant for reatization of its dues. The Defendant is hereby restrained by means of injunction from depteting, transferring, encumbering, atienating or in any way deating with^his properties/assets without first paying the ctaim of the Appticant Bank.

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iii) A Recovery Certificate be issued u/s 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^{18th Day} of^{Juty, 2024 al} Camp Court Raipur.

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)t\ 1, D N P atet) Presidine Officer

Bank of India v. Shri G. Prateek Kumar

Case brief

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Bank of India v. Shri G. Prateek Kumar

Case brief

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