Allowed

Bank of Baroda v. Messers Belmonte

DRT29 Aug 2024OA/159/2023

Case brief

AI extract

What is this about?

A Debts Recovery Tribunal allowed an original application filed by Bank of Baroda for the issuance of a Recovery Certificate against a proprietorship firm and its guarantors for an outstanding loan summary amount of over 10.57 crores, holding them jointly and severally liable and directing the sale of mortgaged properties to realize dues.

What did the court decide?

Recovery Certificate issued for Rs. 10,57,27,922.21 with future interest against defendants; charge kept alive on listed properties.

Bank of Baroda versus Messers Belmonte — Banking and Recovery | DRT (2024)

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gA 159/2o21oRT_cuvy.nalr

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IN THE DEBTS RECOVERY TRIBUNAL, GUWAHATI

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(North Eastern Region)

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(Tribunal of Assam, Nagatand, Megh€taya, Manipur, t\rizoram, Arunachal pradesh & Tripura)

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O.A. No. iE9/2023

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ln ths mattor of -

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BANK OF BARODA A. T. Road Branch,

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Purabi Complex, Assam Trunk Road, Above Staie Bank of lndia ATM, Ngar Vishal Mega Mart, Paltan Bazar, Guwahati-78'1001, Assam.

..Applicant

Vs.

1. M/S BELUONTE

AProprietorship firm represented by Mr. Manoj Kumar Goyal Office at 14, 1d Floor, R. R. Residency,

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Chatribari, K. C. Road, cuwahati, Assam-78100.1.

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TIR. IANOJ KUIUAR GOYAL Son of Sri Ram Niwas Goyal Resident of Flat No. 1A, First Floor,

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R. R. Residency, K. C. Road, Chahibari, Guwahati-781008.

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MRS. POOJA GOYAL Wife of Manoj Kumar Goyal

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Resident of Flat No. 14, First Floor, R. R. Residency, K. C. Road, Chatribari, Guwahati781008.

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Oefendants

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Presence of tho Counsel :

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: For the Applicant Mr. [Iukesh Sharma, [4s. Barasha Kalita, Advocates

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For the Defendants : None (Ex-parte)

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Dated :291O812024

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JUDGMENT

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This is an application under section 19 of the Recovery of Debts Due to Banks and Financial lnstitutions Act,^'1993 filed by the BANK OF BARODA, A.T. Road Branch, Purabi Complex, Assam Trunk Road, Above State Bank of lndia ATM, Near Vishal Mega Mart, Paltan Bazar, Guwahati-781001, Assam, with a prayer to issue Recovery Certificate for the sum of Rs. 10,57,27,922,21 (Rupees Ton Croro Fifty-

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Seyen Laca Twenty-Soven^{ThousandNine Hundred Twenty-Twoand Paisa} Twontyone) only as on 17.04.2023 against the^{defendantswith pendenteliteand} future interest at the contractual rate^{per annum with monthly rests till realization,} along with cost and other relief.

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A few facts^giving rise to the^present application^{are as under.}

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The defendant No.1 is a Proprietorship firm and the^{dafendant No.2 is the} Proprietor defendant no.l as^well as^{Borrower/ Guarantor and defendant no.3 are} guarantor and mortgagor to the loan facility availed by defendanl no.1.

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The Defendant no.2 as^proprietor of^{defendant no.1 approachedthe applicant} Bank vide Requast letter dated 26.06.2018^{and applied for CashCredit Facility of} Rs.2,95,00,000.00. ln consideration^{of the said Request letter, the applicantBank} vide Sanction Letter dated 03.08.2018^{had sanctionada Cash Creditfacility of} Rs.2,95,00,000.00. The applicant bank^had sanctioned^{the Cash Credit facility to the} Defendant no.2 as^proprietor of defendant^{no.1,upontheir agreeing and undertaking} to comply with and abide by^{the terms and conditions stipulatedthereinThe loan} was secured by various Security.^{Documentsexhibited by Defendantno 2 as} proprietor of defendant no.1 with rate ot interest @'12.15Yo^per annum with monthly rests, [MCLR⁺ Strategic Premium⁺ 3.40%^{(Present one year MCLRis 8.50% & SP} is 0.25olo)l subiect to changes as^per the^{Directivesof RBI/Bank Policy from time to} time. The Defendant no.2 as^{proprietor of defendant no.1 had signed the sanction} letter accepting all the terms & condition^{mentioned therein}

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ln considsration of^granting and sanctioning of^{the said CashCredit Facility of} Rs.295.00 Lacs to the Defendant^{No.2as proprietorof Defendant No. t had signed} and executed a Demand Promissory^{Note, Composite Hypothecation Agreement,} Letter of Sole Proprietorship, Letter^{of Continuing Security all dated 03.08.2018in} favour of the Applicant Bank.

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The aforesaid Cash Credit Facility of^{Rs.2,95,00,000.00Lacs was further} secured by Hypothecation of Stocks and^{book debts and Creation of equitable} mortgage of 1615 sq. ft. residential flat including^{1 no car parking space on ground} floor as it is earmarked By No.68 in the^{multistoried RCC Building viz. Jagdamba}

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Aparlment, Flat No.6B, ASEB, Ulubari, Guwahati-781007 in the name of Defendant

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no.2.

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Again the Defendant No. 2 as proprietor of defendant no.'l applied for Review with Enhancement of various credit facilities and after considering the said application, the Applicant Bank vide Sanction Letter dated 18.03.2020 had sanctioned fresh Letter of Credit (LC) facility of Rs. 700.00 lacs and Review the existing Cash Credit facilities of Rs. 295.00 Lacs to the Defendant No.2 as proprietor of defendant no.1 with rate of interest [MCLR (Presently 8.60)+4.70+SP=13.55% p.a. at monthly rests. The rate of interest is subject to change from time to time as per bank guidelines and interest is to be recovered as and when due. The loan was repayable on demand and in the event of default in payment of prlncipal amount and interest, the Defendant shall pay overdue interest at such inlerest as may be specified by the bank from time to time from the date of such defaull till clearance of lhe default amount in full. The Defendant no.2 as proprietor of defendant no.'l had agreed and signed on the said Sanction letter, thereby agreeing to all the terms and ' conditions laid down A.R€€-NOFA. *rn',

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ln consideration of granting and sanctioning of the said Cash Credit Facility of Rs.295.00 Lacs and Letter of Credit (LC) facility of Rs. 700.00 Lacs, to the Oefendant No.2 as proprietor of defendant no.1 had signed and executed a Demand Promissory Note and Declaration cum Undertakings cum Authority both dated '19.03.2020 in favour ofthe Applicant Bank.

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ln connsction with the sanctioning of the Cash Credit Facility of Rs. 295.00 Lacs and Letter of Credit (LC) facility of Rs. 700.00 Lacs sanction by the applicant bank and availed off by the defendant no.1, General Form of Guarantee dated 19.03.2020 was signed and executed by the defendant no. 2 as Guarantor, who stood as the personal guarantor to the said loan facility availed by the defendant no.1. The said General Form of Guarantee was duly signed and executed by the defendant no. 2, whereby in their capacity as the personal guarantor had not only confirmed but also acknowledged its obligation as the personal guarantor to lhe loan facitity avaited by the defendanr no. L gl"Ud&^*,

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The aforesaid Cash Crsdil Facility of Rs.295.00 Lacs and Letter of Credit (LC) facility of Rs. 700.00 Lacs. The earlier mortgage of 1615 sq.ft. residentiat flat including I no car parking space on ground floor as il is earmarked By No. 68 in the multistoried RCC Building viz. Jagdamba Apartment, Flat No.6B, ASEB, Ulubari, Guwahati-781007 was released and further substituted by commercial property (Proposed situalad at Vill- Nakuchi, PO Maraniana, Pin-781354, Mouza PubBadigoog, Dist-Kamrup Assam bearing Dag No.170 and Patta No.17 belongs to Mr. Manoi Kr Goyal.

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ln terms of the Governmenl of lndia "Baroda Guaranteed Emergency Credit Line^(BGECL) sch€me", Applicant Bank vide Sanction Letter dated Nil sanctioned a Demand loan for Covid-l9 Pandemic Scheme of Rs.5S,00,0001 to the defendant no.2 as proprietor oI defendant no.1 with the rale ol 1o/o over BRLLR lending are of the Bank per annum with monthly rate of interest. The penal interest @ 2o/o charyed for non-paymenudelayed payment on overdue amount for overdue period/breach/violation/non-compliance of any terms & condition of the sanction. The Term Loan was secured by extension of mortgage and Hypothecation of book debts and movable machinery. The Oefendants had signed on the said Sanclion Letter thereby agreed to all the tgrms and condition mentioned therein.

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ln terms of lhe Government of lndia "Baroda Guaranteed Emergency Credit Line (BGECL) scheme'Term Loan Facility of Rs.59,00,000.00^ sanctioned by the Applicant Bank and availed of by the Defendant no.2 as proprietor of defendant no.1, a Damand Promissory Note dated 04.06.2020 and Undertaking Letter lrom Bonower/s dated 04.06.2020 has been signed and executed by the Defendant No. 2 and 3 in favour of the Applicant Bank as security for repayment of the loan, thereby agre€ing to all the terms and conditions laid down in tha said Agreoment in favour of the Applicant Bank.

¶48

ln terms of the Government of lndia "Baroda Guaranteed Emergency Credit Line (BGECL) acheme" Term Loan Facility of Rs.59,00,000.00/- sanctioned by the applicant bank and availed off by the defendant no.2 as proprietor of defendant no.1, General Form of Guarantee dated 04.06.2020 was signed and executed by the

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defendant^{no. 2 and 3 as Guarantor' who stood as the personal guarantor to the said} loan facility^{availedby the defendant no l ' The said General Form of Guarantee was} duly signed^{and executed by the defendantno 2 and 3' whereby in their capacityas} the^{personalguarantor had not onlyconfirmed but also acknowledged its obligation} as the^{personal guarantor to the loan facility availedby the defendantno 1'}

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ln terms^{of the GoYernmentoI lndia "Baroda Guaranteed Emergency Credit} Line^{(BGECL)scheme" Term Loan Facility of Rs 59'00'00000/-' the loan was} furthersecuredbyextensionofequitablemortgageoftheimmovableproperty. Accordingly,^{the Defendantshad deposited all the documents of title relatingto the} immovable^{propertyas security for repaymentto the Applicant for all the amounts} advancedortobgadvancedundervariousfacilitiesgrantedortobegrantedbythe applicant bank^{to the Defendant No 1 firm together with interest'compound and/or} additional^{interest in caseof default, cost, other charges in favour of theApplicant} Bank.

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The Defendant^no. 2^{as theProprietorof the defendantno'1 had again} approached the^{applicantBankand Requestedfor reviewof cash credit facilities of} Rs. 295.00 Lacs^(Existing Limit) and^{Letterof credit of Rs.700.00 Lacsand after} considering lhe said request letter the Applicant Bank vide Sanction letter dated 07.06.2021 had reviewed existing Cash Credit limit of Rs. 2,95,00,000/- and Letter of credit of Rs.700.00 Lacs in total of Rs.9,95,00,000/- with interest [MCLR (presenfly 7.40) + SP + 1.75o/o i.e.8.751 per annum compounded monthly subject to change from time to time as per Banks guidelines. The Cash Credit timit is payable on demand. The penal lnterest @zyo charyed for non_paymenUdelayed payment on overdue amount for overdue period/breach/violation/non_compliance of any terms and condition of the sanction.

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ln connection with the sanction of the Cash Credit Facili Rs. 2,95,OO,OOO^ and Letter of credit of RS.7,OO,OO,O0O/_ in total of RS.9,95,OO,OOO^ sanctioned by the Applicant Bank and avaited of by the Defendants, a General Undertaking dated 07.0a.2021 has been signed and executed by the Defendant No. 2 and 3 in favour of the Applicant Bank as security for repayment of the loan, thereby agreeing to all the

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terms and conditions laid down in the said Agreement in favour of the Applicant Bank.

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ln connection with the sanctioning of the Cash Crodit limit of Rs. 2,95,OO,OOO/and Letter of credit of Rs.7,OO,OO,OOO/- in total of Rs.9,9O,OO,OOO/_ sanctioned by the applicant bank and avaired off by the defendants, a Generar Form of Guarantee dated 07.06.2021 was signed and executed by the defendant no. 2 and 3 as Guarantor, who stood as the personal guarantor to the said loan facitity availed by the defendant no.i. The said General Form of Guarantee was duly signed and executed by the defendant no. 2 and 3, whereby in their capacify as the personal guarantor had not only confirmed but also acknowledged its obligation as the peEonal guarantor to the loan facility availed by the defendant no. 1.

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The aforesaid Cash Credit Facility of and Letter of Credit facility o, Rs.7,00,00,000.00 was further secured by creation of equitabte mongage of the immovable property by Defendant no. 3, being the mortgage property (more fully described in Schedule - B to O). The earlier mortgage of commercial property situated at Vill- Nakuchi,^pO Maranjana, pin-781304, Mouza pub_Badigoog, Oist_ Kamrup Assam bearing Dag No.170 and patta No..l7 belongs to Mr. Manoj Kr Goyal was release and it was substituted by following securities mentioned in Schedule_B to D. Accordingly, the Defendant No.3 had deposited all the documents of tifle relating to the immovable property as security for repayment to the Applicant for all the amounts advanc€d or to be advanced under loan facilities granted or to be granted by the applicant bank. The Letter of Confirmation of mortgaged dated 08.06.2021 and Oeclaralion in the matter of mortgage by deposit of tifle deeds in respect of immovable property dated 07.06.2021.

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The Defendani no. 2 as proprietor of defendant no.1 had again approached the applicant Bank had Requested for review with enhancement of cash credit facilities of Rs. 995.00 Lacs from Existing levet of Rs.29S.O0 Lacs and after considering the said request letter dated 29.04.2022 the Appticant Bank vide Sanction letter daled 29.04.2022 had sanctioned a Cash Credil limit of Rs. 9,95,00,000/- with interest IMCLR (Presently 6.75) +2.00 + Sp p.a.) compounded

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monthly subject to change from time to time as per Banks guiderines. The cash Credit limit is payable on demand. The penal lnterest 2% charged for non_ paymenudelayed payment on overdue amount for overdue peiod/breach/violation/non-compliance of any terms & condition of the sanction.

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ln connection with tho sanction of the Cash Credit Facility of Rs. 9,95,OO,OOO/_ sanctioned by the Appricant Bank and in terms of the Government of rndia ,,Baroda Guaranteed Emergency Credit Line (BGECL) scheme,, Term Loan Facility of Rs. 42.62 Lacs and "Baroda Guaranteed Emergency Credit Line (BGECL Extension 1.0) scheme" Term Loan Facility of Rs.29.50 Lacs in total of Rs.10,67, i 2,000/- availed of by the Defendant no.2 as proprietor of defendant no.i, a Composite Hypothecation Agreement dated 29.04.2022 and Letter of Continuing Security of RS.995.OO Lacs daled 29.04.2022, has been signed and executed by the Defendant no.2 as proprietor of defendant no.j in favour of the Applicant Bank as security for repayment of the loan, thereby agreeing to afl the terms and conditions raid down in the said Agreement in favour of the Applicant Bank.

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ln terms of the Government of lndia ',Baloda Guaranteed Emergency Credit Line (BGECL) scheme" Term Loan Facility of Rs.42.62 Lacs had sanctioned by the applicant bank vide Letter of rnstalment with Accereration crause dated 29.04.2022 and "Baroda Guaranteed Emergency Credit Line (BGECL - Extension 1.0) scheme,, Term Loan Facility of Rs.29.S0 Lacs had sanctioned by the applicant bank vide Letter of lnstallment with Acceleration Ctause dated 29.04.2022 availed of by the Oefendant no.2 as proprietor of defendant no.1 the said lnterest is going to be serviced separately as and when charged, commenced lrcm 24 months after the date of first disbursement. The penal interest @ 2olo charged for non_ paymenudelayed payment on overdue amount for overdue period/breach/violation/non-compliance of any terms & condition of the sanction. The Term Loan was secured by extension of mortgage and Hypothecation of stock & book debts.

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ln connection with the sanctioning Term Loan (BGECL) aggregate limit of Rs.1067.'12 Lacs(working capital facitity of Rs.995.OO Lacs, AWCTL t(BGECL) facitity

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of Rs.42.62 lacs and^{AWCTL ll (BGECL)facility of Rs.29.50 lacs) sanctioned by the} applicant bank and^{availed off by the defendants,a General Form of Guarantee} dated 29.04.2022^{was signed and executed by the detendantno. 2 and 3 as} Guarantor, who stood^{as the personal guarantor to the said loanfacility availed by} the defendant no.1. The said^{General Form of Guaranteewas duly signed and} executed by the defendant^{no, 2 and 3, whereby in their capacityas the personal} guarantor had not only confirmed^{but also acknowledgedits obligationas the} personal guarantol to the loan facility availed^{by the defendant no.1.}

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ln connection with the sanctioning of^{the Cash Creditand Term Loan} (BGECL) aggregate limit of Rs.10,67,12,000/-' the loan^{was further securedby} extension of equitable mortgage of the^{immovableproperty. Accordingly,the} Defendant no.3 had deposited all the^{documents of title relating to the lmmovable} property as security for repayment to the Applicant for all the amounts advanced^or lo be advanced under^{variousfacilities grantedor to be grantedby the applicant} bank to the Defendant No. 1 firm together^{with interesl,compound and/or additionai} interest in case of default, cost, other charges^{in favour of the ApplicantBank The} Defendant no.3 have conrirmed the extension of^{equitable mortgage coverthe} aforasaid cash credit facility by executing an^{Extension of Mortgageby Deposit of} Title Oeeds in respect of schedule B to D dated 29.04.2022 and^{Declaration cum} Undertaking cum Authority daled 29.o4.2022.^{lt is pertinentto mentionthat the Title} Deeds of the aforesaid^properties originally deposited for various financial facilities availed by them.

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As the Oefendants failed to repay the outstanding liabilities in the Cash Credit and BGECL Account, the Applicant Bank on 27.02.2023 had issued a notic€ of Notice under Section 13(2) to the defendants whereby it was demanded and requested the Defendants to repay the total outstanding amount of Rs.g,94,99,557.50/- due as on 27.02.2023 in the loan account along with interest charges.

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The Defendants had availed of the said loan facilities from the Applicant Bank, but have not^paid the loan amounts in the Loan accounts as^{perthe termsand}

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conditions as agreed upon with the Applicant Bank, inspite of repeated demands and requests by the Applicant Bank. Thereafter the Applicant Bank through its counsel issued a Loan Recall Notice dated 25.03.2023 to the Defendanls through speed post A,/D demanding the repayment of the outstanding loan amount within 7 days from the date of the notice. But the defendants failed to repay the outstanding amount within the stipulated time.

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The Statements of Account maintained by the Applicant Bank in the usual and ordinary course of business shows that there is an outstanding balance of Rs. 10,57,27,9?2.211- in the Cash Credit Account No. O9O9O5O0OOOOB9 of Rs.9,94,99,557.50^ and BGECL Account. No. 09090600002091 of Rs.32,78,364.71l- & BGECL Account no. 09090600002841 0f Rs.29,5o,ooo/_ as on 17 .04.2023. The account was classified as N. P.A. on 27.01.2029 in adherence to the guidelines and norms as prescribed by the Reserve Bank of lndia. Therefore, the claim amount in the Loan Account is Rs. 10,57,27,922.2,1t- as on,ll.O4.2O2gi and the Defendants are legally bound and tiable joinfly and severally to repay the said amount of Rs. 10,57,27,922.21l- to the Appticant Bank with interest ti realization with pendentelite and future interest, cost and charges.

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The applicant bank thus became conskained to file the present Original Application for the recovery of Rs. 10,57,27,922.21 (Rupoes Ten Croro Fifty€even Lacs TwentySovon Thousand Nina Hundrsd Twenty-Two and^paisa Twentyono) only as on '17 .M.2O23 abng with interest and cost of the application.

¶81

Afrer filing of the OA the Tribunal issued notices upon the dafendanls through registered post and the applicant bank filed service report on 91.07 .2023 and brought on record the postal receipts along with track consignment report which shows that notice have been served upon the defendants. Hence service is completed upon the defendants. Even after proper service of notices upon the defendants there was no representation on behalf of the defendants either by the counsel or the person and hence the defendants were set ex-parte on 12-09-2023 and their right to file written stalgment cum evidence on affidavit was closed and the matter was posted for hearing on behalf of the applicant bank.

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Supporling the claim of ihe applicant bank N. Mohan Rao, Chief Manager of the Applicant Bank has filed evidence on affidavit coupled wilh the security documents marked as Document-P, Exhibit-Aw-1/1 to AW-1/49, supporting the claim of the applicant bank.

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Heard the learned counsel for the applicant bank who prayed for issuance of Recovery Certiticate against the defendants as per pleadings made in the Application, supported by evidence on affidavit of their witness who affirmed on oalh the execution of the security and other documents by the defendant and also execulion of their own documents relied upon, which have been marked exhibits.

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Considering the facts and circumstances of the case, I am of the considered yiew that the documents filed by the applicant bank are supporting the claim of the applicant bank and establishing the liability of the defendants. lt is proved that the defendants are^jointly and severally liable to pay to the applicant bank the claim made in the Original Application. The loans were obtained and documents have been executed on 03.08.2018, 19.03.2020, 04.06.2020, 07.06.2021 & 29.04.2022. The accounts became NPA on 27.01.2023 and the OA has been filed on 09.05.2023. Hence, the OA is filed well within the period of limitation and this Tribunal having a^jurisdiction to adjudicate the Original Application.

¶88

Considering the unchallenged/ unrebutted version of N. Mohan Rao, the applicant's witness and all the documents marked as exhibits, including duly certified copy of the statement of account along with interest calculation sheet maintained by the applicant Bank in it's regular course of business, I hold that the applicant is entitled to get the Recovery Certificate as prayed for.

¶89

ln the result, the present Original Application No.^'159 of 2023 is allowed with cost as under i

¶90

The defendants No.^'1, 2 & 3 are jointly and severally liable to pay to the applicant bank a sum of Rs. 10,57,27,922.21 (Rupees Ten Crore Fifty-Seven Lacs Twenty-Soven Thousand Nine Hundrsd Twenty-Two and Paisa Twenty-Ons) only with pendentelite and future interest @13.55% per annum

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with monthly rests from 18.04.2023 till the date of fult paymenurealization and also cost of the application.

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ii) The charge of the certificated amount be kept alive on hypothecated properties, as described in Schedule-A of the OA till the amount is realized in futt.

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iii)

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The charge of the certificated amount be kept alive on charged/mortgaged property i.e. EM of the commercial space measuring 3780 sq. ft. super built up area bearing unit no. B 4A, on the 4rh floor of the building along with proportionate share of Land amount to 3.4 Lechas standing over a plot of land measuring about 2 bigha 3 katha 10 lechas covered by Oag no.8o7, 800,809, 81 1 and 815 of K. P. Pa(a no.67,98 and 187 of Revenue Village Sita (couripur, Amingaon) und6r Mouza: Sinurighopa situated at Plot No.1A,/8, Brahmaputra lndustrial Park, District: Kamrup (Rural), stating in the name of Pooja Goyal, as described in Schedule-B of the OA till the amount is realized in full.

¶98

iv)

¶99

The charge of the certificated amount be kept alive on charged/mortgaged property i.e. EM of the commercial space measuring 2820 sq. ft. super built up area bearing unit no, B 4C, on the 4th floor of the building along with proponionate share of Land amount to 2.53 Lechas standing over a plot of land measuring about 2 bigha 3 katha 10 lechas covered by Dag no.807,808,809,811 and 815 of K. P. Patta no.67,98 and 187 of Revenue Village Sila (Gouripur, Amingaon) under Mouza: Sinurighopa situated at Ptot No.lA,/8, BrahmaputE lndustrial Park, District: Kamrup (Rural), stating in the name of Pooja Goyal, as described in Schedule-C of the OA till the amount is realized in full.

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¶101

The charge of the certificated amount be kept alive on charged/mortgaged property i.e. EM of the commercial space measuring 4280 sq.ft. super built up area bearing unit no.84D, on the 4th Floor of the building along with proportionate share of Land amount to 3.85 lechas standing over a plot of land measuring 2 bigha 3 katha l0lechas covered by Dag no.807, 808, 809, 810 and 815 of K. P. Patta no.67, 98 & 187 of Revenue Vill-Sila under MouzaSundarighopa situated at Plot No.1A,/8, Brahmaputra lndustrial Park, District:

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Kamrup (Rural), stating in the name of Pooia Goyal, as described in Schedule-

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D of the OA till the amount is realized in full.

¶108

vD The applicant bank is entitled to proceed againsl tha secured items towards recovery of lhe debts.

¶109

viD The applicant bank is also entitled to proceed againsl the personal assets and properties of the defendants towards recovery of the dues.

¶110

vliD The applicant bank is entitled to the cosb of the O.A. which inctudes the advocate fees of the applicant bank. Applicant is directed to lite the cost memo within 2 weeks from today.

¶111

ix) lssue Recovery Certiricate accordingly for a sum R , 10,57,27,922.21 (Rupeea Ten Croro Flfty-Sovon Lacs Twsnty€even Thousand Nine Hundrgd Twenty-Two and Palsa Twentyone) only in favour of the applicant bank ag€inst th6 defendants No. 1, 2 & 3.

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x) Communic€te copy of this order to the concerned parties.

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This order is dic-tated and corracted by the undersignsd.

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Judgmant dated 29rh August 2024, signed and pronounced in the Tribunal

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today under my signature.

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Copy of the JudgmenuFinal Order be uploaded in the Tribunal's Website and fite

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be consigned to Record Room.

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S[il fla^a-Q.1ry, (ShivSharan r#ffi\ t Presiding Oflicer DRT, Guwahati.

Bank of Baroda v. Messers Belmonte

Case brief

What is this about?

What did the court decide?

Bank of Baroda v. Messers Belmonte

Case brief

What is this about?

What did the court decide?

What the court decided

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