Allowed

Bank of India v. Jai Bajrang Fruit Co.

DRT26 Jul 2024OA/26/2022

Case brief

AI extract

What is this about?

This judgment allowed a recovery application filed by Bank of India under Section 19 of the RDB Act against a fruit company and its proprietor. The tribunal observed that the defendants failed to appear or file a statement, resulting in an ex-parte proceeding. Consequently, the court ordered the defendants to repay the principal amount along with simple interest and issued a recovery certificate.

What did the court decide?

The respondents were ordered to pay Rs. 50,11,435.19 with simple interest at 9.55% p.a. from 15/11/21, a Recovery Certificate was issued under S. 19(2), and an injunction was granted against transferr

Bank of India versus Jai Bajrang Fruit Co. — 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.G.)

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

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Originol Application No. - 26/22

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Bank of lndia, Rajendra Nagar, Distt.^-Bitaspur (C.G. )

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Appticant

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Versus

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M/s Jai Bajrang Fruit Company, 01 ) Through its ProprietorMr. Prajot Satuja, Shop No.-15, Fruit Market, Tifra, Bitaspur (C.G.)

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Mr. Prajot Satuja, S/o Mr. Susheet Satuja, R/o Gujrati Samaj Dhanji Wada,

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Tikrapara, Bitaspur (C.G.) Defendants

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Counsel for the Appticant : Shri Ashish Shroti, Advocate Defendants : Ex-parte

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JUDGMENT (oate?:TorFluty,zoz+)

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The Appticant-Bank has fited the present Originat Apptication u/s 19 of Recovery of Debts and Bankruptcy Act on 15/11121 against the Defendants for recovery of Rs. 50,11,435.19 (Rupees Fifty Lac, Eleven Thousand, Four Hundred Thirty Five and Paisa Nineteen onty) along with interest and other retiefs as stated.

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The brief facts of the case are that on the request of Defendant No.-1 through its Proprietor Defendant No.-2, the Applicant^Bank sanctioned CC Limit of Rs. 45 Lac on 10/08/18 and in consideration of the same the Defendants executed requisite loan documents. The Defendants avaited the credit facitity and atso executed Letter of Acknowledgment of Debt/Securities on 26/08/20 but faited to tiquidate the outstanding dues despite issuance of Demand Notice on 12107 121 by the Applicant Bank. The Appticant-Bank has retied upon the documents at Ex. A-1 to A-14 which were proved by Shri Ajay Kumar Verma, Senior Manager.

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oA26122

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Despite service of notice, the^{Defendants neitherappeared nor} fited written statement.^{They were proceededex-parte vide order dated} 15112t23. There is therefore,^{no reasonto disbet'ieve the contentionsof the} Bank. Considering the^facts of^{the case, I opine that the Defendantsare} jo.intty and severalty tiabte to pay the ctaim amount together^{with interest} and costs. The Appticant-Bank^{in its appticationhas [email protected]%} p.a. with monthty rests. However, I^feet it^{fair and reasonabte to grant} interest @9.55%^p.a. simpte^{pendentetite and future titi reatizationof the} dues. The^personal Properties^{and assetsof the Defendantsare liable to be} sotd for recovery of amount^due.

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4, The Originat Apptication is altowed^{and it is orderedas under-}

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i) The Defendants do^{pay jointty} and^{severallyRs. 50,11,435.19} (Rupees Fifty Lac, Eteven Thousand, Four Hundred^{Thirty Fiveand Paisa} Nineteen onty) together^{with pendentelite and future interest @9.55%per} annum simple from the date^{of fiting of the OA, i,e.,15111 121, with costs} tit[ its reatization.

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ii) The Applicant Bank is entitled to setl the^{personal properties} and assets of the Defendants^{for realization of its dues. The Defendantsare} hereby restrained by means of^{injunctionfrom depleting,transferring,} encumbering, alienating or^{in any way deatingwith their properties/assets} without first paying the claim of the Appticant^Bank.

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iii) A Recovery Certificate be^issued uls^{19(221 of Recoveryof} Debts and Bankruptcy Act. The^{applicant 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 26th Day of Juty, 2024al} Camp Court Raipur.

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?' m iwas Pate[) Presidine Officer

Bank of India v. Jai Bajrang Fruit Co.

Case brief

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Bank of India v. Jai Bajrang Fruit Co.

Case brief

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