Allowed

Bank of India v. Shri Lalu S/O Jhagru

DRT20 Mar 2024OA/261/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal in Jabalpur allowed an Origin Application filed by Bank of India against two defendants for recovery of Rs. 33,08,708.00 with interest, granted an injunction over mortgaged and personal assets, and directed issuance of a recovery certificate under Section 19(2) of the Act.

What did the court decide?

Direct payment of Rs. 33,08,708.00 with 12% interest, injunction on disposal of assets, and issuance of Recovery Certificate u/s 19(2).

Bank of India versus Shri Lalu S/O Jhagru — Contract and Commercial Disputes | DRT (2024)

¶1

DEBTS RECOVERY TRIBUNAL : JABALPUR

¶2

(for the States of Madhya Pradesh and Chhattisgarh)

¶3

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

¶4

Originol Application No. - 261122

¶5

Bank of lndia, Khaknar, Amravati Road, Distt.^-Burhanpur (M. P. )

¶6

..... Appticant

¶7

Versus

¶8

Shri [atu, S/o Shri Jhagru, Gram Dhaba, Tehsit-Khaknar, District-Burhanpur (M. P. )

¶9

Shri Shivtat, S/o Shri Baburao, R/o Vittage & Post-Lodhipura, Shiv Cotony, Tehsil & Distt.' Burhanpur^(M.P.) ..... Defendants

¶10

Counset for the Appticant : Shri Atok Mishra, Advocate

¶11

Defendants : Ex'parte

¶12

JUDGMENT

¶13

(Oatea : 70ffi rtfarctr JOZ+)

¶14

The Appticant-Bank has fited the^present Originat Apptication u/s 19 of Recovery of Debts and Bankruptcy Act on^{14102122 against the} Defendants for recovery of Rs. 33,08,708.00^{(RupeesThirty Three Lac,Eight} Thousand, Seven Hundred and Eight onty) atong with^{interest and other} retiefs as stated.

¶15

The brief facts of the case are that on the^requestof Defendant No.-1, the Appticant Bank^{sanctionedKishan Credit Card Limit of} Rs. 21.41 Lac on 24t03115. ln consideration of^{the sanctioned of credit} facitity the Defendant No.-1 as borrower^{and Defendant No.-2as guarantor} in addition to execution of loan and^{guarantee documents haveatso created} charge under the^provisions of^{M.P. Krishi Udhar PravartanTathaPrakriyan} Upbandh (Bank) Adhiniyam^{1972 overthe immovablepropertyof Defendant} No.-1, i.€., Land bearing Khasra/Survey^{No.-35, area measuring3.100} hectares, Survey No.-193t2, area^{measuring2.000 hectare;and} Khasra/Survey No.-116 area^{measuring 5.460 hectares, PH No.'16 &. 17,} situated at Vittage-Dhaba,^{Tehsit & District-Burhanpur (M.P.). The Defendant} No.-1 avaited the credit^{facitity and atso executed Acknowtedgmentof Debt}

¶16

¶17

oA261/22

¶18

& Security tastty on 19/03121. The account was not^maintained satisfactority and the Defendants faited to [iquidate the outstanding^dues despite issuance of Legal Notice 06112121 by the Appticant^{Bank. The} Appticant-Bank has retied upon the documents at^{Ex. A-1} to^{A-13 which were} proved by Shri Latit Ramteke, Senior Manager.

¶19

Despite service of notice, the Defendants neither appeared nor fited written statement. They were^proceeded ex-parte vide order^dated 17 108123. There is therefore, no reason to disbetieve the contentions of the Bank. Considering the facts of the case, ! opine that the Defendants are jointty and severatty tiabte to pay the ctaim amount together with interest and costs. The Appticant-Bank in its apptication has claimed interest @12.30y"^p.a. with hatf-yearty rests. However, I feel it fair and^reasonabte to grant interest @12% p.a. simple pendentelite and future titl reatization of the dues. The mortgaged property is liabte to be sotd for recovery of amount due along with the personal properties and assets of the Defendants.

¶20

The Originat Application is attowed and it is ordered as under-

¶21

i) The Defendants do pay jointty and severatty Rs. 33,08,708.00 (Rupees Thirty Three Lac, Eight Thousand, Seven Hundred and Eight onty) together with pendentetite and future interest @12yo per annum simpte from the date of fiting of the OA, i.e., ,^{with costs titt its reatization.}

¶22

ii) The Appticant Bank is entitted to setl the mortgaged as wetl as personal properties and assets of 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/assets without first paying the claim of the Applicant Bank.

¶23

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.

¶24

Judgment pronounced in the open court on this 20th Day of March, 2024.

¶25

? o ( m Niwas Patet) Presidin Officer

Bank of India v. Shri Lalu S/O Jhagru

Case brief

What is this about?

What did the court decide?

Bank of India v. Shri Lalu S/O Jhagru

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases

Punjab National Bank versus M/S S P Industries

Punjab National Bank versus M/S Ashna Seeds

Satish Chandra Son of Ram Chandra versus Aavas Financer Ltd.

Shri Sabir Khan versus Bank of Baroda

Shri Parmanand Agrawal versus Indian Bank (Allahabad Bank)

Smriti Baheti versus Punjab National Bank