Allowed

State Bank of India v. Manoj Kumar Tembhre

DRT8 Apr 2024OA/270/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed the Applicant-Bank's original application under Section 19 of the Recovery of Debts and Bankruptcy Act for recovery of dues from the Defendant, granting interest and authorizing sale of hypothecated assets.

What did the court decide?

Recovery Order and Recovery Certificate issued; Defendant directed to pay Rs. 25,56,264.00 with interest at 11% p.a.; Hypothecated JCB and personal assets made available for sale.

State Bank of India versus Manoj Kumar Tembhre — 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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(Presiding Officer Hon'bte Shri Ram Niwas Patet)

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Original Application No. - 270122

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State Bank of lndia, Stressed Assets Recovery Branch, 3RD FLoor, ZonaL Office, Vijay Nagar, Jabatpur (M.P. )

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..... Applicant

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Versus

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Shri Manoj Kumar Tembhre, S/o Shri Anupchand Tembhre, Ward No.-1 6, ViLtage/Post-Jhatiwada, Teshit-Waraseoni, Distt.-Bataghat (M.P.) 481331 . Defendant

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Counset for the Appticant : shri Jagbandan Patet, Adyocate Defendant : Ex-parte

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JUDGMENT

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1oatea:^{oetts aprlt, zoza;}

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The Appticant-Bank has fited the present Original Apptication u/s 19 of Recovery of Debts and Bankruptcy Act on 18l02lZZ against the Defendant for recovery of Rs. 25,56,264.00 (Rupees Twenty Seven Lac, Fifty Six Thousand, Two Hundred and Sixty Four 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 AppLicant Bank sanctioned Term Loan of Rs. 24 Lac under CGTMSE on 20101120 and in consideration of the same the Defendant in addition to execution of loan documents has atso hypothecated JCB bearing Regjstration No.-MP50DA/0930 in favour of the bank. The Defendant avaited the credit facitity but faited to tiquidate the outstanding dues despite issuance of Legat Notice on 0U0Zl22 by the Appticant Bank. The AppticantBank has retied upon the documents at Ex. A-1 to A-5 which were proved by Shri Binod Kumar Sinha, 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 24101/23. There is therefore, no reason to disbetieve the contentions of the Bank. Considering the facts of the case, I opine that the Defendant is tiabte to pay the ctaim amount together with interest and costs. The Appticant-

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oA270122

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Bank in its^{apptication hasctaimed interest at contractual wjthmonthty} rests. However,^{lfeet it fair and reasonable to grant interest@11%P'a'} simpte^{pendentetiteand future tillreatizationof the dues'The} hypothecated^{JCB bearing RegistrationNo'-MPsODA/0930is [iable to be sotd} for recovery^{of amount due atong with the personal properties and assets of} the Defendant.

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The OriginaL Apptication^{is attowed and it is orderedas under-}

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i) The Defendant do^{pay Rs. 25,56,264'00(RuPees Twenty Seven} Lac, Fifty six Thousand,^{Two Hundredand Sixty Four onty) together with} pendentetite and future interest @11%^{per annum simptefrom the dateof} fiting of the OA,^{i.e.,18tOZl22, withcoststill its realization'}

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ii) The APpLicant Bank^{is entittedto sell the hyPothecatedJCB} bearing Registration^{No'-MP5ODA/0930 as wett as personal propertiesand} assets of the Defendant^{for reatizationof its dues.Theoefendantis hereby} restrained by means of^{injunction fromdepleting, transferring,} encumbering, atienating or^{in anyway deating withhis properties/assets} without first^paying the claim^{of the AppticantBank.}

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iii) A Recovery Certificate^{be issueduls 19\221 of Recovery of} Debts and Bankruptcy Act.^{The appLicantbank may fite a memo of cost} within 7 days for^{preparingRecoveryCertificate'}

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Judgment^{pronouncedin the open courton this 08th Day of Aprit, 2024.}

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.q'
I
(Ram Njwas Patet)
Presidine Officer

State Bank of India v. Manoj Kumar Tembhre

Case brief

What is this about?

What did the court decide?

State Bank of India v. Manoj Kumar Tembhre

Case brief

What is this about?

What did the court decide?

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