Allowed

Canara Bank v. Ms Modern Scientific Co. through Its Proprietor

DRT29 Nov 2024OA/29/2024

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's application for recovery of a loan claim. The court ordered the defendant to pay the principal amount along with interest and costs. A Recovery Certificate was directed to be issued, and the defendant was restrained from disposing of her assets.

What did the court decide?

The respondent to pay Rs. 1,06,98,463.15 plus interest and costs; issuance of Recovery Certificate under Section 19(2) of RD&A; injunction on disposal of assets.

Canara Bank versus Ms Modern Scientific Co. through Its… — 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. - 1033122

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Centra[ Bank of lndia, Thatipur, Gwatior (M.P.)

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Applicant

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Versus

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Smt. Nidhi Dubey, W/o Shri Rahul Dubey, Proprietor-M/s GwaIior Enterprises, B-Btock, Anand Nagar, Sangartal Road, Gwalior (M.P.) 474010; Also at: A-82, Achteshwar Vihar Colony, Tansen Road, Gwatior (M.P.) 474002

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Defendant

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Counsel for the Appticant : Shri Arun K. Pandey, Advocate Defendant : Ex-parte

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JUDGMENT

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(Dated : 29th November,2O24l

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The Appticant-Bank has fited the present Originat Apptication u/s^'19 of Recovery of Debts and Bankruptcy Act on 16/08/22 against the Defendant for recovery of Rs. 1,06,98,463.15 (Rupees One Crore, Six Lac, Ninety Eight Thousand, Four Hundred Sixty Three and Paisa Fifteen onty) atong with interest and other reliefs as stated.

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The brief facts of the case are that on the request of Defendant, the Appticant Bank sanctioned Cash Credit (Hypothecation) Limit of Rs. 55 Lac, Term Loan of Rs. 20 Lac on21 110119 under Nationat Credit Guarantee Trustee Company (NCGTC) Coverage as per SUI (Stand Up lndia) Scheme, Working Capital Term Loan (Cent Guaranteed Emergency Credit Line) of Rs. 11 Lac on 05/06120 and Funded lnterest Term Loan of Rs. 79,9731- on 10111120 and in consideration of the same the Defendant executed requisite loan documents from time to time. The Defendant avaited the credit facitities but failed to tiquidate the outstanding dues despite issuance of Legat Notice on 26105122 by the Appticant Bank. The Applicant-Bank has retied upon the documents at Ex. A-1 to A-20 which were proved by Shri Sushit Kumar Verma, Chief Manager.

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oA 1033122

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Despite service of notice, the Defendant neither appeared^nor fited written statement. She was^proceeded ex-parte^{vide order dated} 08/05123. There is therefore, no reason to disbetieve the contentions^{of the} Bank. Considering the facts of the case, I opine that the Defendant^{is liabte} to pay the ctaim amount together with interest and costs. The AppticantBank in its application has ctaimed interest @8.65%^p.a., 10.35%^p.a.,7.50% p.a. and 7.80/o p.a. with monthty rests in respect of term loan, cash credit, working capital term loan and funded interest term loan accounts respectively. However, I feet it fair and reasonabte to grant interest @8.65% p.a.,^'10.35% p.a.,7.50% p.a. and 7.80% p.a. simpte pendentetite and future in respect of term loan, cash credit, working capita[ term loan and funded interest term loan accounts respectivety titl realization of the dues. The personal properties and assets of the Defendant are [iabte to be sotd for recovery of amount due.

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

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i) The Defendant do pay Rs. 1,06,98,463.15 (Rupees One Crore, Six Lac, Ninety Eight Thousand, Four Hundred Sixty Three and Paisa Fifteen onty) together with pendentelite and future interest @8.65% p.a., 10.35% p.a., 7.50% p.a. and 7.80% p.a, simpte in respect of term toan, cash credit, working capitaI term loan and funded interest term loan accounts respectivety from the date of fiting of the OA, i.e., 16/08/22, with costs ti[[ its realization.

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ii) The Appticant Bank is entitled to setl the personat properties and assets of the Defendant for realization of its dues. The Defendant is hereby restrained by means of injunction from depteting, transferring, encumbering, atienating or in any way deating with her properties/assets without first paying the ctaim of the Appticant Bank.

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iii) A Recovery Certificate be issued uls 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 29th Day of November

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))
m Niwas Patet)
Presidine 0fficer

Canara Bank v. Ms Modern Scientific Co. through Its Proprietor

Case brief

What is this about?

What did the court decide?

Canara Bank v. Ms Modern Scientific Co. through Its Proprietor

Case brief

What is this about?

What did the court decide?

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