Allowed

Ifci Limited v. Jangipur Bengal Mega Food Park Ltd.

DRT19 Mar 2024OA/316/2022

Case brief

AI extract

What is this about?

The Tribunal allowed the Original Application filed by IFCI Ltd. for recovery of Rs. 100.50 crores with interest against Jangipur Bengal Mega Food Park Ltd. following an ex-parte hearing, directing issuance of a recovery certificate under Section 19(22) of the RDB Act, 1993.

What did the court decide?

Recovery Certificate issued under Section 19(22) RDB Act, 1993 for realization of Rs. 100,50,48,353/- with interest.

Ifci Limited versus Jangipur Bengal Mega Food Park Ltd. — Company and Corporate | DRT (2024)

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BEFORE THE DEBTS RECOVERY TRIBUNAL-I KOLKATA

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PRESENT: -SHRI AMBUJA MOHAN DAS PRESIDING OFFICER

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O.A. No.316 OF 2022

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DATE OF DELIVERY OF ORDER : 19th March, 2024

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IFCI Ltd. , a company within the meaning of the Companies Act, 2013, and having its registered Office at IFCI Tower, 61, Nehru Place, New Delhi-110019 and one of its Regional Office at Chatterjee International Centre (3^rd Floor), 33-A, Jawaharlal Nehru Road, Kolkata - 700071, P.S.Shakespeare Sarani.

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..............APPLICANT

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Jangipur Bengal Mega Food Park Ltd., Registered office at 88, Park Street, 4^th Floor, Kolkata-64.

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................DEFENDANT

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Counsel for the Applicant Bank: - Mr. Debasish Chakraborty, Ld. Counsel

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Counsel for the Defendants:- Set ex-parte on 05.12.2023

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J U D G M E N T

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The present Recovery Application is filed by the IFCI Ltd. a banking company incorporated under the provisions of Companies Act, 2013, and regional office at Chatterjee International Centre (3^rd Floor), 33-A, Jawaharlal Nehru Road, Kolkata-700071, P.S.- Shakespeare Sarani for recovery of Rs. 100,50,48,353/- with interest @ 14.50% p.a with monthly rest from 16.03.2022 against the Defendant Co. till payment and/or realization. The Defendant Co. is the borrower/guarantor/mortgager.

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The service of summon was effected upon the Defendant in usual mode of postal service. Despite giving sufficient time, Defendants neither appeared nor filed the Written Statement to controvert the claim of the Bank. Hence, the defendant is declared ex-parte on 05/12/2023.

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The Applicant in support of its contention filed Evidence on Affidavit duly affirmed by Mr. C.P. Srivastava, Assistant General Manager of the Bank annexing the various documents which are exhibited.

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I have perused the documents and Evidence and heard the Ld. Advocate for the Bank. By the said evidence on affidavit the Applicant could prove its claim and documents. The claim of the Bank is within the limitation and within the jurisdiction of this Tribunal. Hence, the claim of the Bank should be allowed with cost.

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In the above circumstances it is ordered :

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O R D E R

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i) Claim of the Applicants is allowed with cost. ii) The Defendant is liable to pay Rs. 100,50,48,353/- with interest @ 14.50% p.a. with monthly rest from 16.03.2022 against the Defendant till payment or realization.

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iii) It is declared that the claim is secured by hypothecation of movables and mortgaged of immoveable property described in the Schedule-A,B,C & D of the OA at P/23.

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iv) Let, a certificate be issued accordingly.

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v) Ld. Recovery Officer shall realize the amount as per the Recovery Certificate from the defendant Co. in accordance with law.

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vi) Ld. Registrar of this Tribunal is directed to deliver recovery certificate in term of the final order/judgment for recovery of the sum against the defendant Co. in favour of the Applicant Bank under Section 19 (22) of the Recovery of Debts due to the Bank and Financial Institutions Act, 1993 now known as Recovery of Debts and Bankruptcy Act, 1993.

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vii) The parties are directed to appear before the Recovery Officer on 29/04/2024 for further action in accordance with law in the event the entire amount is not paid by the said date.

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Accordingly, the Original Application being O.A. No.316 of 2022 is

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allowed and stands disposed of. All the IAs, if any, are also disposed of. Copy of the Judgment/Final Order be uploaded in the Tribunal’s website.

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File is consigned to the Record Room.

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(Dictated to Stenographer, transcribed by her, corrected, signed and pronounced by me in the open Court on this the day 19^th March, 2024)

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Place: Kolkata ( Ambuja Mohan Das ) Date: 19/03/2023 Presiding Officer

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Page No.-	Order Sheet(continuation)
Case No	. O.A/ 316/2022 IFCI Ltd. vs. Jangipur Bengal Mega Food Park Ltd.
Date of the order	Order with signature	Office action with date and dated signature of parties when necessary
19/03/2024	Ld. Advocate Mr. Debasish Chakraborty, Ms. A. Das an Ms. S. Malakar appear for the applicant bank. None is present on behalf of the Defendant . Matter was heard in open Court on this the day of 05/12/2023. The detailed order in three pages annexed separately. The gist of the order is as follows: O R D E R
	i) Claim of the Applicants is allowed with cost. ii) The Defendant is liable to pay Rs. 100,50,48,353/- with interest @ 14.50% p.a. with monthly rest from 16.03.2022 against the Defendant till payment or realization.
	iii) It is declared that the claim is secured by hypothecation of movables and mortgaged of immoveable property described in the Schedule-A,B,C & D of the OA at P/23. iv) Let, a certificate be issued accordingly. v) Ld. Recovery Officer shall realize the amount as per the Recovery Certificate from the defendant Co. in accordance with law. vi) Ld. Registrar of this Tribunal is directed to deliver recovery certificate in term of the final order/judgment for recovery of the sum against the defendant Co. in favour of the Applicant Bank under Section 19 (22) of the Recovery of Debts due to the Bank and Financial Institutions Act, 1993 now known as Recovery of Debts and Bankruptcy Act, 1993. vii) The parties are directed to appear before the Recovery Officer on 29/04/2024 for further action in accordance with law in the event the entire amount is not paid by the said date. Accordingly, the Original Application being O.A. No.316 of 2022 is allowed and stands disposed of. All the IAs, if any, are also disposed of. Copy of the Judgment/Final Order be uploaded in the Tribunal’s website. File is consigned to the Record Room. (Dictated to Stenographer, transcribed by her, corrected, signed and pronounced by me in the open Court on this the day 19^thMarch, 2024)
	Place: Kolkata ( Ambuja Mohan Das ) Date: 19/03/2024 Presiding Officer

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Ifci Limited v. Jangipur Bengal Mega Food Park Ltd.

Case brief

What is this about?

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Ifci Limited v. Jangipur Bengal Mega Food Park Ltd.

Case brief

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