Allowed

Hdfc Bank v. Shouryaditya Advertise Pvt. Ltd.

DRT26 Nov 2024OA/322/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the bank's application for recovery of Rs. 46,42,909.88 as principal, interest, and costs against the borrower and guarantors, and directed the issuance of a recovery certificate while restraining respondents from transferring assets.

What did the court decide?

Defendants jointly and severally ordered to pay Rs. 46,42,909.88 with interest at 9.45% p.a. and costs. Recovery Certificate issued under Section 19(2) of RDB Act. Defendants restrained from transferr

Hdfc Bank versus Shouryaditya Advertise Pvt. Ltd. — Contract and Commercial Disputes | 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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Originol Applicotion No, - 322122

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HDFC Bank Limited, lndore

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Appticant

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Versus

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01 ) M/s Shouryaditya Advertise Pvt. Ltd.

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Mr. K.P. Singh,

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S/o Devendra Singh

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Mr. Roopendra Singh Chouhan, S/o Devendra Singh Chouhan

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(Att at Office No.-316, Akbar Ati Complex, Palasia Square, lndore, M.P. 452001 ; Atso at: 54-8, Near Hotel Reddision, Sheetal Nagar, Ring Road, lndore, M.P. 452010)

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..... Defendants

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Counse[ for the Appticant : Shri Shashank Verma, Advocate

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Defendants : Ex-parte

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JUDGMENT l^{D a t e d : 76-N} ove m b e r, 20 24 )

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The Appticant-Bank has fited the present Original Application u/s 19 of Recovery of Debts and Bankruptcy Act on 15103/22 against the Defendants for recovery of Rs. 46,42,909.88^(Rupees Fourty Six Lac, Fourty Two Thousand, Nine Hundred Nine and Paisa Eighty Eight 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 Directors Defendant No.-2 & 3, the Applicant Bdrnk sanctioned Cash Credit Limit of Rs. 50 Lac and EEGWC Term Loan of Rs. 40 Lac on 08/01/19 which was renewed on 31 112/19 and Guarantee Emergency Credit Line (GECL) of Rs. 17.50 Lac on 06/05/20. ln consideration of the sanction of credit facitities the Defendant No.-1 as borrower and Defendant No.-2 &. 3 in their individual capacity as guarantors executed requisite loan and guarantee documents. The Defendants availed the credit facitities but faited to liquidate the outstanding dues despite issuance of Legal Notice on 10102/22 by the Appticant Bank. The Appticant-Bank has

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oA322t22

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retied upon the documents at Ex. A-1 to A-14 which were proved by Shri Ashish Rawat, Manager.

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Despite service of notice, the Defendants neither appeared nor filed written statement. They were proceeded ex-parte vide order dated 24104/23. There is therefore, no reason to disbelieve the contentions of the Bank. Considering the facts of the case, I opine that the Defendants are jointty and severatly liabte to pay the ctaim amount together with interest and costs. The Appticant-Bank in its apptication has claimed interest @9.45% p.a. with penal interest of 8.55 p.a. However, I feet it fair and reasonabte to grant interest @9.45% p.a. simpte pendentetite and future ti[[ reatization of the dues. The personal properties and assets of the Defendants are liab[e to be sotd for recovery of amount due.

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The Original Apptication is atlowed and it is ordered as under-

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i) The Defendants do pay jointty and severatty Rs. 46,42,909.88 (Rupees Fourty Six Lac, Fourty Two Thousand, Nine Hundred Nine and Paisa Eighty Eight only) together with pendentelite and future interest @9.45Yo per annum simple from the date of fiting of the OA, i.e., 15/03122, with costs t itI its reatization.

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ii) The Appticant Bank is entitted to selt the persona[ properties and assets of the Defendants for reatization of its dues, The Defendants are hereby restrained by means of injunction from depleting, transferring, encumbering, atienating or in any way deating with their properties/ assets without first paying the claim 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 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 Novemb er , 2024.

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h ) N asP ) Presidine Officer

Hdfc Bank v. Shouryaditya Advertise Pvt. Ltd.

Case brief

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Hdfc Bank v. Shouryaditya Advertise Pvt. Ltd.

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