Allowed

Canara Bank v. Smt. Satalesh Kushwaha W/O- Dilip Kushwaha

DRT26 Mar 2024OA/34/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's application for recovery of dues amounting to Rs. 27,41,520. The court granted simple interest, ordered the sale of the hypothecated vehicle, and directed the issuance of a recovery certificate under section 19(2).

What did the court decide?

Direction to pay Rs. 27,41,520. with interest; sale of hypothecated vehicle; issuance of Recovery Certificate.

Canara Bank versus Smt. Satalesh Kushwaha W/O- Dilip… — Execution and Attachment | 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 Patel)

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Original Applicotion No. - 34/22

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Canara Bank, SME Branch, 378/1 Near New Sai Bab lelandir, South Civit Lines, Jabatpur (M.P,)

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.. Appticant

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Versus

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Smt. Satatesh Kushwaha, W/o Shri Ditip Kushwaha, R/o H.No.-32, Gandhi Chowk, Manegaon, Ranjhi, Jabatpur (M.P.) 482005

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..... Defendant

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Counsel for the Applicant Shri Ashish Kumar Dixit, Advocate

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Defendant Ex-parte

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JUDGMENT (oatea:2erlrarcnJozl)

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The Appticant-Bank has fited the present Original Apptication u/s 19 of Recovery of Debts and Bankruptcy Act on 03/0'1/22 against the Defendant for recovery of Rs. 27,41,520.00 (Rupees Twenty Seven Lac, Fourty One Thousand, Five Hundred and Twenty 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 Appticant Bank sanctioned Term Loan of Rs. 28 Lac for purchase of machinery "Mahindra 2523" under Unnati Scheme on 12110115 and in consideration of the same the Defendant in addition to execution of loan documents has atso hypothecated Mahindra Tipper bearing Registration No.^{-MP20HB/5231.} The Defendant avaited the credit facitity and also executed Acknowtedgment of Debt and Security on 06110118^{but faiLedto} tjquidate the outstanding dues despite^jssuance of Legat Notice on^2011021 by the AppLicant Bank. The Appticant-Bank has retied upon the documents^at Ex. A-1 to A-10 which were proved by Shri Shaitesh Kumar, Manager.

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Despite service of notice, the Defendant neither appeared^nor fited written statement. She was^proceeded ex"Parte^{vjde order dated} 24108173. There is therefore, no reason to disbetieve the^{contentionsof the} Bank. Considering the facts of the case, I opine that^{the Defendantis tiabte}

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oA34l22

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to pay the ctaim amount^{togetherwith interest and costs, The Appticant-} Bank in its apptication^{has ctaimed interest @1'l%p.a. with monthlyrests.} However, I feet it fair^{andreasonable to grant interest@1 1% p'a'simpte} pendentetite and future titt^{reatization of the dues. The hypothecated} Mahindra Tipper bearing^{RegistrationNo.-MP20HB/5231is tiabte to be sotd} for recovery of amount^{due atong with the personatproperties and assets of} the Defendant.

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

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i) The Defendant do^{pay Rs' 27,41,520.00(RupeesTwenty Seven} Lac, Fourty One Thousand,^{Five Hundredand Twenty onty) together with} pendentel,ite and future interest @1^{1% per annum simptef rom the date of} fiting of the OA,^{i.e., 03/01 122, wilh costs ti[[ its reatization'}

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ii) The Appticant Bank is entitled^{to se[[ the hypothecated} Mahindra Tipper bearing^{RegistrationNo.-MP2OHB/5231as wetl as personal} properties and assets of the Defendant^{for reatization of its dues. The} Defendant is hereby^{restrained by means of injunctionfrom depteting,} transferring, encumbering,^{atienatingor in any way deatingwith her} properties/assets without first^paying the claim^{of the AppticantBank.}

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iii) A Recovery Certificate be^{issued uls 19(22)of Recovery of} Debts and Bankruptcy Act. The^{applicant 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 26th Day of March,2024.}

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h v' .) b. (Ram Niwas Patet) Presidine Officer

Canara Bank v. Smt. Satalesh Kushwaha W/O- Dilip Kushwaha

Case brief

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Canara Bank v. Smt. Satalesh Kushwaha W/O- Dilip Kushwaha

Case brief

What is this about?

What did the court decide?

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