Allowed

Hdfc Bank v. Shri Satendra Singh Raghuwanshi

DRT25 Sept 2024OA/390/2022

Case brief

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What is this about?

The Debts Recovery Tribunal allowed an originol application filed by HDFC Bank Limited for recovery of dues from three Defendants. The court directed payment of principal and interest, restrained the Defendants from dealing with assets, and ordered issuance of a Recovery Certificate.

What did the court decide?

Ordered payment of Rs 26,18,700.69 with 12% annual interest; issued injunction; ordered issuance of Recovery Certificate.

Hdfc Bank versus Shri Satendra Singh Raghuwanshi — 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 Application No.^- 390122

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HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel^(West) Mumbai 4001 3

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Appticant

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Versus

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Shri Satendra Singh Raghuwanshi,

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01 ) S/o Omkar Singh RAghuwanshi, R/o Vittage & Khurd-AndiYa, Post-Hinotiya, Distt.-Vidisha⁴⁶⁴⁰⁰¹

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1. Shri Sanjeev Raghuwanshi, S/o Umkar Singh Raghuwanshi, R/o Gram PanchaYat Moodara Surai, Vittage-Andiya, Post-HinotiYa, District-Vidisha 464001

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1. Shri Om Prakash^Singh, S/o Pratap Singh R/o H.No.-66, Vittage & Khurd-Andiya, Post-Hinotiya, Distt.'Vidisha⁴⁶⁴⁰⁰¹ Defendants

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Counsel for the Appticant : Shri^{VipuI Saraswat, Advocate}

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Defendants : Ex-Parte

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JUDGMENT

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(Dated: 25th SePtember, 2024)

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The Appticant-Bank has fited the^{present OriginalApptication} u/s 19 of Recovery of Debts^{and BankruptcyAct on 21 103122against the} Defendants for recovery of^{Rs. 26,18,700.69(RupeesTwentySixLac,} Eighteen Thousand, Seven^{Hundredand PaisaSixty Nine only) atong with} interest and other retiefs^as stated.

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The brief facts of the case are that on^{the requestof} Defendant No.-1 &,2, the Appticant^{Bank sanctionedCash Credit of Rs.'141 5} Lac and Term Loan of Rs. 4.20 Lac on^{17105118and in considerationof the} same the Defendant No,-1 & 2 as^{borrowers and Defendant No.-3 as} guarantor in addition to execution of toan and^{guarantee documentshave} atso created mortgage under the^{provisions of M.P. Krishi UdharPravartan}

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oA390122

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Tatha Prakriyan Upbandh^{(Bank) Adhiniyam1977over the immovable} property, i.e., Agriculture Land bearing Survey No.-14lSemra^{Kheda area} 1.150 hect.; 27 11lSemra Kheda area 2.687^{hect.; 29l5emraKhedaarea} 0.167 hect.; 3/1/1/Andiya Khurd area I.933 hect.;^{97 lAndiyaKhurdarea} 0.167 hect; 247/Andiya Khurd area 0.157 hect.; 27l3l2lSemra Kheda area 1.045 hect.; 3/2/1liemra Kheda area 2.258 hect.; 1Z5lSemra^{Kheda area} 0. 125 hect.; 132lSemra Kheda area 0.105 hect, total area 9.794 hectares, situated at Viltage-Semra Kheda and Andiya Khurd, Tehsit &. District-Vidisha (M.P.), betonging to Defendant No.-1 & 2. The Defendants avaited the credit facitities but faited to liquidate the outstanding dues despite issuance of Legal Notice on 29/07/20 by the Appticant Bank. The Appticant-Bank has retied upon the documents at Ex. A-1 to A-11 which were proved by Shri Sanjay Bhadauriya, Legal Manager.

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Despite service of notice, the Defendants neither appeared nor fited written statement. They were proceeded ex-parte vide order dated 31 /10/23. There is therefore, no reason to disbetieve the contentions of the Bank. Considering the facts of the case, I opine that the Defendants are jointty and severalty tiabte to pay the claim amount together with interest and costs. The Appticant-Bank in its application has ctaimed interest @13% p.a. in cash credit account and interest @18% p.a. in term loan account. However, I feel it fair and reasonable to grant interest @12% p.a. simple in both the accounts pendentelite and future tit[ reatization of the dues. The mortgaged property is tiabte to be sold for recovery of amount due atong with the personal properties and assets of the Defendants.

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

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i) The Defendants do pay jointty and severatly Rs. 26,18,700.69 (Rupees Twenty Six Lac, Eighteen Thousand, Seven Hundred and Paisa Sixty Nine onty) together with pendentetite and future interest @12% per annum simpte from the date of fiting of the OA, i.e.,21 103127, with costs titt its reatization.

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ii) The Appticant Bank is entitted to setl the mortgaged as wetl as personal properties and assets of the Defendants for realization of its dues. The Defendants are hereby restrained by means of injunction from depleting, transferring, encumbering, atienating or in any way dealing with their properties/assets without first paying the claim of the Appticant Bank.

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oA390122

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iii) A Recovery Certificate be issued uls 19(721 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^{25th Day of September,2024.}

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.211
q
,
( N iwas Patel)
Presidi Officer

Hdfc Bank v. Shri Satendra Singh Raghuwanshi

Case brief

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Hdfc Bank v. Shri Satendra Singh Raghuwanshi

Case brief

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