The Debts Recovery Tribunal allowed the bank's original application for recovery of a debt. The court directed the defendants to pay the principal amount with computed interest and issued a Recovery Certificate.
Payment of Rs. 33,12,515.64 with interest; Issue of Recovery Certificate under Section 19(22).
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DEBTS RECOVERY TRIBUNAL : JABALPUR
(for the States of Madhya Pradesh and Chhattisgarh)
(Presiding Officer - Hon'bte Shri Ram Niwas Patet)
Original Applicotion No. - 412123
State Bank of lndia, Stressed Assets Recovery Branch, 5, Yashwant Niwas Road, lndore (M.P.) Appticant
Versus
01 ) M/s R.K. Traders, Through its ProprietorBrajesh Dubey, S/o Late Ramakant Dubey
(Both at Old Bus Stand, Maharana Pratap Ward, Pipariya, Distt.-Narmadapuram, M.P. 461775)
Defendants
Counsel for the Appticant : Shri Arun Pandey, Advocate Defendants : Ex-parte
JUDGMENT
(Dated : 03'o October, 2024)
2
oA 412123
admeasuring1100 sq.ft., situated at Maharana PratapWard,Pipariya' District-Hoshangabad(M.P.); betongingto DefendantNo.-2. The Defendant No.-1 had atso mortgagedhis immovabte shop property but the samewas reteased when thecash credit limit was reduced to Rs' 23 Lac'The Defendant No.-1 avaitedthe credit facitities but was irregutar as he did not adhere to financiat disciptine.The accountsbecame NPA and the Defendants faited totiquidate the outstandingduesdespiteissuance of Legat Notice on 17103123by the AppticantBank.The Appticant-Bank has retied upon the documentsat Ex.A-1 to A-22whichwere provedby shri veerendra Kumar Sharma, Chief Manager.
4, The Originat Apptication is allowed and it is ordered as under-
i) The Defendants do payjointty and severalty Rs. 33,'12,515.64 (Rupees Thirty Three Lac, Twetve Thousand, Five Hundred Fifteen and Paisa Sixty Four onty) together with pendentetite and future interest @1'l .85%p.a. in cash credit and FITL accounts and interest @9.90% p.a. in GECL account simple from the date of fiting of the OA, i.e., 30/03/23, with costs titl its reaIization.
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 depteting, transferring, encumbering, atienating or in any way deating with the'ir properties/assets without first paying the claim of the Appticant Bank.
)
oA 412123
iii) A Recovery Certificate be issued uls 19(22) ofRecovery of Debts and Bankruptcy Act. The applicant bank may fite amemo ofcost within 7 days for preparing Recovery Certificate.
Judgment pronounced in the open court onthis 03'd Day of October,2024.
,2 V1
.\ o
atet)
Presidine Officer
2 issues framed by the court
Whether the bank is entitled to recover the principal amount along with interest from the defendants.
Whether a Recovery Certificate should be issued under Section 19(22) of the Act.
1 provisions across 1 enactments
State Bank of India, Stressed Assets Recovery Branch
M/s R.K. Traders
Smt. Kusum Dubey
Ram Niwas Patet
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
