Allowed

State Bank of India v. Abhinav Tractors

DRT3 Dec 2024OA/441/2022

Case brief

AI extract

What is this about?

In this recovery of debts proceeding, the DRT allowed the Applicant Bank's claim against the borrowers and guarantors. The Court granted recovery of the principal amount along with future interest and directed the issuance of a recovery certificate.

What did the court decide?

Defendants to pay Rs. 48,03,082 with future interest at 12% p.a.; recovery of proceeds from mortgaged and personal properties; issuance of Recovery Certificate.

State Bank of India versus Abhinav Tractors — Banking and Recovery | 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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Original Application No.^{' 441 122}

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State Bank of lndia, Stressed Assets Recovery Branch, 3'd Ftoor, Zonal office, Vijay Nagar, Jabatpur^(M.P.) Appticant

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Versus

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01 ) M/s Abhinav Tractors, Through its ProprietorRipudaman Singh, S/o Mr. Keshav Singh

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Keshav Singh, S/o Mr. Munni Singh BhadoriYa 03) Aditya Singh, 5/o Mr. Keshav Singh

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(Att R/o House No.-372, Ward No.'6, ln front of Poorna Nursing Home, Bhind, M.P.) ..... Defendants CounseI for the Appticant : Shri Vivek Shukla, Advocate Defendants : Ex-parte

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JUDGMENT

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(Dated : 03'd December,2024)

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The Appticant-Bank has fited the present Original Apptication u/s 19 of Recovery of Debts and Bankruptcy Act on 31 l12lL1 against the Defendants for recovery of Rs. 48,03,082.00 (Rupees Fourty Eight Lac, Three Thousand and Eighty Two 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.-'l through its Proprietor, the Applicant Bank sanctioned Cash Credit Limit of Rs. 40 lacon2T104117 and in consideration of the same the Defendant No.-1 as borrower and Defendant No.-2 &.3 as guarantors in addition to execution of loan documents have also created equitabte mortgage over the immovabte properties, i.e.,

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i) Ward no.-13, Agrawat Dharamshata Wati Ga[i, admeasuring 34x50=1700 sq.ft., District-Bhind, M.P., betonging to Defendant No.-2;

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oA 44U22

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ii) Ward no.-'13, Agrawal Dharamshata Wati Gati, admeasuring 178x34=4357 sq.ft., District-Bhind, M.P., belonging to Defendant No.-2 &. 3. The Defendant No.-1 availed the credit facitity and also executed Revival Letter on 23/01 /20, The account was ctassified as NPA and the Defendants faited to liquidate the outstanding dues despite issuance of Legal Notice on 27/11/21 by the Appticant Bank. The Appticant-Bank has retied upon the documents at Ex. A-1 to A-10 which were proved by Shri Binod Kumar Sinha, Chief 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 19/06123. 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 severatty liabte to pay the claim amount together with interest and costs. The Appticant-Bank in its application has ctaimed interest @14.75%^p.a. with monthty rests. However, I feel it fair and reasonabte to grant interest @17/o p.a, simple pendentetite and future titl reatization of the dues. The mortgaged property is liab(e to be sotd for recovery of amount due along with the personal properties and assets of the Defendants.

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The Original Apptication is atlowed and it is ordered as underi) The Defendants do pay^jointty and severally Rs. 48,03,082.00 (Rupees Fourty Eight Lac, Three Thousand and Eighty Two onty) together with pendentetite and f uture interest @12% per annum. simple from the date of fifing of the 0A, i.e.,31 /12121 , with costs till its realization.

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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 reatization of its dues. The Defendants are hereby restrained by means of injunction from depleting, transferring, encumbering, alienating or in any way deating with their properties/assets without first paying the ctaim 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 fite a^memo of^cost within 7 days for^preparing Recovery Certificate.

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Judgment pronounced in the open court^{on this 03'd Day of December,2024.}

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<.
Ni s Pate6
Presidine Officer

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State Bank of India v. Abhinav Tractors

Case brief

What is this about?

What did the court decide?

State Bank of India v. Abhinav Tractors

Case brief

What is this about?

What did the court decide?

What the court decided

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