Allowed

Idbi Bank v. Rakesh Kumar Sahu

DRT22 Jul 2024OA/445/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed the recovery application filed by a bank against defaulting borrowers and guarantors for approximately Rs. 70.35 Lakhs. The court granted the claim with interest at 9.50% per annum, ordered sale of mortgaged properties, and issued a recovery certificate.

What did the court decide?

Respondents directed to pay Rs.70,34,971.47 with interest at 9.50% p.a., properties to be sold for recovery, and injunctio any dealing with assets; Recovery Certificate issued.

Idbi Bank versus Rakesh Kumar Sahu — 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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cAtAP COURT AT RATPUR (C.G.)

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(Presiding Officer - Hon'bte Shri Ram Niwas Patet)

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Original Applicotion No. - 445122

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lDBl Bank Ltd., Ward No.-21, Near SBl, Bhitai-3, G.E. Road, Bhilai-Charoda, Distt.-Durg (C.G.)

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Appticant

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Versus

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Rakesh Kumar Sahu, 01 ) S/o Shri Radhetal Sahu

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Kanhaiyalal Sahu, S/o Shri Atma Ram Sahu

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(Both R/o House No.-36, Ward No.-7, Vittage-Sitpatti, Padmavatipur, Tehsit-Chhuikhadan, Distt.^{-Rajnandgaon,} C.G. 491 885) Defendants

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Counset for the Appticant : Shri Amit Garg, Advocate Defendants : Ex-parte

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JUDGMENT

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(Dated : 22"d July,2O24l

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The Appticant-Bank has fited the present Original Apptication u/s 19 of Recovery of Debts and Bankruptcy Act on 29/03/ZZ against the Defendants for recovery of Rs. 70,34,971 .47 (Rupees Seventy Lac, Thirty Four Thousand, Nine Hundred Seventy One and paisa Fourty Seven 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 No.-1, the Appticant Bank sanctioned KCC Loan of Rs. 49.92 Lac on 26/03116, ln consideration of the same the Defendant No.-1 as borrower and Defendant No.-1 & 2 in their capacity as guarantors in addition to execution of loan and guarantee documents have atso created charge over the immovabte properties of Defendant No.-1, i.e,,

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i) Att piece and parcel of tand comprised in Khasra No.-42/2 (0.328 hect.); Khasra No.-327/Z (0.376 Hect.); Khasra No.-380/1 (0.332 Hect.); Khasra No.-380/3 (0.470 Hect.); Khasra No.-380/5 (0.121 Hect.);

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oA 445122

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Khasra No.-549^(0.773 Hect.); Khasra No.-996/2^{(0.219Hect.); Khasra No.-} 1051 l3 (1.445 Hect.); Khasra No.-'1051/5^{(0.749Hect.); KhasraNo.'1051/7} (1.059 Hect.); Rin Pustika No.- P-1806326 t P-1719941 , situated at VittageSilpatti, Halka-00026, RM-Chhuikhadan, Distt.-Rajnandgaon^{(C.G.), Total 10} Khasras (5.87 Hect);

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ii) Att piece and parcel of land comprised in Khasra^No.-103/2 (0.741 Hect.); Khasra No.- 105 (0.073 hect.); Total 10 Khasras^(5.87 Hect) Rin Pustika No.- P-1806326, situated at Vittage-Sitpatti,^{Hatka'00026,RM-} Chhuikhadan, Distt.-Rajnandgaon^(C.G.).

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The Defendants availed the credit facitities but^{faited to tiquidate the} outstanding dues despite issuance of^{Notice on 11/05121by the Appticant} Bank. The Applicant-Bank has retied upon^{the documents at Ex. A-1 to A-13} which were proved by Shri Mahesh Kumar, Branch^Head.

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Despite service of notice, the Defendants neither appeared^nor filed written statement. They were^{proceededex'parte vide order dated} 04/09/23, There is therefore,^{no reasonto disbetieve the contentionsof the} Bank. Considering the facts of the case, I opine that^{the Defendantsare} jointty and severalty Liable to pay the ctaim amount together with interest and costs. The Appl,icant-Bank in^{its application has [email protected]%} p.a. with monthly rests, However, I feet it fair and reasonabte to^grant interest @9.50%^p.a. simpte^{pendentetite and future ti[[ reat'izationof the} dues. The mortgaged^{properties are liabteto be sotdfor recovery of amount} due atong with the^{personalpropertiesand assets of the Defendants.}

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The Originat AppLication is allowed^{and it is orderedas under-}

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i) The Defendants do^{pay jointty and severatly Rs.70,34,971'47} (Rupees Seventy Lac, Thirty Four Thousand,^{Nine Hundred Seventy One and} Paisa Fourty Seven onty)^{togetherwith pendenteliteand future interest} @9.50%^{per annum simpte fromthe date of fiting of the OA, i.e.,29103122,} with costs tit[ its realization.

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ii) The Appticant Bank is^{entitledto setl the mortgagedas wetl as} personat properties and assets^{of the Defendants for realizationof its dues.} The Defendants are^{hereby restrained by means of injunctionfrom} depteting, transferring,^{encumbering, atienatingor in any way deating with} their properties/assets^{without first paying the ctaim of the AppticantBank.}

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oA 445t22

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iii) A Recovery Certificate^{be issued uls 19(221 of Recoveryof} Debts and Bankruptcy Act.^{The applicant bank may file a memo of cost} within 7 days for preparing Recovery^Certificate.

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Judgment^{pronouncedin the oPencourt on this 22nd Day of Juty,2024at} Camp Court Raipur.

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i7⁾

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(Ram Niwas Patel) Presidine Officer

Idbi Bank v. Rakesh Kumar Sahu

Case brief

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What did the court decide?

Idbi Bank v. Rakesh Kumar Sahu

Case brief

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