Allowed

Icici Bank Limited v. Tiwari Coach Pvt. Ltd.

DRT2 Apr 2024OA/463/2023

Case brief

AI extract

What is this about?

This is an Original Application filed by ICIICI Bank Ltd. under Section 19 of the Recovery of Debts and Bankruptcy Act for recovery of dues totaling Rs. 86,77,390.00 from two Defendants. The Applicant Bank succeeded, ordering joint and several liability, interim interest, and issuance of a Recovery Certificate.

What did the court decide?

Direct order to pay Rs. 86,77,390.00 with interest; restitution of hypothecated vehicles and personal assets; injunction against transfer of assets; Recovery Certificate under Section 19(2) of RD&B Ac

Icici Bank Limited versus Tiwari Coach Pvt. Ltd. — 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'ble Shri Ram Niwas Pate[)

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Originol Application No. - 463/23

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lClCl Bank Ltd., lClCl Bank Tower, Bandra Kurta Comptex, Mumbai (Maharashtra)

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Appticant

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Versus

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Tiwari Coach Pvt. Ltd.,

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01 ) Through its Director &. Authorised Sigantory, Ramesh Prasad Tiwari,

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Shop No.-l'l , Bus Stand, Rewa (M.P.)486001

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1. Mr. Ramesh Prasad Tiwari, Ward No.-162, Near Schoot, Choura Sathini, Semariya, Rewa (M.P.) 486 001 Defendants

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Counsel for the Applicant : Shri Sanjeev Dubey, Advocate Defendants : Ex-parte

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JUDGMENT

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(Dated : 02nd Apri1, 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 13104123 against the Defendants for recovery of Rs. 86,77,390.00 (Rupees Eighty Six Lac, Seventy Seven Thousand, Three Hundred and Ninety 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 through its Director, the Appticant Bank sanctioned Loan of Rs. 49.90 Lac (Rs. 24.95 Lac + Rs. 24.95 Lac) and Loan of Rs. 65,08,620/(Rs. 24,04,100/- + Rs. 20,02,2601- + Rs. 20,02,260/-). ln consideration of the sanction of credit facitities the Defendants in addition to execution of [oan documents have atso hypothecated Vehictes Pro 6016/Chassis 856 bearing Registration No.-MP17P/2511, Pro 6016/Chassis 856 bearing Registration No.MP'!7P/2611, Pro 7112/Fbl 856 bearing Registration No.-MP'l7P/23'l l, Pro 2112/Fbt 856 bearing Registration No.-MP17P/24'l '1, Pro 6016/Fbt 856 bearing Registration No.-MP17P/2711 in favour of the Appticant-Bank. The Defendants availed the credit facilities but faited to liquidate the

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oA 463t23

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outstanding dues despite issuance of Recatt Notice on 1zlo7/22 by the Appticant Bank. The Appticant-Bank has retied upon the documents at Ex A-1 to A''13 which were proved by shri vineet Bhasin, Area Retationship 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 25/07 /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 liabte to pay the ctaim amount together with interest and costs. The Appticant-Bank in its apptication has ctaimed interest at contractual rate. However, I feel it fair and reasonable to grant interest @10% p'a. simple pendente[ite and future titt reatization of the dues. The hypothecated vehictes Pro 6016/chassis 856 bearing Registration No.MP17P/2511, Pro 6016/chassis 856 bearing Registration No.-Mp17pl261 1, Pro 2112lFbt 856 bearing Registration No.-Mp17p/231 1, pro zllzlFbt 856 bearing Registration No.-MP'|7P/2411, pro 6016lFbt 856 bearing Registration No.-MP17P /2711 are tiabte to be sotd for recovery of amount due atong with the persona[ properties and assets of the Defendants.

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The Originat Apptication is attowed and it is ordered as under_

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i) The Defendants do pay jointty and severalty Rs. g6,77,390.00 (Rupees Eighty Six Lac, Seventy Seven Thousand, Three Hundred and Ninety onty) together with pendentetite and future interest @10% per annum simple from the date of fiting of the OA, i.e., 13/O4tZ3, with costs titt its reatization.

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ii) The Applicant Bank is entitted to sett the hypothecated Vehictes Pro 6016/chassis 856 bearing Registration No.-Mp17p/2511, pro 6016/chassis 856 bearing Registration No.-Mp17pl261 1, pro 2112lFbt 856 bearing Registration No.-MP17P/231 1, pro 2112lFbt 856 bearing Registration No.-MP17P/24'l 1, Pro 6016/Fbt 856 bearing Registration No.-Mp17p/2711 as wetl as persona[ properties and assets of the Defendants for reatization of its dues. The Defendants are hereby restrained by means of injunction from depteting, transferring, encumbering, atienating or in any way deating with their properties/assets without first paying the ctaim of the Appticant Bank.

oA 463123

iii) A Recovery^{Certificate be issued uls 19(22) of Recoveryof} Debts and Bankruptcy^{Act. The appticant bank may file a memo of cost} within 7 days for^{preparingRecoveryCertificate'}

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Judgment^{pronouncedin the open court on this 02nd Day of Aprit,2024'}

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k'
( m Niwas Patet)
Presidine Officer

Icici Bank Limited v. Tiwari Coach Pvt. Ltd.

Case brief

What is this about?

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Icici Bank Limited v. Tiwari Coach Pvt. Ltd.

Case brief

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