Allowed

Central Bank of India v. Kushagra Rajpal

DRT27 Mar 2024OA/479/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the applicant bank's original application for recovery of dues from the defaulting defendant. The court held the defendant liable to pay the principal amount along with interest and directed the issuance of a recovery certificate, imposing an injunction on the defendant from transferring assets.

What did the court decide?

Defendant to pay Rs. 36,09,583.80 with interest at 12% per annum from 28.10.2022 and future interest; Recovery Certificate to be issued; injunction on transfer of assets.

Central Bank of India versus Kushagra Rajpal — RTI and Transparency | DRT (2024)

¶1

DEBTS RECOVERY TRIBUNAL : JABALPUR

¶2

(for the States of Madhya Pradesh and Chhattisgarh)

¶3

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

¶4

Original Applicotion No.^- 479122

¶5

CentraI Bank of lndia, Hathitat, Jabatpur^(M.P.)

¶6

... Appticant

¶7

Versus

¶8

Shri Kushagra Rajpat, 5/o Shri Surendar Kumar Rajpat, R65, ldeat Estate, Narmada Raod, Jabatpur (M.P.) 48200'1

¶9

.. Defendant

¶10

Counsel for the Appticant : Shri Adamya Bajpai,^Advocate Defendant : Ex-parteEx-parte

¶11

: Ex-parteEx-parte

¶12

JUDGMENT

¶13

(Dated : 27th March, 2024)

¶14

The Appticant-Bank has fited the^{present Originat Apptication} u/s 19 of Recovery of Debts^{and Bankruptcy Acl on 28102122against the} Defendant for recovery of Rs. 36,09,583.80^{(RupeesThirtySix Lac, Nine} Thousand, Five Hundred^{EightyThree and Paisa Eight only)atong with} interest and other retr'efs as stated.

¶15

The brief facts of the case are that^{on the request of} Defendant, the Appticant^{Banksanctioned TermLoanof Rs.17.50 Lac and} CC of Rs. 5 Lac on 05/08/15^{and in considerationof thesametheDefendant} executed requisite loan^{documents.The Defendant avaited the credit} faciLities but faited to tjquidate^{the outstandingduesdesPite issuanceof} Notice dated 05/02119^{under the SecuritisationAct by the AppticantBank'} The Applicant-Bank has retied^{uponthedocuments at Ex. A-1 to A-13 which} were proved by Shri Zimbresh^{Kumar,Branch Manager.}

¶16

Despite service of notice,^{the Defendantneitherappearednor} fited written statement.^{He was proceeded ex'Parte vide orderdated} 20t07l?3. Perusal of averments^{of theApplicant-Bankit reveatsthat under} retief ctause the Appticant-Bank^{has sought reLiefwith regardto mortgaged} property as futLy described in sub-para-6 of^{para No.'5but neitherunder} Para-3A which details^{of debt and assets not anywherein the pteadingthere} is mentioned of atLeged^{mortgaged property. ln the sub'para 6 to Para'5 the}

¶17

¶18

oA 479122

¶19

Appticant-Bank^{has averredabout the noticesent u/s 13(2) dated 05/02/19} Ex. A-11 and^{not aboutany attegedmortgaged' Therefore'no retief/orderis} passed with regard^{to al,tegedmortgage and the Appticant-Bankis directed} to be more^{careful white preparingand submission of OA' However'} considering^{the facts of the case, I opine that the Defendant is tiabte to pay} the ctaim amount^{togetherwith interest and costs' The Appl'icant-Bank in} its apptication^{has ctaimedinterest @12/op 'a' with monthty rests'I feel it} fair and^{reasonabteto grant interest @12% p,a' simpte pendentetiteand} futuretittreatizationofthedues.Thepersonatpropertiesandassetsofthe Defendant are^{tiabte to be sotd for recoveryof amount due'}

¶20

4, The Originat^{Appticationis attowed and it is orderedas under'}

¶21

The Defendant^{do pay Rs' 36,09'583'80(RupeesThirtySix Lac'} i) Nine Thousand,^{Five Hundred EightyThreeand PaisaEight onty) together} with^{pendentetiteand future interest@127o per annumsimpte from the date} of fiting of the^{OA, i.e.,28102t22, with costs titl its reatization'}

¶22

ii) The Appticant^{Bank is entitted to sett the personal properties} and assets of^{the Defendantfor reatizationof its dues'TheDefendant is} hereby restrained^{by means of injunctionfrom depteting'transferring'} encumbering,^{atienatingor in any waydeating with his properties/assets} without first Paying^{the ctaim of the AppticantBank'}

¶23

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

¶24

Judgment^{pronouncedin the open court on this 27th Day of March'} 2024.

¶25

v'
m Niwas Patet)
Presidinq Officer

Central Bank of India v. Kushagra Rajpal

Case brief

What is this about?

What did the court decide?

Central Bank of India v. Kushagra Rajpal

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases

Hdfc Bank Ltd. versus Sukhveer Singh S/O- Nathan Singh

Central Bank of India versus M/S Rawat Chemical Industries Prop Shri Atul Rawat

Canara Bank versus Smt. Satalesh Kushwaha W/O- Dilip Kushwaha

Ramesh Solanki versus State Bank of India

Smt Gayatri Tiwari Wife of Jagiahir Lal Tiwari versus Punjab National Bank

Deepak Vyas versus Mentor Home Loan India Ltd.