A Debt Recovery Tribunal allowed an application for recovery of dues including principal, revised interest, and issuance of a recovery certificate against defaulting borrowers and guarantors with an injunction on asset disposal.
Ordered repayment of Rs. 29,24,940.00 plus interest and costs; issued Recovery Certificate; granted injunction on property assets.
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DEBTS RECOVERY TRIBUNAL : JABALPUR
(for the States of Madhya Pradesh and Chhattisgarh)
(Presiding Officer - Hon'bte Shri Ram Niwas Patet)
Originol Application No, - 503/22
State Bank of lndia, Stressed Assets Recovery Branch, 3'o Ftoor, Zonal Office, Vijay Nagar, Jabatpur (M.P.) Appticant
Versus
Counsel for the Appticant : Shri Wajid Hyder, Advocate
Defendants : Ex-parte
JUDGMENT
(Dated : 02nd December,2024)
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oA 503122
hectare, i.e., 17000 sq.ft. NB 705, PH No.-61, Vitlage-Saleemnabad,Tehsit&. District-Katni (M.P.); betonging to Defendant No.'3. TheDefendants availed the credit facitities and atso confirmed the outstanding balanceon31 /03/20 but faited to liquidate the outstanding dues despiteissuance of Legal Notice on 12/01 /22 and initiation of action under the Securitisation Act by the Appticant Bank. The Applicant-Bank has relied upon the documents atEx A'1 to A-18 which were proved by Shri Binod Kumar Sinha, Chief Manager.
i) The Defendants do payjointty and several[y Rs.29,24,940.00 (Rupees Twenty Nine Lac, Twenty Four Thousand, Nine Hundred and Fourty on[y) together with pendentetite and future interest @12/o p.a. simpte in cash credit account and interest @1 1.50% p.a. simpte in term loan account from the date of fiting of the OA, i.e., 30/03/22, with costs titl its rea(ization.
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 depteting, transferring, encumbering, atienating or in any way dealing with their properties/assets without first paying the claim of the Appticant Bank.
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oA 503t22
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.
Judgment pronounced in the open court on this 02nd Day of December,2024.
h
2' )'
am N as Patet)
Presidine Officer
1 issue framed by the court
Whether the recovery applicant bank is entitled to recover the dues along with interest from the joint and several defendants?
1 provisions across 1 enactments
State Bank of India
M/s Maa Sharda Tractor
Shri Rajroop Patet
Shri Kutdeep Tiwari
Ram Niwas Patet
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
