Allowed

State Bank of India v. Surendra Singh Rathore

DRT18 Sept 2024OA/526/2022

Case brief

AI extract

What is this about?

Allowed an Originial Application filed by State Bank of India against Surendra Singh Rathor for recovery of a Rs. 35(lac) loan. Directed payment of principal and 10% p.a. interest and authorised sale of mortgaged and personal properties.

What did the court decide?

Direct payment of Rs. 35,07,153.04 plus 10% p.a. interest; injunction against asset disposal; direction to issue Recovery Certificate.

State Bank of India versus Surendra Singh Rathore — 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'ble Shri Ram Niwas Patet)

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Originol Application No. - 526122

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State Bank of lndia, Stressed Assets Recovery Branch, 5, Yashwant Niwas Road, lndore (M.P.) 452003

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Appticant

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Versus

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Shri Surendra Singh Rathor (Rajput), S/o Jaswant Singh Rathor (Rajput), Ward No.-10, Chorani, Naugava, Ditrict-Rattam (M.P. ) 457001

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Defendant

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Counsel for the Appticant : Shri Jagbandan Patel, Advocate Defendant : Ex-parte

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JUDGMENT

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lOated^{: t-m Septernber,2024)}

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The Appticant-Bank has fited the present Originat Apptication uls 19 of Recovery of Debts and Bankruptcy Act on 19/04122 against the Defendant for recovery of Rs. 35,07,153.04 (Rupees Thirty Five Lac, Seven Thousand, One Hundred Fifty Three and Paisa Four 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, the Appticant Bank sanctioned Agricutture Term Loan (ATL) of Rs. 5 Lac on23110117 and Agricutture Cash Credit (KCC) of Rs. 19.88 Lac on 27112117 and in consideration of the same the Defendant in addition to execution of loan documents has also created mortgage under the provisions of M.P. Krishi Udhar Pravartan Tatha Prakriyan Upbandh (Bank) Adhiniyam 1972 over the immovabte property, i.e., Agricutture Land Survey No.-l54 area 6.51 hectare, situated in Vittage-Sutrethi, Patwari Circte No.-45, BtockNaugama Jagir, Rin Pustika No.-LH-112699, District-Rattam (M.p.). The Defendant avaited the credit facitities abd aksi executed Revival Letters on 15/10/20 t. 18110120 but faited to [iquidate the outstanding dues despite issuance of Legat Notice on 13102122 by the Appticant Bank. The AppticantBank has retied upon the documents at Ex. A-1 to A-11 which were proved by Shri Tamrat La[ Kori, Chief Manager.

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oA 526122

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Despite service of^{notice,the Defendantneither appeared nor} fited written statement.^{He was proceeded ex-partevide order dated} 02/04124. There^{is therefore, no reasonto disbetieve the contentionsof the} Bank. considering^{the facts of the case, I opinethat the Defendant is liabte} to pay the ctaim amount^{togetherwith interest and costs.The Appticant-} Bank in its apptication has ctaimed^{interest at contractuatrate but has not} specificatty mentioned the^{present effective rate of interest.However,I} feet it fair and reasonabte to^{grant interest @10% p.a. simple pendentelite} and future titt reatization of the^{dues. The mortgagedproperty is liabte to} be sotd for recovery of amount^{due atong with the personalproperties and} assets of the Defendant.

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The Original Apptication is altowed and it is ordered^{as under'}

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i) The Defendant do pay Rs. 35,07,153.04^{(RupeesThirty Five} Lac, Seven Thousand, One Hundred Fifty^{Three and Paisa Four onty) together} with pendentetite and future interest @10%^{per annumsimpte from the date} of fiting of the OA, i.e.,19104122, with costs ti[[^{its reatization.}

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ii) The Appticant Bank is entitted to se[[ the mortgaged^{as wetlas} personal properties and assets of the Defendant for reatization^{of its dues.} The Defendant is hereby restrained by^{means of injunction from depteting,} transferring, encumbering, atienating or in any^{way dealing with his} properties/assets without first^paying the ctaim of the^{AppticantBank.}

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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.}

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Judgment^{pronouncedin the open court on this 18th Day of September,2024.}

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2,v<br>5
v
(Ram iwas Patet)
Presidine Officer

State Bank of India v. Surendra Singh Rathore

Case brief

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State Bank of India v. Surendra Singh Rathore

Case brief

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