The Debt Recovery Tribunal allowed the Bank's application for recovery of dues. It directed the Defendant to pay Rs. 31,46,211 with interest at 12% per annum and authorized the sale of hypothecated and personal assets for recovery.
Payment of Rs. 31,46,211 with 12% interest; sale of hypothecated TATA truck; recovery certificate issued.
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DEBTS RECOVERY TRIBUNAL : JABALPUR
(for the States of Madhya Pradesh and Chhattisgarh)
(Presiding Officer - Hon'bte Shri Ram Niwas Patet)
Original Application No. - 551/22
State Bank of lndia, Stressed Assets Recovery Branch, 3RD Ftoor, Zonal Office, Vijay Nagar, Jabatpur 482002
..... Appticant
Versus
Prem Narayan Patet, Si o Jhatkan La[ Patet, R/o Parmanand Cotony, Shivaji Ward, Sagar (M.P.) 470002
..... Defendants
Counsel for the Appticant : Shri SunilKherdikar,Advocate
Defendant : Ex'Parte
MENT
(Dated : 08 August, 2024)
2
oA 551122
to pay the ctaim amount togetherwith interest and costs. The Appticant- Bank in its apptication hasclaimedinterest @14.75%p.a. with monthtyrests. However, I feet it fair andreasonabte togrant interest@12% p.a. simpte pendentetite and future titt reatization of the dues.The hypothecatedTATA Truck bearing Registration No.-MP15HA/9441is tiabte to be sotd for recovery of amount due atong with thepersonaIpropertiesand assets of the Defendant.
i) The Defendant do pay Rs. 31,46,211.00(Rupees ThirtyOneLac, Fourty Six Thousand, Two Hundred and Eteven onty)together with pendentetite and future interest @12% per annum simpte from the date of fiting of the OA, i.e.,28103122, with costs titt its reatization.
ii) The Appticant Bank is entitted to setl the hypothecatedTATA Truck bearing Registration No.-MP15HA/9441 as wetl aspersonat 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 deating withhis properties/assets without first paying the ctaim of the Appticant Bank.
iii) A Recovery Certificate be issued uls 19(22) of Recoveryof Debts and Bankruptcy Act. The appticant bank may fite a memo ofcost within 7 days for preparing Recovery Certificate.
Judgment pronounced in the open court on this08th Day of August, 2024
@ Patet) Presidine Officer
State Bank of India
Prem Narayan Patet
Ram Niwas Patet
As recorded by the court registry
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