Allowed

Bank of India v. Naveen Rathore

DRT26 Sept 2024OA/585/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed an application filed by Bank of India for recovery of a defaulted vehicle loan of approximately Rs. 27.47 lakh. The court adjudicated the defendant liable for the principal, interest, and costs, authorized the sale of the hypothecated truck, and ordered the issuance of a recovery certificate.

What did the court decide?

Defendant to pay Rs. 27,47,459.92 with interest; hypothecated truck and personal assets to be sold; Recovery Certificate issued.

Bank of India versus Naveen 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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Orfuinal Applicotion No. - 585/22

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Bank of lndia,

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Opp. Shivpuri Hotel, A.B. Road, Shivpuri (M.P.)

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..... App[icant

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Versus

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Shri Naveen Rathore, S/o Shri Durga Prasad Rathore, Rlo 122, Ward No.-17, Jhansi Road, Tulsi Nagar, Shivpuri (M.P.) 473551

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Defendant

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Counsel for the Appticant : Shri P. Chaturvedi,^Advocate Defendant : Ex-parteEx-parte

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: Ex-parteEx-parte

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JUDGMENT

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(Dated : 26tn September,2074)

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'l . The Appticant-Bank has fited the^{present Originat Apptication} u/s 19 of Recovery of Debts and^{BankruptcyAct on 30104122against the} Defendant for recovery of Rs. 27,47,459.92^{(Rupees TwentySevenLac,} Fourty Seven Thousand, Four Hundred^{Fifty Nine and PaisaNinety Two only)} atong with interest and other^{reliefs as stated.}

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The brief facts of the case are that^{on the requestof} Defendant, the Appticant^{Bank sanctionedTermLoan in the shape of Vehicte} Loan of Rs. 27.40 LaconOT111/16 under^{CGTSME Schemefor purchaseof} Tata Motors LTL Truck which^{was furtherrescheduted on 30/03/19and in} consideration of the same^{the Defendantin additionto executionof loan} documents has atso hypothecated^{Tata Motor LTLTruck bearingRegistration} No.-MP33-H-2193 in favour of^{the bank. The Defendant avaited the credit} .facitity and also executed Acknowtedgment of Debt &. Securities lastty on 3OtOgl17 but faited to tiquidate^{the outstanding dues despiteissuanceof} Legat Notice on 26/11¹⁷¹ and^{initiation of action under the securitisation} Act by the Appticant Bank. The^{Appticant'Bankhas relied upon the} documents at Ex. A-1 to^{A-21whichwere proved by Shri Hani singh chauhan,} Senior Branch Manager.

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oA 585/22

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Despite service of notice, the Defendant neither appeared nor filed written statement. He was proceeded ex-parte vide order dated 15/04/24, There is therefore, no reason to disbetieve the contentions of the Bank. considering the facts of the case, I opine that the Defendant is tiabte to pay the claim amount together with interest and costs. The Appticant_ Bank in its apptication has claimed interest @9.95% p.a. with monthty rests. However, I feet it fair and reasonable to grant interest @9.g5% p.a. simpte pendentelite and future titl reatization of the dues. The hypothecated rata Motor LTL Truck bearing Registration No.-Mp33-H-2193 is tiabte to be sotd for recovery of amount due atong with the persona[ properties and assets of the Defendant.

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The Originat Appl.ication is attowed and it is ordered as under_

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i) The Defendant do pay Rs. 27,47,459.92 (Rupees Twenty Seven Lac, Fourty seven Thousand, Four Hundred Fifty Nine and paisa Ninety Two onty) together with pendentetite and future interest @g.g5% per annum simpte from the date of fiting of the oA, i.e., 30t04r22, with costs titt its reatization,

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ii) The Appticant Bank is entitted to sett the hypothecated Tata Motor LTL Truck bearing Registration No.-Mp33-H-2193 as wett as persona[ 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 with his properties/assets without first paying the ctaim of the Appticant Bank.

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

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Judgment pronounced in the open court on this 26th Day of Septem ber, 7024

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h
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N Patet)
Pres di lcer

Bank of India v. Naveen Rathore

Case brief

What is this about?

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Bank of India v. Naveen Rathore

Case brief

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