Allowed

Indian Bank (Allahabad Bank) v. Price Padmesh Sharma S/O Padmesh Sharma

DRT14 May 2024OA/594/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's original application for recovery of loan dues. The applicant was granted the principal amount plus interest at 12% p.a. The court ordered the sale of mortgaged and personal assets and directed the issuance of a Recovery Certificate.

What did the court decide?

Ordered payment of Rs. 22,75,819 plus 12% p.a. interest; authorized sale of mortgaged and personal properties; directed issuance of Recovery Certificate; restrained defendant from transferring assets

Indian Bank (Allahabad Bank) versus Price Padmesh… — Contract and Commercial Disputes | 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. - 594122

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lndian Bank, (erstwhite Attahabad Bank) Damoh (M.P.)470661

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..... Appticant

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Versus

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Prince Padmesh Sharma, S/o Mr. Padmesh Sharma, R/o Civit Ward No.-8, Station Chowk, Damoh M.P.l 470661

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Defendant

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Counsel for the Appticant : Shri Rajendra Singh Parmar, Advocate Defendant : Ex-parte

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JUDGMENT

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(Dated : 14rh May,2024)

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The Appticant-Bank (erstwhile Attahabad Bank now got amalgamated vide Gazette Notification dated 04/03/20) has fited the present Original Apptication u/s 19 of Recovery of Debts and Bankruptcy Act on 19105122 against the Defendant for recovery of Rs. 22,75,819.00 (Rupees Twenty Two Lac, Seventy Fie Thousand, Eight Hundred and N.ineteen onty) atong with interest and other reliefs as stated.

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The brief facts of the case are that on the request of Defendant, the Appticant Bank sanctioned Term Loan of Rs. 24.75 Lac under MSME on 03/04/19 and in consideration of the same the Defendant executed requisite loan documents. The Defendant avaited the credit facitity but faited to liquidate the outstanding dues despite issuance of Legat Notice on 15/07/21 by the Appticant Bank. The Appticant-Bank has retied upon the documents at Ex' A-1 to A-16 which were proved by shri Ditip Kumar, Branch Manager.

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Despite service of notice, the Defendant neither appeared nor fited written statement. He was proceeded ex-parte vide order dated 08/01 /24. There is therefore, no reason to disbetieve the contentions of the Bank. considering the facts of the case, r opine that the Defendant is tiabte to pay the claim amount together with interest and costs. The Appticant-

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oA 594122

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Bank in its apptication^{has ctaimed interest @127o p.a. with monthlyrests.} However, I feet it fair^{andreasonable to grant interest@12% p'a' simpte} pendentetite and future titl reatization^{of the dues.Thepersonalproperties} and assets of the^{Defendant are tiabteto be sold for recovery of amount} due.

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The Originat Apptication^{is attowed and it is orderedas under'}

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i) The Defendant do^pay Rs.^{22,75,819.00(Rupees TwentyTwo} Lac, Seventy Fie Thousand,^{Eight Hundredand Nineteen on[y) together with} pendentelite and future interest @12%^{per annumsimple from the date of} fiting of the OA, i.e.,19/05/27,^{with coststitI its realization.}

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ii) The Appticant Bank is entitted^{to setl the mortgaged as we[[ as} 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,^{atienatingor in any way deatingwithhis} properties/assets without first^{paying the claim of the AppticantBank'}

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

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Judgment^{pronouncedin the open court on this 14th Day of May, 2024'}

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m was Patet) Presidine Officer

Indian Bank (Allahabad Bank) v. Price Padmesh Sharma S/O Padmesh Sharma

Case brief

What is this about?

What did the court decide?

Indian Bank (Allahabad Bank) v. Price Padmesh Sharma S/O Padmesh Sharma

Case brief

What is this about?

What did the court decide?

What the court decided

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