Allowed

Icici Bank Limited v. Mr Somnath Sharma

DRT2 Feb 2024OA/599/2023

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed an application for recovery of dues of Rs. 56.72 Lakhs. The court directed the defendants to pay the amount with 9.50% simple interest and issued a recovery certificate, restraining the defendants from alienating their properties.

What did the court decide?

Payment of Rs. 56,72,039.00 with 9.50% simple interest; issuance of recovery certificate; injunction on the disposal of properties.

Icici Bank Limited versus Mr Somnath Sharma — 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'bte Shri Ram Niwas Patet)

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Original Applicotion No. - 599123

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lClCl Bank Limited, ZO-4, Chhaoti Khajrani, Matav Parisar, A.N. Road, lndore (M.P.)452008

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..... Appticant

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Versus

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Mr. Somnath Sharma, S/o Shri Akhitanand Sharma

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Mrs. Rekha Sharma, W/o Somnath Sharma

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(Both at H.No.-RZ'27f , Gati No.-24, Main Road, lndra Park, Palam CotonY, South West New Dethi 110045; Atso at: H.No.-D'601, Sixth Ftoor, Mapte Tree, Airport BY-Pass^Road, Bhopat, M.P. 452001)

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..... Defendants

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Counsel for the Appticant :^{Shri Sanjeev Dubey, Advocate}

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Defendants : Ex'Parte

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JUDGTvtENT

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(Dated : O/d February, 2024\

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The Appticant-Bank has^{fited the present OriginalApplication} u/s 19 of Recovery of Debts^{and BankruptcyAct on 06105123against the} Defendants for recovery of^{Rs. 56,72,039.00(Rupees Fifty Six Lac, Seventy} Two Thousand and Thirty^{Nineonty)atong with interest and other retiefs as} stated.

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The brief facts of the^{case are that on the request of} Defendant No.-1 and^{2, the Appticant Bank sanctionedHome Loan of Rs. 40} Lac on 19t}st15.^{ln considerationof the sanction of home loan of Rs. 33.20} Lac the Defendants in^{addition to executionof loan documents haveatso} created equitabte^{mortgageover the immovabtepropertY, i'€', Residential} unit Ftat No.^{D-601, sixth Ftoor, Btock-D, orange Mapte buitdingin the Mapte} Tree Comptex, Bhopat,^{area 1408 sq.ft.; betonging to DefendantNo"1' The} Defendants avaited^{the home loan but faited to tiquidate the outstanding} dues despite^{issuanceof RecattNoticeon 06107117and initiation of action}

oA 599123

under the Securitisation Act by the Appticant Bank. The^{Appticant-Bankhas} retied upon the documents at Ex. A-1 to A-10 which were^proved by Shri Mahendra Jaiswa[, Regional Relationship Manager.

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Despite service of notice, the Defendants neither appeared nor fited written statement. They were proceeded ex-parte vide order dated 18108123. There is therefore, no reason to disbetieve the contentions of the Bank. Considering the facts of the case, I opine that the Defendants are jointty and severatty tiabte to pay the ctaim amount together with interest and costs. The Appticant-Bank in its apptication has ctaimed interest at contractual rate. However, I feet it fair and reasonabte to grant interest @9.50%^p.a. simpte pendentetite and future ti[[ realization of the dues. The mortgaged property is liabte to be sotd for recovery of amount due atong with the personal properties and assets of the Defendants.

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The Originat Apptication is altowed and it is ordered as under-

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i) The Defendants do pay jointty and severatty Rs. 56,72,039.00 (Rupees Fifty six Lac, seventy Two Thousand and Thirty Nine onty) together with pendentetite and future interest @9.50% per annum simpte from the date of fiting of the oA, i.e. ,06105123, with costs titt its realization.

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ii) The Appticant Bank is entitted to setl the mortgaged as we[[ as personat 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 deating with their properties/assets without first paying the ctaim of the Appticant Bank.

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

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Judgment pronounced in the open court on this 02nd Day of Februa ry,2024.

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2 )² h )' (Ram Niwas Patet) Presidine Officer

Icici Bank Limited v. Mr Somnath Sharma

Case brief

What is this about?

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Icici Bank Limited v. Mr Somnath Sharma

Case brief

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