Allowed

State Bank of India v. Avdhesh Kumar Shiv

DRT10 Sept 2024OA/614/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant Bank's original application claiming recovery of dues and interest from the defendant who failed to liquidate loan obligations sanctioned as home and car loans.

What did the court decide?

Ordered defendant to pay Rs. 20,00,245.00 with 10% simple interest pendent lite and future, costs, restrain from dealing with properties, and issued Recovery Certificate.

State Bank of India versus Avdhesh Kumar Shiv — 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^NiwasPatet)

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Original APPlication^{No. - 614122}

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State Bank of lndia,^, Stressed Assets RecoverY^Branch, 3RD Ftoor, Zonal Office, Vijay Nagar, JabatPur^(M.P.)

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Applicant

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Versus

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Avdhesh Kumar Shiv, S/o Shri Laxmi Prasad Shiv, Ftat No.-3103, Tower^2-8, First Ftoor, Krishna Height^Apartment, Gwarighat Road, Jabatpur^(M.P.)482008

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Defendant

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Counsel for the^{Appticant : Shri Jabgandan Patet, Advocate} Defendant : Ex-Parte

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JUDGMENT loatea^{:Tffiffi6-er,20241}

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The Appticant-Bank^{has fited the present Originat Apptication} u/s 19 of Recovery^{of Debts and BankruptcyAct on 'l3l05lz2against the} Defendant for^{recovery of Rs. 20,00,245.00(RupeesTwentyLac' Two} HundredandFourtyFiveonly)atongwithinterestandotherreliefsas stated.

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The brief facts of^{the case are that on the request of} Defendant, the^{Appticant Bank sanctionedHome Loanof Rs' 20'79Lacand} Home Loan lnsurance^{Cover of Rs. 1.21 Lac aggregatingRs' 22 Lac on} 19/10113 and car^{Loan of Rs.5.95Lac on 11111115and in considerationof} thesametheDefendant.inadditiontoexecutionofloandocumentshasalso created equitabte^{mortgage over the immovabte property' i'e" Ftat No' -} 3103, area 883^{sq.ft', Tower 2'8, KrishnaHeight Apartment,Mouza/Vittae-} Potipathar, S.No.'164,^{patwariHatka No'-29 (new), Part of KhasraNo'-44/3'} area 1.026 hectare^{and divertedarea 111730 sq.ft., GwarighatRoad,} Jabatpur^{(M.P.). The DefendantpurchasedSwift ZXI Car bearingRegistration} No.-WB30T/3855andhypothecateditinfavouroftheAppticant-Bank.The Defendant avaited^{the credit facitities but faited to Liquidatethe outstanding} dues despite^{issuanceof Legat Notice on 75t04122by the Appl'icantBank'}

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)

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oA 614122

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The Applicant-Bank has relied upon the documents at Ex. A'1 to A-13^which were proved by Shri Manmohan Anand, Chief 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 02/01 /23. There is therefore, no reason to disbelieve the contentions of the Bank. Considering the facts of the case, I opine that the Defendant is liabte to pay the ctaim amount together with interest and costs. The AppticantBank in its application has ctaimed interest at contractual rate. However, I feel it fair and reasonable to grant^'interest @10% p.a, simple pendentelite and future tilt realization of the dues. The mortgaged property is tiable to be sotd for recovery of amount due atong with the personal properties and assets of the Defendant.

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The Original Application is altowed and it is ordered as under-

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i) The Defendant do pay Rs. 20,00,245.00 (Rupees Twenty Lac, Two Hundred and Fourty Five onty) together with pendentetite and future interest @10% per annum simple from the date of fiting of the OA, i.e., 13105122, with costs titl its realization.

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ii) The Appticant Bank is entitted to setl the mortgaged as welt as personal properties and assets of the Defendant for realization 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 claim of the Appticant Bank.

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iii) A Recovery Certificate be issued uls 19(221 of Recovery of Debts and Bankruptcy Act. The applicant 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 1Oth Day of September, 20

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10' (Ra m N twas Patet)^t Presiding Officer

State Bank of India v. Avdhesh Kumar Shiv

Case brief

What is this about?

What did the court decide?

State Bank of India v. Avdhesh Kumar Shiv

Case brief

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What did the court decide?

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