Allowed

Central Bank of India v. M/S Rawat Chemical Industries Prop Shri Atul Rawat

DRT26 Mar 2024OA/615/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's original application for recovery of Rs. 34,11,298.70 plus interest from the respondents, who failed to repay loans and defaulted despite legal notices. The court directed the issuance of a Recovery Certificate.

What did the court decide?

Defendants to pay Rs. 34,11,298.70 with interest; Recovery Certificate issued; Injunction granted against disposal of properties.

Central Bank of India versus M/S Rawat Chemical Industries… — 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'bte Shri Ram Niwas Patet)

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Originat Applicotion No. 615/23

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CentraI Bank of lndia, Mitoniganj, Jabatpur (M.P.)

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..... Appticant

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Versus

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M/s Rawat Chemicat lndustries, Prop.-Shri Atut Rawat, lndustrjes Area Umariya Dongariya, Ptot No.-23, Khasra No.-136, PH No.-67, Sector B-1, Umariya Dongariya, Rl Circle Chargawan, Tehsil-Shahpura, Distrjct-Jabatpur (M.P.)

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Shri Atut Rawat, S/o Shri Manohar Lat Rawat, R/o 846, East Niwar Ganj, Tehsit & Distt.^-Jabatpur (M.P.)

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..... Defendants

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Counsel for the Appticant : Shri Adamya Bajpai, Advocate

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Defendants : Ex-parte

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JUDGMENT

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(Dated : 26th March, 2024)

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The Appticant-Bank has fiLed the^present Original AppLication u/s 19 of Recovery of Debts and Bankruptcy Act on 08/05/23 agajnst the Defendants for recovery of Rs. 34,'11,298.70 (Rupees Thirty Four Lac, Eteven Thousand, Two Hundred Ninety Eight and Paisa Seventy onty) atong with interest and other retiefs as stated.

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The brief facts of the case are that on the request of Defendants, the Appticant Bank sanctioned Loan of Rs. 22.50 Lac on 09/01117 and FITL of Rs. 2,95,520/-. ln consideration of the sanction of credit facitity the Defendants in addition to execution of toan documents, have atso created equitabte mortgage over the immovabte property, i.e., lndustries Area Umariya Dongariya Ptot No.-23, Khasra No.-136, PH No.-67, Sector B-1, Umariya Dongariya Rl Circte Chargawan, Tehsit-Shahpura, District-Jabatpur (M.P.), area 1250 sq.mtr. The Defendants avajted the credit facitities but faited to tiquidate the outstanding dues despite issuance of Legal Notice on04107122 and initiation of action under the Securitisation

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)

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oA 61s123

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Act by the Appticant Bank. The Applicant-Bank has retied upon the documents at Ex. A-1 lo A-22 which were^proved by Shri Deepak^Dubey, Senior 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 22108123. 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 @10.70yo^p.a. with monthty^{rests.However,I feel it fair and reasonabteto} grant interest @10.50% p.a. simpte pendentelite and future titl reatization of the dues. The mortgaged^property is liabte to be sold for recovery^of amount due atong with the^{personalproperties} 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. 34,11,298.70 (Rupees Thirty Four Lac, Eteven Thousand, Two Hundred Ninety Eight and Paisa Seventy onty) together with^pendentetite and future interest @10.50% per annum simpte from the date of fiting of the OA, i.e., 08/05/23, with costs titt its reatization.

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ii) The Appticant Bank is entitted to se[[ the mortgaged as wet[^as personal properties and assets of the Defendants for reatization of its dues. The Defendants are hereby restrained by means of^{injunctionfrom} depteting, transferring, encumbering, atienating or in any way dealing^with their properties/assets without first^paying the ctaim^{of the AppticantBank.}

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iii) A Recovery Certificate be issued u/s 19(22) 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^{26th Day of March,2024.}

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)-11 Lr^?, (Ram Niwas Patet) Presidine Officer

Central Bank of India v. M/S Rawat Chemical Industries Prop Shri Atul Rawat

Case brief

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Central Bank of India v. M/S Rawat Chemical Industries Prop Shri Atul Rawat

Case brief

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