The Debt Recovery Tribunal allowed the Bank's application for recovery of dues totaling over Rs. 52 lakhs, ordered payment with 12% simple interest, and directed issuance of a Recovery Certificate.
Order to pay Rs. 52,91,346 plus interest at 12% simple; sale of personal assets permitted; recovery certificate to be issued.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
DEBTS RECOVERY TRIBUNAL JABALPUR
(for the States of Madhya Pradesh and Chhattisgarh)
(Presiding Officer - Hon'bte Shri Ram Niwas Patet)
Original Application No. - 63123
Union Bank of lndia, Vijay Nagar, Jabatpur (M.P.)
Appticant
Versus
Counsel for the Applicant : Shri Rajendra Singh Parmar, Advocate Defendants : Ex-parte
JUDGMENT
(Dated : 27th November,2024)
i. The brief facts of the case are that on the request of Defendant No.-1 through its Proprietor Defendant No.-2, the Appticant Bank sanctioned Term Loan of Rs. 14.50 Lac and Cash Credit Limit of Rs. 35 Lac under the PMEGP scheme on 05/03/20 and in consideration of the same the Defendants executed requisite loan documents. The Defendants avaited the credit facitities but faited to liquidate the outstanding dues despite issuance of Recall Notice on 29110/72 by the Appticant Bank. The Appticant-Bankhas retied upon the documents at Ex. A-1 to A-19 which wereproved byShri Premnidhi Mishra, Senior Manager.
<.
2
oA63t23
17 /01 124. There is therefore,no reasonto disbetieve the contentionsof the Bank. Considering the facts of thecase,I opinethat the Defendantsare jointty and severalty liable to pay the ctaim amount together with interest and costs. The Appticant-Bank in its appticationhas claimed interest @12% p.a. with monthly rests. However, I feet it fair and reasonabte togrant interest @12/o p.a. simptependentetite and future titlrealization ofthe dues. The personal properties and assets of the Defendantsare liabte to be sotd for recovery of amount due.
4, The Original Apptication is allowed and it is ordered as under-
i) The Defendants do payjointty and severally Rs. 52,91,346.00 (Rupees Fifty Two Lac, Ninety One Thousand, Three Hundred and Fourty Six only) together withpendentelite and future interest @12%per annum simple from the date of fiting of the OA, i.e.,2410'1 123, with costs till its reatization.
ii) The Appticant Bank is entitled to setl the personal properties and assets of the Defendants for reatization of its dues. The Defendants are hereby restrained by means of injunction from depteting, transferring, encumbering, alienating or in any way deating with their properties/assets without first paying the ctaim of the Applicant Bank.
iii) A Recovery Certificate be issued uls 19(221 of Recovery of Debts and Bankruptcy Act. The applicant bank may file a memo of cost within 7 days for preparing Recovery Certificate.
Judgment pronounced in the open court on this 27th Day of November,2024.
.l' am as Patet) Presidinq Officer
2 issues framed by the court
Whether the applicants are entitled to recovery of the outstanding loan dues and interest.
Whether a Recovery Certificate should be issued under the Act.
1 provisions across 1 enactments
Union Bank of India
M/s Shaitendra Foods
Shaitendra Kumar Namdeo
Ram Niwas Patet
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
