Allowed

Icici Bank Limited v. Virbhadra

DRT18 Nov 2024OA/751/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's original application filed under the Recovery of Debts Act for ex-parte recovery of dues against the defendants who failed to appear. The court decreed joint and several liability for the principal amount with interest and restrictions on property transfer.

What did the court decide?

Defendants directed to pay Rs. 40,78,083.19 with interest at 8.40% p.a.; property sale permitted; injunction on asset transfer; Recovery Certificate to be issued.

Icici Bank Limited versus Virbhadra — Banking and Recovery | DRT (2024)

¶1

DEBTS RECOVERY TRIBUNAL : JABALPUR

¶2

(for the States of Madhya Pradesh and Chhattisgarh)

¶3

(Presiding Officer - Hon'bte Shri Ram Niwas Patet)

¶4

Original Application No. - 751/23

¶5

lClCl Bank Ltd., Rajnandgaon (C.G.)

¶6

AppIicant

¶7

Versus

¶8

Virbhadra Shah,

¶9

01 ) S/o C.K. Rajan

¶10

1. Pramod Kumar Rajan, S/o C.K. Rajan

¶11

(Both R/o Ftat No.-8-204, znd Ftoor, Green Heights Kaurin Bhatia, Rajnandgaon, C.G. 491441)

¶12

Defendants

¶13

Counsel for the Appticant : Shri Shashank Verma, Advocate

¶14

Defendants : Ex-parte

¶15

JUDGMENT

¶16

loated^{:TaNoIEfrEer, 2024)}

¶17

The Appticant-Bank has fited the present Originat Apptication u/s 19 of Recovery of Debts and Bankruptcy Act on 19/05123 against the Defendants for recovery of Rs. 40,78,083.19 (Rupees Fourty Lac, Seventy Eight Thousand Eighty Three and Paisa Nineteen onty) along with interest and other retiefs as stated.

¶18

The brief facts of the case are that on the request of Defendants, the Appticant Bank sanctioned Loan of Rs. 27.48 Lac on 10110117 and ln consideration of the same the Defendants in addition to execution of loan documents have also created equitable mortgage over the immovabte property, i.e., Ptot No.-11, Kh. No.-300/2, situated at Mouja Khaurinbhata Laxmi Nagar, Ward No.-39, P.H. No.-36/41, RIC Rajnandgaon, Tehsit & Distt.-Rajnandgaon (C.G.), area 15000 sq.ft.; betonging to Defendant No.-1. The Defendants avaited the credit facitities but faited to tiquidate the outstanding dues despite issuance of demanding letter by the Appticant Bank. The Appticant-Bank has retied upon the documents at Ex A-1 to A-9 which were proved by Shri Uttam Kumar, Chief Manager.

¶19

¶20

oA75l23

¶21

Despite service of notice, the Defendants neither appeared nor filed written statement. They were proceeded ex'parte vide order dated 16/05/24. 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 severatly liable to pay the ctaim amount together with interest and costs. The Appticant-Bank in its apptication has ctaimed interest @8.40% p.a. with penal interest. However, I feet it fair and reasonable to grant interest @8.40% p.a. simple pendentetite and future tilt realization of the dues. The mortgaged property is liabte to be sold for recovery of amount due atong with the personal properties and assets of the Defendants.

¶22

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

¶23

i) The Defendants do pay^jointty and severatly Rs. 40,78,083.19 (Rupees Fourty Lac, Seventy Eight Thousand Eighty Three and Paisa Nineteen onty) together with pendentetite and future interest @8.40% per annum simpte from the date of fiting of the OA, i.e., 19105/73, with costs titl its reatization.

¶24

ii) The Appticant Bank is entitled to setl the mortgaged as we[[ as personal properties and assets of the Defendants for realization of its dues. The Defendants are hereby restrained by means of injunction from depleting, transferring, encumbering, atienating or in any way deating with their properties/assets without first paying the ctaim of the Appticant Bank.

¶25

iii) A Recovery Certificate be issued uls 19(22\ of Recovery of Debts and Bankruptcy Act. The applicant bank may fite a memo of cost within 7 days for preparing Recovery Certificate.

¶26

Judgment pronounced in the open court on this 18th Day of November,2024.

¶27

t.1
rD' \
Ram Niwas Patet)
Presidine 0ff icer

Icici Bank Limited v. Virbhadra

Case brief

What is this about?

What did the court decide?

Icici Bank Limited v. Virbhadra

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases

State Bank of India versus M/s Mahamritunjay Motors

Smt Rama Yadav versus Edelweiss Asset Reconstruction Company Limited

Mukesh Yadav versus Aspire Home Finance Corporation Ltd.

Bank of Baroda versus M/S v and v Pet Industries

Mr Gangaram Singoriya versus Punjab National Bank

Punjab National Bank versus R B Food Products Prop Shri Ramesh Gangwani