Allowed

Canara Bank v. Radha Krishan Computer

DRT24 Sept 2024OA/77/2022

Case brief

AI extract

What is this about?

DRAT allowed the bank’s application under Section 19 RDB Act for recovery of dues from borrowers and guarantors. The court granted joint and several liability, interest, and a recovery certificate while restraining the respondents from alienating assets.

What did the court decide?

Defendants to pay Rs. 32,01,730.89 with interest and costs; recovery certificate issued; restraint on alienating assets.

Canara Bank versus Radha Krishan Computer — 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 Patel)

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Originol Applicotion No. - 77/22

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Canara Bank, Mandi Road, Narshinghpur (M.P.)

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Appticant

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Versus

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01 ) M/s Radha Krishan Computer, Through its ProprietorShri Vevek Kumar Soni, Near Radha Krishna Mandir, Main Road, Kandeti, Narsinghpur (M.P.)

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Shri Vivek Kumar Soni, S/o Shri Bhagwan Das Soni

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5mt. Mani Soni .......deceased Through her Legal Heir(a) Shri Bhagwan Das Soni, S/o Late Gopal Das

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(2 & 3 R/o 114, Gandhi Ward, Narsinghpur, M.P.)

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Defendants

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Counsel for the Appticant : Shri Atok Mishra, Advocate

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Defendants : Ex-parte

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JUDGMENT

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(Dated : 24th September ,2024)

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1, The Appticant-Bank has fited the present Original Apptication u/s 19 of Recovery of Debts and Bankruptcy Act on 10101/ZZ against the Defendants for recovery of Rs. 32,01 ,730,89 (Rupees Thirty Two Lac, One Thousand, Seven Hundred Thirty and Paisa Eighty Nine onty) atong with interest and other reliefs as stated.

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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 Open Cash Credit Limit of Rs.20 Lac on 07108/'13 which was further renewed on 12101 /18. ln consideration of the sanction of credit facitity the Defendant No.-1 & 2 as borrower and Defendant No.-3 (since deceased) & 3(a) as guarantors in addition to execution of toan and

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oA77l22

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guarantee documents have also^{created equitablemortgage over the} immovabte^{proPertY,i.e.,}

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i) Residentiat cum Commercial^{4 storied buitdingbuit on Ptot No"} 31/3, P.H. No.-17,^{NB 36, Nazut SheetNo.-16, areameasuring340'50 sq'} Tehsit & District-Narsinghput^{(M.P'); belongingto Defendant No'-3;} ii) Ptot No.-32, P.H. No.-17,^{NB 36, NazulSheet No"l6, area} 289.00 sq.ft.^{(totatarea 629.50sq.ft.), MouzaKandeli,Tehsil &' District'} Narsinghpur^(M.P.); betonging^{to Defendant No.-3(a).}

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The Defendant No.-1 &.2 avaited^{the credit facitityand atso executed} Acknowtedgment of Debt^{& Securitylastty on 11101121. Theaccountwas} ctassified as NPA and^{the Defendantsfaited to [iquidate the outstandingdues} despite issuance of^{Legat Noticeon 21/17171 and initiation of actionunder} the securitisation^{Act by the Appticant Bank.The Appticant-Bankhas retied} upon the documents at^{Ex. A-1 to A'15 whichwere proved by ShriAnand} Kumar, Senior Manager.

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Despite service of notice,^{the Defendants neitherappeared nor} f.ited written statement.^{Theywereproceededex-parte vide order dated} o8to4l74. There^{is therefore, no reasonto disbetieve the contentionsof the} Bank. Admittedty^{Defendant No.-3 Smt. Mani Soni one of the guarantors&} mortgagers expired and^{Defendant No.-3 Shri BhagwanDas who is another} guarantor & mortgagor is atso^{the tegat heir of deceased DefendantNo.-3.} Therefore the Defendant^{no.-3(a)is atsotiabtefor the vatueof assetsof} deceased Defendant^{No-3 inheritedby him.consideringthe facts of the} case, I opine that^{the Defendantsare jointty and severat[y tiabte to pay the} ctaim amount^{togetherwith interest and costs.The Appticant-Bankin its} apptication has^{[email protected]% p.a. with monthtyrests. However,} lfeet it fair and^{reasonabte to grant interest@10'65% p'a' simple} pendentelite and future titt^{reatizationof the dues' The mortgaged} propertiesaretiabtetobesotdforrecoveryofamountdueatongwiththe personal Properties and^{assets of the DefendantNo'-1, 2, 3(a) and deceased} No.-3 inherited^{by Defendant No.-3(a).}

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4, The Originat Apptication^{is attowed and it is orderedas under-}

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i) The Defendant^{No.'1,2 & 3(a) do payjointLy and severatty Rs'} 32,01,730.89^{(RupeesThirty Two Lac,OneThousand, Seven HundredThirty} andPaisaEightyNineonty)togetherwithpendenteliteandfutureinterest

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oA77/22

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with costs tiLt its^{reatization. The DefendantNo.-3 (a) is atsoliabte for the} vatue of assets inherited^{from deceased Defendant Mani Soni'}

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ii) The Appticant Bank^{is entitted to sett the mortgagedas wetl as} personal properties and assets^{of the Defendant No'-1, 2, 3(a) and deceased} Defendant No.-3^{inherited by Defendant No.-3(a) for realizationof its dues.} The Defendants are^{hereby restrained by means of injunctionfrom} depteting, transferring,^{encumbering, atienatingor in any way deating with} their properties/assets^{without first paying the ctaim of the Applicant Bank.}

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iii) A Recovery^{Certificate be issueduts 19(?2) of Recoveryof} Debts and Bankruptcy^{Act. The appticant bank may file a memoof cost} within 7 days^{for preparingRecoveryCertificate'}

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Judgment^{pronouncedin the oPen court on this 24th Day of September} '^2024'

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,,^{></sup> m Niwas atet) Presidin e Offrcer}

Canara Bank v. Radha Krishan Computer

Case brief

What is this about?

What did the court decide?

Canara Bank v. Radha Krishan Computer

Case brief

What is this about?

What did the court decide?

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