Allowed

Indian Bank (Allahabad Bank) v. M/S Ashwary Stone Crusher

DRT9 May 2024OA/773/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's original application for recovery of a term loan of Rs. 30 Lacs denied to the stone crusher M/s. Ashwary Stone Crusher. The court passed an order for joint and several payment of dues along with pending future interest at 12% p.a. from the date of filing of application. A recovery certificate was also directed to be issued to the bank for th

What did the court decide?

Joint and several liability to pay Rs. 48,83,333.00 with pendent-lite and future interest @ 12% p.a. simple; recovery certificate issued.

Indian Bank (Allahabad Bank) versus M/S Ashwary… — 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 Patet)

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Original Applicotion No. - 773122

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lndian Bank, (erstwhite Attahabad Bank) Kundam, Distt.-Jabalpur M.P.

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AppIicant

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Versus

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M/s Ashwary Stone Crusher,

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01 ) Through its ProprietorMr. Dharmendra Sonkar

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1. Mr. Dharmendra Sonkar, S/o Rajkumar Sonkar

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(Both R/o Vittage-Bitsara, Tehsit-Kundam, District-Jabatpur, M.P. 4831 10) Defendants

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Counsel for the Appticant : Shri Rajendra Singh Parmar, Advocate Defendants : Ex-parte

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JUDGMENT 1oate?:^{oeE'may, zOza;}

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The Appticant-Bank has fited the^present Originat Apptication uls 19 of Recovery of Debts and Bankruptcy Act on 24/06122 against^the Defendants for recovery of Rs. 48,83,333.00^(Rupees Fourty Eight Lac,^Eighty Three Thousand, Three Hundred and Thirty Three 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 Defendant No.-1 through its Proprietor Defendant No.-2, the Appticant^Bank sanctioned Term Loan of Rs. 30 Lac under^CGTMSE Scheme^{on'19/11/15and} in consideration of the same the Defendant No.'1 & 2 in^additionto execution of loan and^guarantee documents have atso^{createdequitabte} mortgage over the immovable^property, i,e., ResidentiaI^Buitdingat Bhantatiya, Mouza/Vitlage-Bhantatiya, NazuI Btock^{No'-1'12,Moha[[a-} Bhantatiya, Ptot No.-82, area 3200 sq.ft. & Ptot No.'86,^{area 1630 sq.ft.,} inctuding both the P[ot area, total Plot area 4830 sq.ft.^{(448.88sq.mtr.)} Residentiat, situated at Bhantataiya Nazut, Radhakrishnan^{Ward, WardNo'-} 58, Aarakataki Toriya, Tehsit & District-Jabalpur^{(M'P.).The Defendants} avaited the credit facitity and atso executed^{Letter of Acknowledgmentof}

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oA773/22

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Debts on 10101 120 but failed to liquidate the outstanding dues despite issuance of Notice by the Appticant Bank. The Appticant-Bank has relied upon the documents at Ex. A-1 to A-17 which were proved by Shri Pranav Pandey, Chief Manager.

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Despite service of notice, the Defendants neither appeared nor filed written statement. They were proceeded ex-parte vide order dated 27 104/23. 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 severa[ty liable to pay the claim amount together with interest and costs. The Appticant-Bank in its application has claimed interest @12% p.a. with monthty rests. However, I feet it fair and reasonabte to grant interest @12% p.a. simple pendentelite and future tit[ realization of the dues. The mortgaged property is tiabte to be sotd for recovery of amount due along with the personal properties and assets of the Defendants.

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The Originat Applicat'ion is atlowed and it is ordered as underi) The Defendants do pay^jointty and severalty Rs. 48,83,333.00 (Rupees Fourty Eight Lac, Eighty Three Thousand, Three Hundred and Thirty Three onty) together with pendentetite and future interest @12% per annum simple from the date of fiting of the OA, i.e.,24/06122, with costs tilt its reatization.

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ii) The Appticant Bank is entitled to set[ the mortgaged as we[[ as 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, atienating or in any way dealing with their properties/assets without first paying the ctaim of the Appticant Bank.

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iii) A Recovery Certificate be issued uls 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 09th Day of May,2024.

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( 9. (Ram Niwas Patet) Presidine Officer

Indian Bank (Allahabad Bank) v. M/S Ashwary Stone Crusher

Case brief

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Indian Bank (Allahabad Bank) v. M/S Ashwary Stone Crusher

Case brief

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