Allowed

State Bank of India v. M/s Mahamritunjay Motors

DRT13 Nov 2024OA/788/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the State Bank of India's application for recovery of Rs. 36,27,795, ordering payment with 12% interest and instituting proceedings to settle mortgaged and personal properties.

What did the court decide?

Defendants ordered to pay Rs. 36,27,795 with 12% p.a. interest; mortgaged and personal properties set for realization; Recovery Certificate issued.

State Bank of India versus M/s Mahamritunjay Motors — 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'ble Shri Ram Niwas Patet)

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Original Application No. - 788123

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State Bank of lndia, 5tressed Assets Recovery Branch, 3'd Ftoor, Zonat Office, Vijay Nagar, Jabatpur (M.P.)

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..... Applicant

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Versus

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M/s Mahamritunjay Motors,

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01 ) Proprietor-Shri Sangeet Tiwari,

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Shri Sangeet Tiwari, S/o Late Ramsanjivan Tiwari

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(Both at 73, NH 7 Satna Road, Chorhata Town, Tehsit-Huzur, District-Rewa, M.P. 486006) Defendants

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Counsel for the Appticant : Shri Vaibhav Jain, Advocate

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Defendants : Ex-parte

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JUDGMENT

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(Dated : 1 3th November, 2024)

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The Appticant-Bank has fited the present Originat Apptication u/s19 of Recovery of Debts and Bankruptcy Act on 27/06123 against the Defendants for recovery of Rs.36,27,795.00 (Rupees Thirty Six Lac, Twenty Seven Thousand, Seven Hundred and Ninety Five onty) atong with interest and other reliefs as stated.

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2, 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 Cash Credit Limit of Rs. 30 Lac on29/05119 which was renewed and alsdsanctioned Working Capitat Term Loan of^Rs. 6 Lac on 19106120 and in consideration of the same the Defendants in addition to execution of^[oan documents have atso created equitable mortgage over the immovabte property, i.e., Khasra No.-87l7, Vittage-Neega, District-Rewa, totaI area 12593.50 sq.ft.; betonging to Defendant No.-2. The Defendants^{avaited the} credit facitities but failed to tiquidate the outstanding^{dues despiteissuance} of Legal Notice on 20103123 and initiation of action under^{the Securitisatjon} Act by the Appticant Bank. The Appticant-Bank^has retied^{upon the}

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oA788123

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documents at Ex, A-1 to A-13 which were^{provedby Shri ApoorvKumar} Shrivastava, Chief 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 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 liabte to pay the claim amount together with interest and costs. The Appticant-Bank in its application has ctaimed interest @12.15y"^p.a. with monthly rests. However, I feet it^fair and^reasonabteto grant interest @12% p.a. simpte pendentelite and future tit[ realization of the dues. The mortgaged property is liabte to be sotd for recovery of amount due along with the personal properties and assets of the Defendants.

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The Originat Apptication is attowed and it is ordered as under-

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i) The Defendants do pay^jointty and severatly Rs. 36,27,795.00 (Rupees Thirty Six Lac, Twenty Seven Thousand, Seven Hundred and Ninety Five onty) together with pendentetite and future interest @12% per annum simpte from the date of fiting of the OA, i.e.,27 106123, with costs ti[[ its reatization.

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ii) The Appticant Bank is entitted to sett 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 Applicant 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 file a memo of cost within 7 days for preparing Recovery Certificate.

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Judgment pronounced in the open court on this 13th Day of November,2024.

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\
a was et)
Presidine Officer

State Bank of India v. M/s Mahamritunjay Motors

Case brief

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State Bank of India v. M/s Mahamritunjay Motors

Case brief

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