Allowed

Bank of Baroda v. M/S Kity Fashion

DRT1 Apr 2024OA/806/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed Bank of Baroda's recovery petition. Due to defendants' absence, the court held them jointly and severally liable for the outstanding loan, granted interest, and authorized issuance of a Recovery Certificate while restraining asset alienation.

What did the court decide?

Ordered payment of Rs. 86,29,306.00 with interest; injunction on alienation of assets; Recovery Certificate under Section 19(2)(b) to be issued.

Bank of Baroda versus M/S Kity Fashion — 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'bte Shri Ram Niwas Patet)

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Originol Applicotion No.^- 806122

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Bank of Baroda, RegionaI Stressed Asset Recovery Branch, Jabatpur

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... Appticant

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Versus

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M/s Kity Fashion, Through its ProprietorSatya Prakash Pandey, Dwarika Nagar, Behind Green Land Marriage Garden, Tehsit-Huzur, Distt.-Rewa (M.P.) 486001

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Satya Prakash Pandey, 5/o Pradeep Kumar Pandey, Rlo 241205, Arjun Nagar, Tehsit-Huzur, Distt.-Rewa (M.P.) 485220

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..... Defendants

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Counset for the Applicant Shri Shreyas Dubey, Advocate Defendants Ex-parte

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JUDGMENT

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(Dated : o1't April, 2024)

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The Appticant-Bank has fited the^present Originat Apptication uls'19 of Recovery of Debts and Bankruptcy Act on^{30/05/22against the} Defendants for recovery of Rs. 86,29,306.00^{(RupeesEighty Six Lac,Twenty} Nine Thousand, Three Hundred and Six onty) atong^{with interestand other} reliefs as stated.

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Z.' 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. 64 Lac and^{Cash CreditLimitof Rs. 82.50Lac} aggregating Rs. 146.50 Lac on 0'l/'lOl1E and^{in considerationof thesamethe} Oefendants have executed requisite^{loan documents.The DefendantsaYaited} the credit facitities but failed to^{tjquidatethe outstanding dues despite} issuance of Recall Notice on 20105/21 by the^{AppticantBank. The Appticant'} Bank has retied upon the documents at^{Ex. A'1 to A''15 whichwere proved by} Shri Girish Kumar Sharma, Chief^Mana

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oA806122

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Despite service of notice, the^{Defendantsneitherappeared nor} fited written statement. They were^{proceededex-partevide order dated} 23t}8l?3. There is therefore, no reason^{to disbelievethe contentionsof the} Bank. Considering the facts of^{the case,} I^{opine that the Defendantsare} jointty and severalty Liab(e to pay the ctaim amount together with interest and costs. The Appticant'Bank in its aPPLication^{hasctaimed [email protected]%} p.a. with monthLy rests. However, I feel. it fair and reasonabte to^grant interest @9.30%^p.a. simpte^{pendentetite and future titt reatizationof the} dues. The^{personal propertiesandassets of the Defendantsare tjabte to be} sold for recovery of amount due.

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The Oriqinat Apptication is atlowed and^{it is orderedas under'}

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j) The Defendants do^{pay jojntty} and severatly Rs. 86,29,306.00 (Rupees Eighty Six Lac, Twenty Njne Thousand, Three Hundred and Sjx onty) together with^pendentelite and future interest @9.30%^{per annumsimpte} from the date of fiting of the OA, i.e., 3ol05l2Z,^{withcosts titl its} reatization.

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ii) The Appticant Bank is entitted to setl the^{personal properties} and assets of the Defendants for reatization of its^{dues.TheDefendants are} hereby restrained by means of injunction from^{depteting, transferring,} encumbering, atienating or in any way deating^{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"t 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^{courton this Olst Day of ApriL,2024}

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iwas Patet)
Presidine Off ieqr

Bank of Baroda v. M/S Kity Fashion

Case brief

What is this about?

What did the court decide?

Bank of Baroda v. M/S Kity Fashion

Case brief

What is this about?

What did the court decide?

What the court decided

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