Allowed

Central Bank of India v. Asha Pandey

DRT6 Dec 2024OA/829/2023

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the applicant bank's original application filed under Section 19 of the Recovery of Debts and Bankruptcy Act for recovery of dues against eleven defendants, including the borrower and guarantors, quantifying the principal and granting a recovery certificate.

What did the court decide?

Direct decree for principal amounts with interest at 10.70% p.a.; injunction on properties; recovery certificate issued under Section 19(2).

Central Bank of India versus Asha Pandey — Banking and Recovery | DRT (2024)

¶1

DEBTS RECOVERY TRIBUNAL : JABALPUR

¶2

(for the States of Madhya Pradesh and Chhattisgarh)

¶3

(Presiding Officer - Hon'ble Shri Ram Niwas Patel)

¶4

Original Application No. - 829123

¶5

Central Bank of lndia, Shahdot (M.P.) AppIicant

¶6

Ve	rsus
01)	Smt.Asha Pandey, W/oShriRam Bhushan Pandey
02)	ShriRam Bhushan Pandey, S/oShri RohiniPrasad Pandey
03)	ShriRamKinkarPandey, S/oShri RohaniPrasad Pandey (1to3R/o Ward No.-17, lndiraChowk, NearBusStand, MainRoad,Shahdot, M.P,)
04)	Smt. VibhaPandey, W/oShriAni[Pandey
05)	ShriAnitKumarPandey, S/oShri Satya NarayanPandey
06)	Smt.Asha Pandey, W/oShri AvinashPandey
07)	ShriAvinashPandey, S/oShri Satya NarayanPandey
08)	ShriUdeetNarayan, S/oShriJagatNarayan
09)	ShriArunKumarPandey, S/oShri Satya NarayanPandey
10)	Smt.VeenaPandey, W/oShriArunKumarPandey
11)	ShriRam PrakashChaturvedi, S/oShri MangalPrasad
	(4to11R/oH.No.-52,WardNo.-18, Tehsi[-Sohagpur,Shahdot,M.P.)	Defendants

¶7

Counsel for the Appticant : Shri Adamya Bajpai, Advocate Defendants : Ex-parte

oA829t23

JUDGMENT

lOated^{-OOs oecernUer,2024)}

¶12

The Appticant-Bank has fited the present Originat Apptication u/s 19 of Recovery of Debts and Bankruptcy Act on 17 107/23 against the Defendants for recovery of Rs. 1,49,30,272.00 (Rupees One Crore, Fourty Nine Lakh, Thirty Thousand, Two Hundred and Seventy Two onty) atong with interest and other reliefs as stated.

¶13

The brief facts of the case are that on the request of Defendant No.-1, the Applicant Bank sanctioned KCC of Rs. 10 Lac on 26/12/09 OD/ Renewed of Rs. 50 Lac on 14/02/14 and Cent Mortgage for personal usages of Rs. 100 Lakh on 29109114. In consideration of the sanction of credit facilities the Defendant No.-1 as borrow and Defendant No.-2 to 1'1 as guarantors for loan of Rs. 100 Lakh in addition to execution of loan documents have atso created equitabte mortgage over the immovable properties, i.e.,

¶14

i) Gram Sohagpur, PH No.-28, Sohagpur, Shahdot, area 1.700 hect.;

¶15

ii) Gram Sohagpur, Khasra No.-88/32 & 120, area 0.054 hect., Sohagpur, Shahdot.

¶16

The Defendant availed the credit facitities but failed to liquidate the outstanding dues despite issuance of Notice on 02101/23 by the Applicant Bank. The Appticant-Bank has relied upon the documents at Ex. A-1 to A-32 which were proved by Shri Ahishek Kumar, Chief Manager.

¶17

3, Despite seruice of notice, the Defendants neither appeared nor filed written statement. They were proceeded ex-parte vide order dated 24/01 /24. Perusal of record reveats that the Defendant No.-2 to 11 have executed guarantee to secure the Cent Mortgage Loan/Overdraft of Rs. 100 Lakh and therefore, their^personal tiabitity is restricted for an amount of Rs, 1,13,98,1731- dues in this account onty. Considering the facts of the case,^I opine that the Defendants are^jointly and severatly tiabte to^pay the claim amount together with interest and costs. The Appticant-Bank in^its apptication has ctaimed interest @10.10%^p.a. with monthly rests. However, I feet it fair and reasonable to^grant interest @10.70%^{p.a. simple} pendentetite and future tilt reatization of the dues. The mortgaged properties are liabte to be sotd for recovery of amount due atong with the persona[ properties and assets of the Defendants.

¶18

¶19

oA829t23

¶20

The Original Apptication is altowed and it is ordered as under-

¶21

i) The Defendant No.-1 to 11 do pay^jointty and severalty Rs. 1,'13,98,173.00 (Rupees One Crore, Thirteen Lakh, Ninety Eight Thousand, One Hundred and Seventy Three on[y) due in OD Cent Mortgage account and Defendant No.-1 do further pay Rs. 35,32,099.00 (Rupees Thirty Five Lakh, Thirty Two Thousand and Ninety onty) due in CKCC and FITL account together with pendentelite and future interest @10.70%^per annum simpte from the date of fiting of the OA, i.e., 17/07 123, with costs titI its reatization.

¶22

ii) The Appticant Bank is entitled to se[[ the mortgaged as weL[ as personal properties and assets of the Defendants for realization 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 claim of the Applicant Bank.

¶23

iii) A Recovery Certificate be issued uls 19(271 of Recovery of Debts and Bankruptcy Act. The appticant bank may fite a memo of cost within 7 days for preparing Recovery Certificate.

¶24

Judgment pronounced in the open court on this 06th Day of December,2024.

¶25

( m Niwas Pa^{a'</sup> tet) Presidine Officer}

Central Bank of India v. Asha Pandey

Case brief

What is this about?

What did the court decide?

Central Bank of India v. Asha Pandey

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

Harish Chanchalani versus Bank of Baroda

Canara Bank versus Ranjeet Kumar

Hdfc Bank versus Jivan

M/S Pratyush Steels versus Uco Bank

Aditya Bhatnagar versus Punjab National Bank

Smt Alka Pandey versus Chhattisgarh Rajya Gramin Bank