Allowed

State Bank of India v. Krishna Kumar Maheshwari (Jhawar)

DRT28 Nov 2024OA/846/2022

Case brief

AI extract

What is this about?

In an ex-parte original application filed by a bank under Section 19 of the RDDB Act, the Tribunal allowed the claim for agricultural dues and adjusted interest to 12% p.a. while directing the sale of mortgaged and personal assets for recovery.

What did the court decide?

Ordered payment of Rs. 35,12,903.11 with 12% p.a. interest, declaration of liability of mortgaged and personal property, injunction, and issuance of Recovery Certificate.

State Bank of India versus Krishna Kumar Maheshwari (Jhawar) — Specific Performance | 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. - 846/22

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State Bank of lndia, Stressed Assets Recovery Branch, State Bank Bhawan, 5, Y.N. Road, lndore (M.P.) Appticant

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Versus

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Shri Krishna Kumar Maheshwari (Jhawar), 5/o Shri Uday Chandra Maheshwari, R/o Vittage-Tajpura, Post-Aankalpur, Tehsit-Goharganj, Distt.-Raisen (M.P.); Also at: House No.^-'15, Dr. Jakir Hussain Ward, Jeen Sobhapur Road, Pipariya, District-Hoshangabad (M. P. )

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..... Defendant

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Counsel for the Appticant : Shri Wajid Hyder, Advocate

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Defendant : Ex-parte

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JUDGMENT

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(Dated : 28th November,2024)

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The Applicant-Bank has fited the present Original Application u/s 19 of Recovery of Debts and Bankruptcy Act on 08/07 122 against the Defendant for recovery of Rs. 35,'12,903.11 (Rupees Thirty Five Lac, Twelve Thousand, Nine Hundred Three and Paisa Eleven only) 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, the Appticant Bank sanctioned Agricutture Cash Credit Limit of Rs. 19,74 Lac on 08/07/16 and Agricutture Term Loan of Rs. 6.30 Lac on 19/03118 and in consideration of the same the Defendant in addition to execution of loan documents have atso created mortgage over the immovabte property, i.e., Land of Khasra No.-112l1 measuring 10.117 hectare, situated at Vittage-Umariya, PH No.-10, Tehsit-Goharganj, Distt.Raisen (M.P.), together with att erections, structure & constructions thereon. The Defendant availed the credit facilities and also executed Revival Letters on 19/07/19 and 10/05/71 but faited to liquidate the outstanding dues despite issuance of Legal Notice on 06/06122 by the

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oA846122

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Appticant Bank. The Appticant-Bank has retied upon the documents at Ex A-1 to A-23 which were proved by Shri Sanjay Mehta, Chief Manager.

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Despite service of notice, the Defendant neither appeared nor fited written statement. He was proceeded ex-parte vide order dated 17 101 /24. There is therefore, no reason to disbelieve the contentions of the Bank. Considering the facts of the case, I opine that the Defendant is liabte to pay the ctaim amount together with interest and costs. The AppticantBank in its apptication has claimed interest @16% p.a. with half-yearly rests in Agriculture Cash Credit account and interest @13.65% p.a. with monthly rests in Agricutture Term Loan account. However, I feet it fair and reasonabte to grant interest @12% p.a. simpte in both the accounts pendentetite and future titl reatization of the dues. The mortgaged property is liable to be sotd for recovery of amount due along with the personal properties and assets of the Defendant.

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

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i) The Defendant do pay Rs. 35,12,903.'1 1 (Rupees Thirty Five Lac, Twetve Thousand, Nine Hundred Three and Paisa Eleven onty) consotidated dues in agricutture cash credit and agriculture term loan accounts together with pendentelite and future interest @12% per annum simpte from the date of fiting of the OA, i.e.,08107/72, with costs titl its realization,

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ii) The Appticant Bank is entitled to sett the mortgaged as we[[ as personal properties and assets of the Defendant for reatization of its dues. The Defendant is hereby restrained by means of injunction from depteting, transferring, encumbering, alienating or in any way dea[ing with his 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 fite a memo of cost within 7 days for preparing Recovery Certificate.

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Judgment pronounced in the open court on this 28th Day of November,2024.

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,",-<br>7 v
a iwas Patet)
Presidinq Officer

State Bank of India v. Krishna Kumar Maheshwari (Jhawar)

Case brief

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State Bank of India v. Krishna Kumar Maheshwari (Jhawar)

Case brief

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