Allowed

Central Bank of India v. Vikas Singh

DRT25 Jul 2024OA/847/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an applicant bank's original application against a defendant for recovery of a term loan. The tribunal held the defendant liable for principal, fixed reduced interest, and granted recovery against personal assets and a hypothecated vehicle.

What did the court decide?

Payment of Rs. 41,29,632.26 with 9% p.a. simple interest; sale of hypothecated vehicle and personal assets; recovery certificate issued.

Central Bank of India versus Vikas Singh — 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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CAMP COURT AT RAIPaR (C.G.)

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

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Original Application No. -847 /2022

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Central Bank of India, Branch- Satpata, Bishrampur, District- Surajpur (C.G) 497226

.....Applicant

Versus

Vikas Singh,

S/o Shri Dharmjeet Singh, Qtr.^{No.89, Ward No.l5, Miners Colony,} Police Line, Bishrampur,

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District- Surajpur (C.G) 497226 De{tndant

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Counsel for the Applicant : Shri Sanjeev Dubey,^Advocate Defendant : Ex-parte

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JUDGMENT

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(Dated : 25th July, 2024)

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l. The Applicant-Bank has filed the^{present Original} Application u/s 19 of Recovery of^{Debts and BankruptcyAct on} lllO7l22 against the Defendant for^{recovery ofRs.} 41,29,632.261-^(Rupees Forfy^{One Lac, Twenty Nine Thousand,} Six Hundred Thirty Two^{and Paisa Twenty Six only) along with} interest and other reliefs^{as stated.}

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The brief facts of the^{case are that on the request of} Defendant, the Applicant^{Bank sanctioned Term Loan of} Rs.30,16,000/-^{(Rs. Thifi Lac and Sixteen Thousand only) on}

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oA847122

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27 l11ll7 and in consideration of the same, the Defendant in addition to execution of loan documents, has also hypothecated vehicle bearing registration no.CG lsDF 1497 4 in favour of Applicant Bank. The Defendant availed the Term Loan but failed to liquidate the outstanding dues despite issuance of Legal Notice dated 22110116 by the Applicant Bank. The ApplicantBank has relied upon the documents at Ex. A-1 to A-10 which were proved by Shri Santosh Kumar, Branch Manager.

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Despite service of notice, the Defendant neither appeared nor filed written statement. He was proceeded ex-parte vide order dated 28111122. There is therefore, no reason to disbelieve the contentions of the Bank. Considering the facts of the case, I opine that the Defendant is liable to pay the claim amount together with interest and costs. The Applicant-Bank in its application has claimed interest at contractual rate with monthly rests. However, I feel it fair and reasonable to grant interest @09%^{p.a. simple pendentelite and future till realization of the} dues. The hypothecated vehicle bearing registration no.CG15DF14974 is liable to be sold for recovery of amount due along with the personal properties and assets of the Defendant.

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The original Application is allowed and it is ordered as under-

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i) The Defendant do pay Rs. 41,29,632.261- (Rupees Forty one Lac, Twenty Nine Thousand, Six Hundred Thirty Two and Paisa Twenty Six only) together with pendentelite and future interest @09% per annum simple from the date of filing of the OA, i.e., 1ll07l22,with costs till its realization.

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oA847122

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ii) The Applicant Bank is entitled to sell the hypothecated vehicle bearing registration no.Ccl5DFi4974 as well as personal properties and assets of the Defendant for realization of its dues. The Defendant is hereby restrained by means of injunction from depleting, transferring, encumbering, alienating or in any way dealing with his^{properties/assets} without first paying the claim of the Applicant Bank.

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iii) A Recovery Certificate be issued u/s 19(22) of Recovery of Debts and Bankruptcy Act. The applicant 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^{25'h Day of July,} ,9h 2024 at Camp Court Raipur. -.7 lwas Patel) Presi

Central Bank of India v. Vikas Singh

Case brief

What is this about?

What did the court decide?

Central Bank of India v. Vikas Singh

Case brief

What is this about?

What did the court decide?

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