The Applicant recovered dues of Rs. 33,51,969.58 plus 12% interest from the Defendants. The Tribunal granted a Recovery Certificate and restrained the Defendants from dealing with their assets before payment.
Recovery of Rs. 33,51,969.58 with 12% interest; Issuance of Recovery Certificate under Section 19(2); Injunction against disposal of assets.
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DEBTS RECOVERY TR!BUNAL : JABALPUR
(for the States of Madhya Pradesh and Chhattisgarh)
(Presiding Officer - Hon'bte Shri Ram Niwas Patel)
Original Application No. - 868/23
Bank of lndia, A.B. Road, lndore (M.P.)
Appticant
Versus
Counse[ for the Appticant : Shri Kapit Duggat, Advocate
Defendants : Ex-parte
JUDGMENT
(Dated : 24th September,2024)
2
oA 868/23
Bank. Considering the facts ofthe case, I opine that the Defendantsare jointty and severatty tiabte to pay the ctaim amount togetherwith interest and costs. The Appticant'Bankin its appticationhas claimedinterest @12% p.a, with monthly rests. However, I feet it fairand reasonableto grant interest @127'p.a, simptependenteLiteand future ti[[ reatization of the dues. The personalproperties andassets of the Defendantsare [iabte to be sotd for recovery of amount due.
i) The Defendants do payjointty and severalty Rs. 33,51,969.58 (Rupees Thirty Three Lac, Fifty One Thousand, Nine Hundred Sixty Nine and Paisa Fifty Eight onty) together withpendentetite andfuture interest @12% per annum simpte from the date of fiting of the OA, i.e., 17/07/23, with costs ti[[ its reatization.
ii) The Applicant Bank is entitled to setl thepersonal properties and assets of the Defendants for realization of its dues. The Defendantsare hereby restrained by means of injunction from depteting, transferring, encumbering, atienating or in any way dealing with theirproperties/assets without first paying the ctaim of the Appticant Bank.
iii) A Recovery Certificate be issued uls 19(22) of Recovery of Debts and Bankruptcy Act. The applicant bank may fite a memo of cost within 7 days for preparing Recovery Certificate.
Judgment pronounced in the open court on this24th Dayof September,2024.
)\ ,9 (Ram atet) Presidinq Officer
2 issues framed by the court
Whether the application under Section 19 of the Recovery of Debts and Bankruptcy Act for recovery of dues is maintainable and admissible on its merits despite the defendants' default in filing a writt
Whether personal properties and assets of the defendants can be attached and a recovery certificate issued to realize the outstanding dues.
1 provisions across 1 enactments
Bank of India
M/s S.R. Traders
Rituraj Choukse
Ram Niwas Patel
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
