Allowed

Bank of India v. M/S Royal Kashmiri Zaika

DRT18 Sept 2024OA/892/2022

Case brief

AI extract

What is this about?

A Debt Recovery Tribunal adjudicated a bank's application for recovery of loans granted to a proprietor and a debtor. Finding the loan documents and acknowledgments valid despite non-appearance, the court decreed the payment of principal and interest.

What did the court decide?

Decree for payment of principal; grant of pending lite interest at 11.20% p.a.; issue of Recovery Certificate; injunction on alienating assets.

Bank of India versus M/S Royal Kashmiri Zaika — Execution and Attachment | 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 Patel)

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Original Applicotion No. - 892122

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Bank of lndia, Tetibandh Road, G.E. Road, Near Raitway Crossing, Raipur (C.G.)

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Applicant

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Versus

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01 ) M/s Royat Kashmiri Zaika, Through its ProprietorMrs. Shitpa Razdan

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1. Mrs. Shitpa Razdan, W/o Shri Abhisar Razdan

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(Both at 196, Gitti Khadan Road, Seri Khedi Mandir, Hansod Road, Raipur, C.G.)

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Defendants

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Counsel for the Appticant : Shri Ashish Shroti,^Advocate

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Defendants : Ex-parte

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JUDGMENT

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(Dated : 18th Septembet, 2024)

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The Appticant-Bank has fited the present Original App[ication u/s 19 of Recovery of Debts and Bankruptcy Act on 24/06172 against^the Defendants for recovery of Rs. 44,05,272.00^(Rupees Fourty Four Lac,^Five Thousand, Two Hundred and Seventy Two onty) 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 No.-'l through its Proprietor Defendant No.-2, the Appticant^Bank sanctioned CC Limit of Rs. 20 Lac & Term Loan of Rs. 10 lac on26107 117 and Vehicte Loan of Rs.45,000/- on06109l'16. ln consideration of the sanction of credit facilities the Defendants executed requisite loan documents. The Defendants avaited the credit facilities and atso executed Letter of Acknowtedgmenl on 24107 120 t 04109119 but faited to liquidate the outstanding dues despite issuance of Notice on 12101/21 by the Appticant Bank. The Defendant No.-2 has atso avaited the Credit Card facitity but faited to repay the dues of credit card atso. The Appticant-Bank has retied

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oA892122

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upon the documents at^{Ex. A-1 to A-28 whichwereproved by ShriDitwar} Singh Rathiya, Chief Manager.

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Despite service of notice,^{the Defendantsneitherappeared nor} fited written statement.^{They were proceededex-partevide order dated} 02/04/24. There is therefore,^{no reason to disbetieve the contentionsof the} Bank. Considering the facts of^{the case, I opine that the Defendantsare} jointty and severatty tiabte to pay the claim amount together^{with interest} and costs. The Appticant-Bank^{in its application has ctaimedinterest} @11.20yo^{p.a. with monthtyrests. However,I feel it fair and reasonabteto} grant interest @11.20% p.a. simple pendentetite and future titl^{reatizationof} the dues. The^{personatpropertiesand assets of the Defendantsare liable to} be sold for recovery of amount due.

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The Original Application is attowed and it^{is orderedas under-} i) The Defendants do^{pay jointty} and severatty Rs.^44,05,272.00 (Rupees Fourty Four Lac, Five Thousand, Two Hundred and Seventy Two onty) together with^pendentelite and future interest @1'l^{.20% per annum} simple from the date of fiting of the OA, i.e.,24106122,^{with costs tilt its} reaIization,

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ii) The Appticant Bank is entitted to sell the^{personal properties} and assets of the Defendants for realization of its dues.^{TheDefendants 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.

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iii) A Recovery Certificate be issued uls¹⁹⁽⁷²⁾ of^Recoveryof 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^{18th Day of September,2} 4

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2-\ 9'^5' (Ram Niwas Patet) Presidine Officer

Bank of India v. M/S Royal Kashmiri Zaika

Case brief

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Bank of India v. M/S Royal Kashmiri Zaika

Case brief

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