Allowed

State Bank of India v. Mamta Jain

DRT30 Jan 2024OA/895/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the bank's application for recovery of outstanding dues against the borrower. The court ordered payment of principal, interest, and costs while restraining the defendant from disposing of property without first satisfying the claim.

What did the court decide?

Payment of Rs. 96,65,093.00 plus interest and costs; issuance of recovery certificate; injunction restraining transfer or alienation of assets.

State Bank of India versus Mamta Jain — Money Laundering | DRT (2024)

¶1

DEBTS RECOVERY TRIBUNAL : JABALPUR

¶2

(for the States of Madhya Pradesh and Chhattisgarh)

¶3

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

¶4

Original Application No. - 895122

¶5

State Bank of lndia, Stressed Assets Recovery Branch, 3RD Floor, Zonal Office, Vijay Nagar, Jabalpur (M.P.)

¶6

Appticant

¶7

Versus

¶8

smt. Mamta Jain, W/o Shri Rajendra Jain, Proprietor-M/s Airawat lndustries, Reeiste d Office: Gram Panchyat-Paanj, Viltage-Borkheda Gird, Tehsit & Distt.-Guna (M.P.) 473001; Atso at: Neechala Bazar, Teshit & Distt.-Guna (M.P.) a73001; Atso at: Mantri Kothi, Hat Road, Guna (M.P.)473001

¶9

Defendants

¶10

Counsel for the Applicant : Shri Jagbandan Patet, Advocate Defendant : Ex-parte

¶11

JUDGMENT (oatea: rdmGiGil zoza)

¶12

The Appticant-Bank has fited the^present Originat Apptication u/s 19 of Recovery of Debts and Bankruptcy Act on^{22107122 against the} Defendant for recovery of Rs. 96,65,093.00^(Rupees Ninety Six Lac, Sixty Five Thousand and Ninety Three only) along with interest and other^{reliefs as} stated.

¶13

The brief facts of the case are that on the request of Defendant, the Appticant Bank sanctioned Cash Credit Limit of^{Rs. 30 Lac} and Term Loan of Rs. 45 Lac aggregating Rs. 75 Lac on28103119^{which was} subsequentty renewed and also sanctioned WCTL facitity of Rs.^{10 Lac on} 05108120. ln consideration of the sanction of said credit^{facititiesthe} Defendant in addition to execution of loan and^guarantee documents^has atso created equitabte mortgage over the immovable^{properties, i.e.,}

¶14

i) Commercial Diverted Land bearing Survey No.-6211/MlN'3, situated at P.H. No.-55 (old P.H. No.-78), Village-Borkhedagird,^admeasuring area 0.105 Hect., Tehsit and District-Guna;

¶15

)

¶16

oA895122

¶17

ii) CommerciaI Diverted Land bearing Survey No.-62l1/MlN-2, situated at P.H. No.-55 (otd P.H. No.-78), Vitlage-Borkhedagird, admeasuring area 0.105 Hect. (1050 sq.mtr.), Tehsil and District-Guna

¶18

The Defendant avai[ed the credit facitities and also executed Revivat Letter on 14tO3l2Z but faited to liquidate the outstanding dues despite issuance of Legal Notice on Ul07l22 by the Appticant Bank. The AppticantBank has relied upon the documents at Ex. A-1 to A-12 which were proved by Shri Manmohan Anand, Chief Manager.

¶19

Despite service of notice, the Defendant neither appeared nor fited written statement. She was proceeded ex-parte vide order dated 04107 123. There is therefore, no reason to disbelieve the contentions of the Bank. Considering the facts of the case, I opine that the Defendant is tiabte to pay the claim amount together with interest and costs. The AppticantBank in its application has claimed interest @15.65% p.a. with monthly rests for cash credit account, interest @11.45% p.a, with monthty rests for term loan account and interest @8.30% p.a. with monthly rests for WCTL account. However, I feet it fair and reasonable to grant interest @12% p.a. for cash credit account, interest @11.45% p.a. for term loan account and interest @8.30% p.a. for WCTL account simple pendentelite and future tilt realization of the dues. The mortgaged properties are is liabte to be sold for recovery of amount due along with the personal properties and assets of the Defendant.

¶20

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

¶21

i) The Defendant do pay Rs. 96,65,093.00 (Rupees Ninety Six Lac, Sixty Five Thousand and Ninety Three onty) together with pendentetite and future interest @12% p.a. for cash credit account, interest @11 .45% p.a. for term loan account and interest @E.30% p.a. for WCTL account simple from the date of fiting of the OA, i.e.,22107 122, with costs till its realization.

¶22

ii) The Appticant Bank is entitled to sett the mortgaged 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 her properties/assets without first paying the claim of the Appticant Bank.

¶23

¶24

oA895t22

¶25

iii) A Recovery Certificate be issued uls 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.

¶26

Judgment pronounced in the open court on this 30th Day of January, 2024.

¶27

'v<br>)
Niwas Pateff'
Presidinc Officer

State Bank of India v. Mamta Jain

Case brief

What is this about?

What did the court decide?

State Bank of India v. Mamta Jain

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

Ms Yusufi Steel Trunk Factory versus Cfm Assets Reconstruction Pvt. Ltd.

Ms Vivek Bhasin Contractor and Suplier versus Bank of Baroda

Rajesh Kumar Melwani versus Piramal Capital and Housing Finance Ltd.

State Bank of India versus Raghunandan Singh

Mr Pradeep Kumar Jeewan versus M/S L and T Housing Finance Ltd.

Ms Kanhaiya Traders versus Canara Bank