The Tribunal allowed the Bank's application under Section 19 of the Recovery of Debts and Bankruptcy Act. It directed payment of the principal along with interest at 12% per annum and issued a recovery certificate.
Payment of Rs. 25,67,102.05 plus interest at 12% per annum, injunction on disposal of assets, and issuance of Recovery Certificate.
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DEBTS RECOVERY TRIBUNAL : JABALPUR
(for the States of Madhya Pradesh and Chhattisgarh)
(Presiding Officer - Hon'ble Shri Ram Niwas Patet)
Original Application No. - 90123
Union Bank of lndia, Vijay Nagar, Jabatpur (M.P.)
Appticant
Versus
Counsel for the Appticant : Shri Rajendra Singh Parmar, Advocate Defendants : Ex-parte
JUDGMENT
(Dated : 03'd Aprit, 2024)
2
oA90/23
21 /06123. There is therefore, no reasonto disbetieve the contentionsof the Bank. Considering the facts of the case, Iopinethat the Defendantsare jointty and severatly liabte to pay the ctaim amount together with interest and costs. The Appticant'Bank inits appticationhas claimedinterest @12% p.a. with monthly rests. However, I feel it fair andreasonabte to grant interest @127op.a. simptependentetiteand future ti[[ realization of the dues. The personalproperties and assetsof the Defendantsare liabteto be sold for recovery of amount due,
i) The Defendants do payjointty and severatly Rs. 25,67,102.05 (Rupees Twenty Five Lac, Sixty Seven Thousand, One Hundred Two andPaisa Five onty) together withpendentetite and future interest @12%perannum simpte from the date of fiting of the OA, i.e.,24101123, with costs tilt its reaIization.
ii) The Appticant Bank is entitled to setl thepersonal properties and assets of the Defendants for reatization ofits dues. The Defendants are hereby restrained by means of injunction from depteting, transferring, encumbering, atienating or in any way dealingwith their properties/assets without first paying the claim of the Appticant Bank.
iii) A Recovery Certificate be issued uls 19(22) of Recovery of Debts and Bankruptcy Act. The appticant bank may fite amemo ofcost within 7 days for preparing Recovery Certificate.
Judgment pronounced in the open court on this 03'dDay ofAprit,2024.
\ 9,h, (Ram Niwas Patet) Presidine Officer
2 issues framed by the court
Whether recovery can be granted against joint and several defendants who failed to file written statement.
Whether the Apex Tribunal can determine the rate of interest on the claim.
2 provisions across 1 enactments
Union Bank of India
M/s Shivani Enterprises
Mrs. Shivani Barman
Ram Niwas Patet
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
