Allowed

State Bank of India v. Rajesh Kumar Pandey S/O Rajendra Prasad Pandey

DRT21 Mar 2024OA/95/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's original application. The court directed payment of principal with high interest, restrained the defendants from disposing of assets, and ordered proceedings for a recovery certificate.

What did the court decide?

Decree for payment of Rs. 25,84,512.00 with 10% p.a. simple interest; injunction on asset transfer; recovery certificate issued.

State Bank of India versus Rajesh Kumar Pandey S/O… — 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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(Presiding Officer - Hon'bte Shri Ram Niwas Patet)

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Originol AppLicotion No. 95/22

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State Bank of lndia, Stressed Assets RecoYery Branch, 3RD Ftoor, Zonal Office, Vijay Nagar, Jabatpur (M.P.)

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..... Appticant

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Versus

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Rajesh Kumar Pandey, S/o Shri Rajendra Prasad Pandey

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Rakesh Pandey, 5/o Mr. Rajendra Prasad Pandey

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(Both at H.No,-250, Ward No.-36, Kamta Tota, Near Gurunank Agency, satna, M.P.)

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..... Defendants

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Counsel for the Appticant : Shri Vivek Shukta, Advocate

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Defendants : Ex-parte

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JUDGMENT (Dated : 21't March, 2024)

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'1. The Appticant-Bank has fited the present Originat Apptication u/s 19 of Recoyery of Debts and Bankruptcy Acl on 24112121 against the Defendants for recovery of Rs. 25,84,512.00 (Rupees Twenty Five Lac, Eighty Four Thousand, Fiye Hundred and Twetve 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.-1 & 2, the Appticant Bank sanctioned Home Loan of Rs. 20,80,136/- inctuding Home Loan lnsurance Sarat Shietd for Rs. 80,'136l- on 09105114 and in consideration of the same the Defendants in addition to execution of toan documents, have atso created equitable mortgage over the immovabte property, i.e., Vill No.-134, Type 5r. M.l.G.-D, area 30x40=1200 sq.ft., situated at "Shri Sai Lotus City",^panna Road, Gram lttora, Satna, survcy No.-62l2Kl1, 62/2kt2, 62t2kht,t, area 0.065 hect., 0.340 hect. & 0.225 hect, total area 0.530 hect and Vittage-Mazhbogoan, Survey No.2/2b/ 1kh, 3/'1, 3|zkh, 4kl'tkt 1kh, 4k/1kt4,4b/ 4s, 1IZl1k/1, ZI1k/2, ztz, 3/Zk/1, 4k/1klz, 4k/1kt3, 4k/19, 4k/1gh, 4k/,tdh &. 4k/1ch, total area 8.796 hectare, Grm Panchayat Babupur, Tehsit-Raghuraj nagar, District-Satna

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oA95/22

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(M.P.). The Defendants availed the credit facitities but faited to liquidate the outstanding dues despite issuance of Legal Notice on 13/10/21 by the Appticant Bank. The Appticant-Bank has retied upon the documents at Ex A-1 to A-11 which were proved by Shri Binod Kumar Sinha, Chief Manager.

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Despite service of notice, the Defendants neither appeared nor filed written statement. They were proceeded ex-parte vide order dated 20/09/22, There is therefore, no reason to disbetieve the contentions of the Bank. Considering the facts of the case, I opine that the Defendants are jointty and severatty tiabte to pay the claim amount together with interest and costs. The Appticant-Bank in its application has ctaimed interest at contractuat rate with monthly rests and has not mentioned any specific rate of interest. However, I feet it fair and reasonabte to grant interest @10% p.a. simpte pendentelite and future tilt reatization of the dues. The mortgaged property is liabte to be sotd for recovery of amount due atong with the personal properties and assets of the Defendants.

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

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i) The Defendants do pay^jointty and severally Rs. 25,84,512.00 (Rupees Twenty Five Lac, Eighty Four Thousand, Five Hundred and Twetve onty) together with pendentelite and future interest @10% per annum simple from the date of fiting of the OA, i.e.,241'12121, with costs till its reatization.

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ii) The Appticant Bank is entitted to sett the mortgaged as wetl as personal properties and assets of the Defendants for realization of its dues. The Defendants are hereby restrained by means of injunction from depteting, transferring, encumbering, atienating or in any way deating with their properties/assets without first^paying the claim of the Appticant^Bank.

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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.

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Judgment pronounced in the open court^{on this 21'tDay of March,2024.}

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h
,2()
(Ram Niwas Patet)
Presidi lcer

State Bank of India v. Rajesh Kumar Pandey S/O Rajendra Prasad Pandey

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State Bank of India v. Rajesh Kumar Pandey S/O Rajendra Prasad Pandey

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