Allowed

Idbi Bank Ltd. v. Kushal Ram S/O Mangli Ram

DRT17 Jan 2024OA/952/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an application by a bank for recovery of dues totaling Rs. 47,48,254.00 including principal, interest at 9% p.a., and costs from borrowers and guarantors, directing sale of mortgaged and personal assets and issuance of a Recovery Certificate.

What did the court decide?

Defendants to pay Rs. 47,48,254.00 with interest at 9% p.a. and costs; mortgaged and personal properties liable to be sold; Recovery Certificate issued under Section 19(22).

Idbi Bank Ltd. versus Kushal Ram S/O Mangli Ram — 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'ble Shri Ram Niwas Patet)

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Original Application No. - 952122

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lDBl Bank Ltd., Charoda, Bhitai, Distt.-Durg (C.G.)

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..... Appticant

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Versus

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1. Shri Kushal Ram, S/o Shri Mangtu Ram

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1. Shri Kuber Ram Sahu, S/o Shri Kushal Ram

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Shri Laldas Sahu, S/o Shri Kusha[ Ram

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(Att at House No.-16, Vittage-Pendri, Tehsit-Dhamdha,

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District- Durg, C.G. 491331)

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..... Defendants

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Counsel for the Applicant : Shri Jagbandan Patel, Advocate Defendants : Ex-parte

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JUDGMENT loatea^{: i7m lanuafu, zozql}

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The Appticant-Bank has filed the^present Original Apptication u/s 19 of Recovery of Debts and Bankruptcy Act on 03108122^{against the} Defendants for recovery of Rs. 26,85,986.85^(Rupees Twenty Six^Lac,Eighty Five Thousand, Nine Hundred Eighty Six and Paisa^{Eighty Five onty)atong} with interest and other reliefs as stated.

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The brief facts of the case are that on the^{request of} Defendant No.-1 and 2, the Appticant Bank sanctioned^{Kisan CashCredit} (KCC) Limit of Rs. 20 Lac on 16104116. ln consideration of the sanction^of credit facitities the Defendant No.-'l & 2 as borrowers^{and DefendantNo.-3} as guarantor in addition to execution of toan^{and guarantee documents have} also created charge under the^provisions of^{M.P. Krishi UdharPravartan} Tatha Prakriyan Upbandh^(Bank) Adhiniyam^{1972over the immovabte} property of Defendant No.-1, i.e., Agricutture Land Survey^{No.-166l6area} 0.390 hect.;166/'10 area 0.390^{hect.;5617 area0.440 hect.;5616 area0.440} hect.; 16618 area 0.390 hect.;^{21012area 0.130 hect.; 32213 area0'270}

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)

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oA95A22

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hect.; 381 area 0.100 hect.; 384 area 0.280 hect.;71 1 area 0.16-0 hect.; 80712 area 0.330 hect.; 903/1 area 0.200 hect.; 904 area 0.300 hect., totat area 3.82 hectare, situated at viltage-pendri, patwari Hatka No.-06, TehsitDhamdha, District-Durg (c.G.). The Defendant No.-'l and 2 avaited the credit facilities and also executed Acknowledgment of Debt cum Revival Letters on 08109171. The accounts became irregular and the Defendants faited to tiquidate the outstanding dues despite issuance of Recatt Notices on 14110121 and 09112121 by the Appticant Bank. The Appticant-Bank has relied upon the documents at Ex. A-1 to A-11 which were proved by Shri Mahesh Kumar, Branch Head.

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Despite service of notice, the Defendants neither appeared nor filed written statement. They were proceeded ex-parte vide order dated 03104123. There is therefore, no reason to disbelieve the contentions of the Bank. Considering the facts of the case, I opine that the Defendants are jointty and severatly liabte to pay the claim amount together with interest and costs. The Appticant-Bank in its apptication has claimed interest at contractual rate with monthly rests. However, I feel it fair and reasonable to grant interest @9.00% p.a. simple pendentelite and future titt reatization of the dues. The mortgaged property is liabte to be sotd for recovery of amount due along with the personat 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 severalty Rs. 47,48,254.00 (Rupees 26,85,986.85 (Rupees Twenty Six Lac, Eighty Five Thousand, Nine Hundred Eighty Six and Paisa Eighty Five onty) together with pendentetite and future interest @9.00% per annum simple from the date of fiting of the 0A, i.e., 03108122, with costs titt its realization.

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ii) The Appticant Bank is entitled to sell the mortgaged as well as personal properties and assets of the Defendants for reatization of its dues. The Defendants are hereby restrained by means of injunction from depleting, transferring, encumbering, alienating or in any way deating with their properties/assets without first paying the claim of the Appticant Bank.

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oA952122

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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.

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Judgment pronounced in the open court on this 17s Day of January, 2024.

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<br>Ram Niwas Patel)
Pre.sjdins Officqr

Idbi Bank Ltd. v. Kushal Ram S/O Mangli Ram

Case brief

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Idbi Bank Ltd. v. Kushal Ram S/O Mangli Ram

Case brief

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