Allowed

Central Bank of India v. Ms Joshi Enterprises

DRT23 Jul 2024OA/985/2023

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed an Original Application filed by Central Bank of India for recovery of dues from M/s Joshi Enterprises. Being an ex-parte proceeding, the bench accepted the bank's claim, decreed an adjusted interest rate, and ordered the issuance of a Recovery Certificate.

What did the court decide?

Decree for payment of Rs. 36,36,034.59 with 12% p.a. interest, stay on asset disposal, and issue of Recovery Certificate.

Central Bank of India versus Ms Joshi Enterprises — 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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cAtAP COURT AT RATPUR (C.G.)

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

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Originol Application No. - 985/23

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Central Bank of lndia, Chhota Bazar, Tehsit-Chirimiri, District-Korea (C.G.)

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..... Appticant

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Versus

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M/s Joshi Enterprises, Through its ProprietorShri Yaswant Kumar Joshi, Near Saraswati Sishu Mandir, Hatdiwadi, Tehsit-Chirimiri, Distt.^-Korea (C.G. ) 497451 ; Atso at: Ward No.-16, Latita Comptex, Pankha Dafai, Hatdibari, Tehsit-Chirimiri, District-Korea (C.G. ) 497451

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.... Defendant

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Counsel for the Appticant : Shri Sanjeev Dubey, Advocate Defendant : Ex-parte

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JUDGMENT

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(Dated :23'd June, 2024)

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The Appticant-Bank has fited the present Original Apptication u/s 19 of Recovery of Debts and Bankruptcy Act on 31108123 against the Defendant for recovery of Rs. 36,36,034.59 (Rupees Thirty Six Lac, Thirty Six Thousand Thirty Four and Paisa Fifty Nine 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, the Appticant Bank sanctioned Cash Credit of Rs. 9 Lac and Term Loan of Rs. 1 Lac on 19110116 and the cash credit was subsequently enhanced upto Rs. 35 Lac in the year 2018. ln consideration of the^sanction of credit facitities the Defendant executed requisite loan documents from time to time. The Defendant avaited the credit facitities but faited^to liquidate the outstanding dues despite issuance of Legal Notice on^10106/72 by the Appticant Bank. The Appticant-Bank has retied upon the^documentsat Ex. A-1 to A-21 which were proved by Shri Sidharth Kumar, Chief^Manager.

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oA985123

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Despite service of notice, the Defendant neither appeared nor fited written statement. He was^proceeded ex-parte vide order dated 16105174. There is therefore, no reason to disbetieve the contentions of the Bank. Considering the facts of the case, I opine that the Defendant is liabte to pay the ctaim amount together with interest and costs. The^Appticant- Bank in its apptication has ctaimed interest @12.85%^p.a. with monthty rests. However, I feet it fair and reasonable to grant interest @12%^p.a. simpte pendentetite and future tit[ realization of the dues. The personal properties and assets of the Defendant are liable to be sotd for recovery of amount due.

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

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i) The Defendant do pay Rs. 36,36,034.59 (Rupees Thirty Six Lac, Thirty Six Thousand Thirty Four and Paisa Fifty Nine onty) together with pendentetite and future interest @12% per annum simpte from the date of fiting of the OA, i.e. , 31/08123, with costs titt its reatization.

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ii) The Appticant Bank is entitled to setl the persona[ properties and assets of the Defendant for reatization of its dues. The Defendant is ereby restrained by means of injunction from depteting, transferring, encumbering, atienating or in any way dealing with his properties/assets without first paying the claim of the Appticant Bank.

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iii) A Recovery Certificate be issued uls 19(72) of Recovery of 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 23'd Day of July, 2024 al Camp Court Raipur.

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,)-\ .?' 1 (Ram as Patet) Presidinq Officer

Central Bank of India v. Ms Joshi Enterprises

Case brief

What is this about?

What did the court decide?

Central Bank of India v. Ms Joshi Enterprises

Case brief

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What did the court decide?

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