Allowed

State Bank of India v. Reenak Footwear

DRT21 Aug 2024TA/1662/2022

Case brief

AI extract

What is this about?

DRT-II Delhi allowed the applicants' original application. The bank proved its case via unchallenged documentary evidence regarding a cash credit facility default. The court directed joint and several repayment of dues, costs, and interest.

What did the court decide?

Direct defendants to pay jointly and severally the sum of Rs. 10,79,801.62 with costs and interest within 30 days; recoverable from sale of hypothecated and personal assets on default.

State Bank of India versus Reenak Footwear — Execution and Attachment | DRT (2024)

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Before^{SUSHILKUMARRASTOGI' e1{dino Officer} er,.v'^Y - o"utt Recoiery Tribunal-rr' Delhi

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TANo'^t662OF2022

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STATE^{BANKOF INDIAVS M/S REENAK FOOTWEAR&} ANR

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Reserved^on z L4'O6'2O24 Pronounced^{on : 21'08'2O24}

state^{Bankof Inida}

-^{ApPlicant bank}

Vs.

M/s^{ReenakFootwear}

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Ravi^Kumar

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Defendants

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Present: Ms. Shalini^{Upadhaya, Counselappears for} applicant^bank'

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None for^defendants'

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FINAL^ORDER

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This original^{application has been fited by the} applicant^{bank, on 21'03'2018 through Shri Santosh} KumarDwivedi,ChiefManageroftheapplicantbank' under Section^{19 of the Recoveryof Debts Due to} Banks and^{FinancialInstitutionAct' 1993 against the} defendant^{no. 1 & 2 for recovery of a sum of} Rs.10,79,801.62^{together with cost' charges and} pendentellite^{and futureinterest @ l2'70o/o p'a' from} date of^{filing of this T'A' till the realization in full'}

¶15

The^{brief facts of the case are that at the} requestofthedefendantno'lthroughitsproprietor i.e. defendant^{no. 2 the applicant banksanctioned' on} 06.05.2016,^{a CashCredit-Facility (Hypothecationof}

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TANO.^1662of20242

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Stocks)^{under PMMY of Rs'10'00'000/-' In order} to avail^{the said loan facility the defendant no' t} through^{its proprietor i'e' defendant no' 2 has} executed^{various loaningdocumentsdated} 06.05.2016.

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It^{is furthersubmitted that the defendants} enjoyed^{and utilized the Loan facility'but failed to} maintainthefinancialdisciplineandfailedtorepay thedueamounts.Theapplicantbankrequestedthe defendants^{to regularizethe loan accountby visits} andletters,buttherewasnoresponsefromthe defendants,^{hence the accountwas classifledas NPA} on28.06.20lT.Therefore,theapplicantbankserved a demand^{noticedated 2l'll'20l7to the defendants'} demanding^{the amount due as on that date' but failed} to recover^{the same' Thus' the presentT'A' is} preferred^{by the applicant bank to recover its dues'}

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On^{noticeby this Tribunal'defendants failedto} put appearance^{at all, despitepublicationand} accordingly^{defendants were proceededagainst} exparte^{on 30'08'2023'}

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5.^{The documentaryevidencefiled by way of the} affidavit^{of Ms. Meenu Asani' DeputyManager of} applicant^{bank as Annexure A-1 to Annexure A-15} have^{gone unchallengedand un-rebutted'Hence'the} case of^{the applicantbank stands fully established} against^{the defendants with respectto non payment} of EMV^{outstanding u*oYnt-.-}

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TANO.^1662of20243

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6.^{After perusing the records' this Tribunalis of the} view that^{the applicant bank has provedits case} beyond^{reasonable doubts' The documents and} evidence^{frled by the applicantbank not rebuttedby} the defendants^{by not placing any evidenceand there} is no^{question of disbelievingthe evidence filed by the} applicant^{bank based upon the written/printed} documents.

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Inthetightoftheabovediscussions,thepresentT'A. deserves^{to be allowed against defendant no' 1 & 2'}

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ORDER

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I^{hereby allow this T'A' of the Applicant Bank} and^{direct the defendant nos' 1 & 2 to pay jointty and} severally^{to the applicant bank within 30 days from} today, a^{sum of Rs'10,79'801'62along with cost'} expenses^{and interest @ LZ'7Oo/o from the date of} filing^{of this T.A' till the date of realization'}

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In case^{of failure to deposit the above amount} 2) within^{thestipulated period,the same shall be} recovered^{from the sale of the hypothecatedassets'} In case^{of short fall, the same shall be recovered from} the sale^{of personal movable and immovableassetsof} the defendant^{no. 1 & 2'}

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3)^{RecoveryCertificate be issuedforthwith and be} sent to^{RecoveryOfficer, Debts Recovery Tribunal-Il'} ri Delhi.

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TANO.^1662of20244

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4)^{The registry of this Tribunal is hereby directedto} issue^{free copy of the order and send the same to} both the Parties'

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5)^{Partiesare directedto appearbefore the Ld'} Delhi^{on 18.10'2024'} Recovery^{Officer,DRT-II'} Pending^{IAs, if any, standdisposedof'}

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File be^{consigned to records'}

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Date^{: 21.08.2024}

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fJ (SUSHIL KUMAR^RASI,OGI) PRESIDING^OFRCER DRT-II,^Delhi

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ed I dated^and This^{judgement has been stgn} pronounced^{in oPen court'}

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Date^{: 21.08.2024}

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(SUSHIL KUM(R **# PRESIDING^OFFICER DRT-II,^Delhi

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State Bank of India v. Reenak Footwear

Case brief

What is this about?

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State Bank of India v. Reenak Footwear

Case brief

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