Allowed

Indian Overseas Bank v. Shri Amit Kumar Singh

DRT26 Nov 2024TA/699/2023

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an original application filed by Indian Overseas Bank for recovery of loan amount secured by pledged NSCs. The respondent failed to appear, and the Tribunal proceeded ex-parte, directing payment of principal and interest.

What did the court decide?

Direction to pay Rs. 20,51,037.22 with interest at 12.50% per annum; issuance of recovery certificate for enforcement against movable and immovable properties.

Indian Overseas Bank versus Shri Amit Kumar Singh — Contract and Commercial Disputes | DRT (2024)

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T.A. No. 699 of 2023

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Debts Recovery Tribunal-I, Delhi 4th floor, Jeevan Tara Building, Parliament Street, New Delhi

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Presiding Officer: Shri Govind Ballabh Sharma

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T.A. No. 699 of 2023

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Indian Overseas Bank

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Having it branch at: BF Market, Shalimar Bagh New Delhi-110088 •

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Applicant

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Versus

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Shri Amit Kumar Singh s/o Sh.Kapil Deo Singh House No.705D, First Floor Ward No.III, Mehrauli, New Delhi-110030

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Also at:

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Shri Amit Kumar Singh Village and Post Hasuwa, Thana Natwar, Dist. Siwan Bihar-841436. Defendant

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Present: Sh. Pramod Kumar, Counsel for the applicant bank

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Date of Institution: 15.04.2021 Date of Pronouncement: 26.11.2024

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FINAL ORDER

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This original application has been filed by the applicant bank on 15.04.2021 through Shri Umesh Kumar Singh, its authorized representative under Section 19 of Recovery of Debts Due to Banks and Financial Institutions Act, 1993 against the defendant for recovery of a sum of

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T.A. No. 699 of 2023

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Rs.20,51,037.22 (Rupees Twenty Lacs Fifty One Thousand Thirty Seven & paisa Twenty Two only) as on 06.04.2021 along with pendentelite and future interest @MCLR+3.70% i.e. @12.50% per annum from filing of this application till the date of realization and costs. Further, the name of Smt. Ankit Gupta was substituted as authorized representative in place of Sh.Umesh Kumar Singh, erstwhile AR for the applicant bank.

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The brief facts of the case are that at the request of defendant, the applicant bank sanctioned Demand Loan of Rs.16,00,000/- (Rupees Sixteen Lacs only) on 17.01.2019 against pledge of NSCs (National Saving Certificates) issued by Post office, Trilok Puri, Delhi.

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That in order to avail the demand loan facility, the defendant executed Demand Promissory Note, Form No.F-378 Letter of Undertaking and Letter of Authority addressed to Post Master Trilok Puri, Delhi dated 17.01.2019 in favour of applicant bank.

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It has been submitted by the applicant bank that in order to secure the aforesaid loan facility, the defendant pledged the NSC no.33AD851001 to 33AD851200 (200 NSC) having face value of Rs.20.00 lacs in favour of the applicant bank.

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It has been submitted by the applicant bank that after availing the aforesaid loan facility, the defendant failed to comply with the terms and conditions to pay the interest amount against the loan outstanding in time with the applicant bank. Ultimately, the applicant bank classified the

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T.A. No. 699 of 2023

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account as NPA on 31.08.2019 calling upon the defendant to pay the entire outstanding dues to the applicant bank. The applicant bank issued letter dated 06.06.2019 addressed to Post Master Trilok Puri to make the payment of overdue amount but Sub Post Master, Trilok Puri vide their letter dated NIL informed that NSCs has not been issued by their office as mentioned in letter of NSCs pledged. The applicant bank has also filed FIR No.0088/12.03.2020 with SHO Police Station Shalimar Bagh, Delhi and also issued legal notice dated 31.12.2020 but defendant neglected the notice, hence, the applicant bank has approached this Tribunal for recovery of their dues.

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Notices of this O.A. were issued to the defendant and despite proper service the defendant has chosen to absent from the proceedings. As per order dated 08.07.2022, the defendant has been proceeded ex-parte as not appeared before the Tribunal nor written statement, evidence and affidavit of assets have been filed.

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In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Smt. Ankita Gupta d/o Mahesh Kumar Gupta, authorized representative of the applicant bank who has proved the documents as Power of Attorney Exhibit-PW1/1 & Exhibit-PW1/2, Credit Sanction Advice Exhibit-PW1/3, Demand Promissory Note ExhibitPW1/4, Form F-378 Letter of Undertaking Exhibit-PW1/5, Letter of Authority to Post Office Trilok Puri Exhibit-PW1/6, Letter to defendant Exhibit-PW1/7, Letter by Sub Post Master Trilok Puri Exhibit-PW1/8, FIR with Shalimar Bagh Police Station Exhibit-PW1/9, Statement of Account as per Bankers'

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T.A. No. 699 of 2023

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Books of Evidence Act Exhibit-PW1/10, Legal Notice ExhibitPW1/11.

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The applicant bank has fully corroborated the averments made in the O.A. Even otherwise the whole case of the applicant bank is based on the documents and the same have been duly proved.

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The case filed by the applicant bank gone unrebutted and there is no question of disbelieving the case of the applicant bank, the applicant bank has proved its case beyond reasonable doubts.

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In the light of the above discussions, the Original Application deserves to be allowed.

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ORDER

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I, allow this OA and direct the defendant to pay to the applicant bank, within a period of 30 days, a sum of Rs.20,51,037.22 (Rupees Twenty Lacs Fifty One Thousand Thirty Seven & paisa Twenty Two only) as on 06.04.2021 along with pendentelite and future interest @12.50% per annum from the date of filing of this O.A. till the date of realization failing which the aforesaid amount shall be recovered from the sale of movable and immovable properties of the defendant.

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(II) The recovery certificate be issued forthwith and be sent the Recovery Officer, Debt Recovery Tribunal-I, Delhi.

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T.A. No. 699 of 2023

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(III)^{Parties are directed to appear before Recovery Officer,} DRT I, Delhi on 27.01.2025.

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(IV)^{Copies of final order as well as Recovery Certificate be} sent to all concerned free of cost.

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e .` ')-4041

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(GOVIND BALLAB HARMA) PRESIDING OFFICER DRT-I, DELHI

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(Dictated and pronounced in open court) Dated: 26.11.2024

Indian Overseas Bank v. Shri Amit Kumar Singh

Case brief

What is this about?

What did the court decide?

Indian Overseas Bank v. Shri Amit Kumar Singh

Case brief

What is this about?

What did the court decide?

What the court decided

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