Allowed

South Indian Bank v. M/S Colleagues Buildcon Pvt. Ltd.

DRT23 Aug 2024TA/894/2022

Case brief

AI extract

What is this about?

Debt Recovery Tribunal allowed the applicant bank's T.A. filed under Section 19 RDBFI Act against defendants for recovery of outstanding loan amount of Rs. 34,96,474.77 with interest, directing joint and several payment.

What did the court decide?

Defendants directed to jointly and severally pay Rs 34,96,474.77 plus interest and costs within 30 days; failure will attract sale of assets.

South Indian Bank versus M/S Colleagues Buildcon Pvt. Ltd. — Money Laundering | DRT (2024)

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Before^{SUSHILKUMAR RASTOGI'Presiding Officer} Debts^{Recovela Tribunal-Il' Delhi}

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TANo'^894OF2022 SOUTH^{INDIAN BANi LI TTEDVST,US COLLEAGUES} BUILDCONPLTD&ORS'

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Resewed^on t27'O6'2O24

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Pronounced^{on : 23'08'2O24}

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South^{IndianBank Ltd'}

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-^{Applicant bank}

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Vs.

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M/s^{ColleaguesBuildconP Ltd}

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Mr.^{Anil Kumar Puri}

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Mr.^{VijaY Bhatia}

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Defendants

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Counsel^{aPPears for} Present: Sh. Chitranjan^TYagi, aoolicant^bank. N'one for^defendants'

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FINAL^ORDER

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This original^{applicationhas been fited by the} applicant^{ban( on 14'09'2020throughShri Ashutosh} Chille,^{Branch Managerof the applicantbank'under} Section^{19 oftheRecoveryof Debts Due to Banks and} FinanciallnstitutionAct,lgg3againstthedefendant nos.^{1 to 3 for recoveryof a sum of Rs'34'96'474't7} together^{with cost, chargesand pendentelliteand} future^{interest@ 15'05o/o p'a' from date of filing of} this T.A'^{titl the realization in full'}

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2.^{The brief facts of the case are that at the} requestofthedefendantno.ltheapplicantbank sanctioned,^{on 06'05'2017' a Business Loan Facility of} Rs.50,00,000/-^{for smooth running and expansion of} business.^{In order to avail the said loan facility the} defendants^{have executedvarious loaning documents} dated^{08.05.2017'The defendantno' 2 & 3 stoodas}

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9)'

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TANO.894of2022²

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guarantor for^{the above said loan facilitybeing} availed^{bY the defendant no' 1'}

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It^{is furthersubmitted that the defendants} enjoyed^{and utilized the Loan facility' but failed to} maintain^{the financialdisciplineand failed to repay} the due^{amounts.The applicantbank requested the} defendants^{to regularizethe loan accountby visits} and letters,^{but there was no response from the} defendants,^{hencethe accountwas classifiedas NPA} on 06.02.2019'^{Therefore,the applicantbank served} a demand^{noticedated 2}'t2'2}tgto 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 put his} appearance^{through his counsel and filed} Vakalatnama^{but failed to file the WS and stop} appearing^{in the matter, accordinglydefendants were} proceeded against^{exparteon 21'11'2023'}

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The^{documentary evidence fited by of the} affidavit of^{Mr. AshutoshChille, Branch Manager of} applicant^{bank as AW-U1 to AW-U9 have gone} unchallenged^{and un-rebutted' Hence, the case of the} applicant^{bank standsfully established against the} defendants^{with respectto non payment of EMI/} outstanding^amount.

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After^{perusing the records, this Tribunalis of the} view that^{the applicant bank has proved its case} beyond^{reasonable doubts' The documents and} gi:

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TANO.894of2022³

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bank^not

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bank^not evidence^{Rled bY the aPPlicant} not Placing^anY rebutted^{bY the defendantsbY} evidence^{and there is no question of disbelieving the} evidence^{filed by the applicantbank based upon the} written/Printed^documents'

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In the^{tight of the above discussions'the TA deserves} to be^{allowed against defendant no'1 to 3'}

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ORDER

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I^{herebY allow this T'A'of the APPlicantBank} and direct^{the defendant nos' 1 to 3 to pay jointlyand} severallY^{to the aPPlicantbank within 30 daYs from} today, a^{sum of Rs'34,96,474't7along with cost'} from the^{date of} interest @^15.05o/o expenses^and filing of^{this T.A. till the date of realization'}

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In^{case of failure to deposit the above amount} within the^{stipulated period,the same shall be} recovered^{from the sale of personal movableand} immovable^{assets of the defendant nos' 1 to 3'}

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Recovery^{Ceftificatebe issuedforthwith andbe} sent to^{RecoveryOfficer, Debts Recovery Tribunal-Il'} Delhi.

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The^{registryof this Tribunalis hereby directedto} issue free^{copy of the order and send the same to} both the Pafties.

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5"1r.''

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4 TANO.^{894 of 2022} 5)^{Pafties are directed to appearbefore the Ld'} Recovery^{Officer,DRT-II, Delhi on 18'10'2024'} Pending^{IAs, if any, standdisposedof'}

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File be^{consigned to records'}

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C-':

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Date :^23.08.2024

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(susHIL KUMAR RASTOGI) PRESIDING^OFFICER DRT-II,^Delhi

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This^{judgement has been signed' datedand} pronounced^{in open court'}

Date : 23.08.2024

<,\ "1

(susHIL KUMAR RASToGI) PRESIDING^OFFICER DRT-II,^DCIhi

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South Indian Bank v. M/S Colleagues Buildcon Pvt. Ltd.

Case brief

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South Indian Bank v. M/S Colleagues Buildcon Pvt. Ltd.

Case brief

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