Allowed

Central Bank of India v. Ms Nishit Creation

DRT13 Jan 2025OA/1040/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an application filed by Central Bank of India for recovery of dues against M/s Nishit Creation. The court confirmed the amount, reduced interest to 12%, granted an injunction on properties, and ordered issuance of a Recovery Certificate.

What did the court decide?

Defendant ordered to pay Rs. 31,33,693.30 with 12% interest; injunction on properties; Recovery Certificate to be issued.

Central Bank of India versus Ms Nishit Creation — Contract and Commercial Disputes | DRT (2025)

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DEBTS RECOVERY TRIBUNAL : JABALPUR

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(for the States of Madhya Pradesh and Chhattisgarh)

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cAt P couRT AT TNDORE @.P.)

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

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Original Applicotion No. - 1040/23

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Central bank of lndia, 44, Sittamata Bazar Street. Ctoth Market, lndore (M.P.l

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Appticant

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Versus

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M/s Nishit Creation, Through its ProprietorMs Pranja[ Kothari, Shop No.-201 , Padmavati Comptex, 17 12, Manik Chowk, Behind Subhash Chowk Car Parking, Rajwada, lndore (M.P.) 45200'l Defendant

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

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JUDGMENT

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(Dated : 13th January, 2025)

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The Appticant-Bank has fited the present Originat Apptication uls 19 of Recovery of Debts and Bankruptcy Act on 22109/23 against the Defendant for recovery of Rs. 31,33,693.30 (Rupees Thirty One Lakh, Thirty Three Thousand, Six Hundred Ninety Three and Paisa Thirty onty) along 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 Applicant Bank sanctioned Cash Credit Limit of Rs. 24 Lakh on 31 /05/19, Cent Guaranteed Emergency Credit Line Loan (CGECL) of Rs. 4.80 Lakh on 10106/20 and Cent Guaranteed Emergency Credit Line Loan (CGECL) of Rs.2.39 Lakh on 31 117121. ln consideration of the sanction of credit facitities the Defendant executed requisite loan documents. The Defendant avaited the credit facititi6s but faited to tiquidate the outstanding dues despite issuance of 13(Z) Notice dated 19110122 under the Securitisation Act by the Applicant Bank. The Appticant-Bank has retied upon the documents at Ex. A-1 to A-16 which were^proved by Shri Ashok Das, Chief Manager.

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)

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oA 1040/23

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Despite service^{of notice,the Defendantneitherappearednor} fited written statement.^{The Defendant was proceeded ex'parte vide order} dated05loT/24.Thereistherefore,noreasontodisbelievethecontentions of the Bank.^{Consideringthe facts of the case, I opine that the Defendant is} tiabtetopaytheclaimamounttogetherwithinterestandcosts.The Appticant-Bank in^{its apptication has claimed interest @13'35%p'a' with} monthty rests.^{However,I feel it fair and reasonableto grant interest@12%} p.a. simpte^{pendentetiteand futureti[[ reatizationof the dues'The} personalpropertiesandassetsoftheDefendantareliabletobesoldfor recovery of amount^due'

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The Originat Apptication^{is attowed and it is orderedas under-}

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i) The Defendant do^{pay Rs. 3"1} ,33,693'30^{(RupeesThirty One} Lakh, Thirty Three^{Thousand,Six HundredNinetyThree and Paisa Thirty} onty) together^{with pendentelite and future interest@12Yo pet annum simpte} from the date of^fiting of the OA, i.e.,^{27109123,with costs titl its} reatization.

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ii) The Appticant^{Bank is entittedto se[[ the personal properties} andassetsoftheDefendantforrealizationofitsdues.TheDefendantis hereby restrained^{by means of injunctionfrom depteting,transferring'} encumbering,^{atienatingor in any way deatingwith its/her properties/assets} without first^{payingthe ctaim of the AppticantBank'}

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iii) A Recovery^{Certificatebe issued uls 19(22)of Recoveryof} Debts and Bankruptcy^{Act. The aPpticant bank may file a memo of cost} within 7 days for^{preparingRecoveryCertificate'}

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Judgment^{pronounced in the open court on this13th Day of January' 2025 at} Camp Court^lndore.

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(Ram Ni as t) Presid ine Officer

Central Bank of India v. Ms Nishit Creation

Case brief

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Central Bank of India v. Ms Nishit Creation

Case brief

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