Allowed

Uco Bank v. Manish Kumar Chandnani

DRT23 Jul 2025OA/1087/2023

Case brief

AI extract

What is this about?

AT the Debts Recovery Tribunal, Jabalpur, the applicant bank filed an Original Application for recovery of a debt of Rs. 28,91,557.00 along with interest. The respondent defendant failed to appear or file a written statement and was proceeded with ex-parte. The tribunal allowed the application, directed the defendant to pay the principal amount with stipulated interest rates, and issued a recovery

What did the court decide?

Defendant directed to pay Rs. 28,91,557.00 with interest at 10.50% p.a. (CASH/FITL) and 7.70% p.a. (WCTL) along with costs; recovery certificate issued; injunction granted against disposal of assets.

Uco Bank versus Manish Kumar Chandnani — Banking and Recovery | DRT (2025)

CONTD. ORDER^. SHEET

PAGE NO

CASE NO

DATE J ?3t07t25	DESCRIPTION OFTHEORDER Judgment^pronouncedintheOpenCourtCampat Raipur.CopyofJudgmentbeissuedtothePartiesas perru[es.Recordbeconsignedto theRecordRoom. (Ra Ni as Patet) Presidingofficer DRT:Jabatpur CampCourt:Raipur	REMARK ya E,

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DEBTS RECOVERY TRIBUNAL : JABALPUR

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(for the States of Madhya Pradesh and Chhattisgarh)

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cAttP couRT AT RATPUR^(C.G.)

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(Presiding Officer - Hon'bte Shri Ram Niwas Pate[)

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Original Application No.^- 1087/23

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UCO Bank, Kohka Branch, Distt.-Durg (C.G.)

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..... Appticant

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Versus

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Shri Manish Kumar Chandnani, Proprietor of M/s JMD Mobite and Repairing^Centre, S/o Shri Sudama Ma[ Chandnani, Shop No.-58, Himalaya ComPtex, Supeta, Bhitai, Distt.-Durg^(C.G. )^a90023; Atso at: House No.-17, CiviI Lines-9, Ward No.-47, Durg^(C.G.) 490023

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Defendant

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Counsel for the Applicant : Shri^{JagbandanPatel} ,^Advocate

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Defendant : Ex-Parte

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JUDGMENT

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(Dated : 23rd July, 2025)

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The Appticant-Bank has fited^{the present OriginalApplication} uis 19 of Recovery of Debts^{andBankruptcyAct on 03110123against the} Defendant for recovery of^{Rs. 28,91} ,557.00^{(Rupees Twenty EightLakh,} Ninety one Thousand, Five^{Hundred and FiftySeven onty) atong withinterest} 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 cashcredit Limitwasenhanced} from Rs. 10 Lakh to^{Rs. 20 Lakh on 1911?118,Fundedlnterest Term Loan} (FITL) of Rs. 1,75,7141'on 06/09170^{which were renewedand also} sanctioned working capitat^{TermLoan (wcTL) of Rs. 1.05 Lakh on 31 117120.} in consideration of the^{sanctionof credit facitities the Defendantexecuted} requisite loan documents.^{The Defendant avaited the credit facitities but} faited to Liquidate the^{outstanding dues despite issuance of Noticedated} 30111 171 u/s 13(2) of^{the SecuritisationAct by the Appticant Bank'The} Appticant-Bank has^{relieduponthe documentsat Ex. A-'l to A-14which were} proved by Shri Gaurav Sehgat,^{ChiefManager.}

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oA 1087123

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Despite service^{of notice, the Defendantneither appearednor} fited written statement.^{He wasproceeded ex-partevide orderdated} 10/Og/24. There^{rs therefore, no reasonto disbetieve the contentionsof the} Bank. considering the^{facts of the case, I opine that the Defendant is liabte} to pay the ctaim^{amount togetherwith interest and costs' The Appticant-} Bank in its apptication has^{ctaimedinterestat contractua[rate.However,I} feet it fair and reasonab[e^{to grant [email protected]% p.a. simpte in cash} credit account and FITL account^{and [email protected]" p.a. simpte in WCTL} account pendentetite and^{futuretitt reatizationof the dues. The personat} properties and assets of the Defendant are liabte to be^{sotd for recovery of} amount due.

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The Original Application is attowed and it is ordered as^under-

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i) The Defendant do pay Rs. 28,91 ,557.00^(Rupees Twenty Eight Lakh, Ninety One Thousand, Five Hundred and Fifty Seven onty) together with pendentetite and future interest @10.50%^p.a. simpte in cash credit account and FITL account and interest @7,70%^p.a. simple in WCTL account from the date of fiting of the OA, i.e., 03/10123, with costs tit[ its reatization,

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ii) The Appticant Bank is entitted to setl the personal properties and assets of the Defendant for reatization of its dues. The Defendant is hereby restrained by means of injunction from depteting, transferring, encumbering, alienating or in any way deating with his properties/ assets without first paying the ctaim of the Applicant Bank.

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iii) A Recovery Certificate be issued u/s 19(22) of Recovery of Debts and Bankruptcy Act. The appticant bank may fite a memo of c6st within 7 days for preparing Recovery Certificate.

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Judgment pronounced in the open court on this Day of 23'd Juty, 2025 at Camp Court Raipur.

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07 (Ram Niwas Patel) Presidinq Officer

Uco Bank v. Manish Kumar Chandnani

Case brief

What is this about?

What did the court decide?

Uco Bank v. Manish Kumar Chandnani

Case brief

What is this about?

What did the court decide?

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