Allowed

Indian Overseas Bank v. M/S Abhyansh Doors Proprietor- Mrs. Pratibha Yadav

DRT23 Jul 2025OA/1113/2022

Case brief

AI extract

What is this about?

The DRT allowed an application filed by Indian Overseas Bank against M/s Abhyansh Doors for recovery of Rs. 41,74,296.56 plus interest. The Court ruled in favor of the bank due to non-appearance by the defendant, granted interest, and authorized issuance of a Recovery Certificate.

What did the court decide?

Allowed the application for recovery of Rs. 41,74,296.56 plus interest; ordered issuance of Recovery Certificate.

Indian Overseas Bank versus M/S Abhyansh Doors Proprietor… — Banking and Recovery | DRT (2025)

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PAGE NO

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CASE NO

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DATE	DESCRIPTION OFTHEORDER	REMARK
oA1113l7 23t07125	Judgment^{pronouncedintheOpenCourtCamp at} Raipur.CopyofJudgment be^{issuedto thePartiesas} perrutes.Recordbeconsignedto theRecord^Room' (Ra Patet) Presidingofficer DRT:Jabatpur CampCourtIRaipur	aryxW c.<sup>rtf Ztu-

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DEBTS RECOVERY TRIBUNAL : JABALPUR

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(for the States of Madhya Pradesh and Chhattisgarh)

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cAilP COURT AT RATPUR^(C.G.)

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

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Original Applicotion No.^- 1113/22

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lndian Overseas Bank, Jeevan Parisar Buitding, Rajiv Nagar Colony, Shankar Nagar, Raipur (C.G.) 497Q07

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Applicant

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Versus

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M/s Abhyansh Doors, Prop.: Mrs. Pratibha Yadav, W/o Harishankar Yadav, MDD 84, Phase-O1, Near Sai Aata Chakki, Got Chowk, Kabir Nagar, Raipur^(C.G.); A[so at: Otd Dhamtari Road, Near Khilora Housing Board Cotony, Khilora, Raipur (C.G.) Defendants

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Counsel for the Appticant : Shri^{Sanjeev Dubey, Advocate}

Defendant

: Ex- parte

JUDGMENT

(Dated : 23'd July, 2025)

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The Appticant"Bank has fited the^{present OriginalApptication} u/s 19 of Recovery of Debts^{andBankruptcyAct on 14/09/74 against the} Defendant for recovery of Rs.41 ,74,286.56^{(RupeesFourtyOne Lakh, Seven} Four Thousand, Two Hundred Eighty^{Six and Paisa Fifty Six onty) atong 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 Appticant Bank sanctioned^{TermLoanof Rs' 21 Lakh, Cash} Credit Limit of Rs. 11 Lakh on 30/06117^{and FITL-Covid 19 Retief Packageof} Rs.70,7051- on 31 /03/21 and in consideration of^{the same the Defendant} executed requisite toan documents. The^{Defendant avaited the credit} facitities and also executed Revival Letter on^{72/04120but repaymentwas} not done as per the repayment schedute.^{The Defendantsfaited to [iquidate} the outstanding dues despite issuance of^{Legal Notice on 09/06/21by the} Applicant Bank. The Appticant-Bank has^{relieduponthe documentsat Ex A-1} to A-'17 which were^proved by Mrs. Smaranika^{Patel, Branch Manager.}

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oA tt3t22

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Despite service of notice, the Defendant neither appeared nor filed written statement. The Defendant was proceeded ex-parte vide order dated 06/11/24. There is therefore, no reason to disbetieve the contentions of the Bank. considering the facts of the case, I opine that the Defendant is tiabte to pay the claim amount together with interest and costs. The Appticant-Bank in its apptication has ctaimed contractual interest but has not specified the prevaiting rate of interest. However, I feet it fair and reasonabte to grant interest @10% p.a. simpte in term loan account and interest @8.50% p.a. simple in cash credit account pendentetite and future tilt realization of the dues. The personal properties and assets of the Defendant are liabte to be sotd for recovery of amount due.

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The Originat Application is attowed and it is ordered as under_

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i) The Defendant do pay Rs. 41 ,74,296.56 (Rupees Fourty One Lakh, seven Four Thousand, Two Hundred Eighty six and paisa Fifty six onty) together with pendentelite and future interest @7.45% per annum simpte from the date of fiting of the OA, i,e., 14/09/24, with costs titt its reatization.

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ii) The Appticant Bank is entitted to sett the mortgaged as welt as 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, atienating or in any way dealing with its properties/assets without first paying the ctaim of the Appticant Bank.

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iii) A Recovery Certificate be issued uls 19(22) of Recovery of Debts and Bankruptcy Act. The appticant bank may file a memo of cost within 7 days for preparing Recovery Certificate.

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

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v5 -). o/ 7' a lwas Pa tet) Presidinq Off icer

Indian Overseas Bank v. M/S Abhyansh Doors Proprietor- Mrs. Pratibha Yadav

Case brief

What is this about?

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Indian Overseas Bank v. M/S Abhyansh Doors Proprietor- Mrs. Pratibha Yadav

Case brief

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What did the court decide?

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