Allowed

Hdfc Bank v. M/S K.K Stone Though Its Proprietor Mr. Manish Kumar Jain S/O S. Kamal Kumar Jain

DRT6 Dec 2025OA/1131/2023

Case brief

AI extract

What is this about?

The Tribunal allowed the Original Application filed by HDFC Bank for recovery of Rs. 38,94,420.81. The court held the respondents jointly and severally liable, directed issuance of a recovery certificate, and permitted proceedings against the respondents' properties for recovery.

What did the court decide?

Issued a Recovery Certificate declaring defendants jointly and severally liable to pay Rs. 38,94,420.81 plus interest; authorized recovery from specific properties; awarded costs of Rs. 42,388.

Hdfc Bank versus M/S K.K Stone Though Its Proprietor Mr… — Banking and Recovery | DRT (2025)

¶1

“ORIGINALAPPLICATION” No. 1131 of 2023

¶2

BEFORE THE DEBTS RECOVERY TRIBUNAL, JAIPUR

¶3

PRESENT- SHRI VIMAL GUPTA

¶4

PRESIDING OFFICER

¶5

O.A. NO. 1131 OF 2023

¶6

DATE OF DELIVERY OF ORDER 06.12.2025

¶7

HDFC Bank Limited having its Registered Office at HDFC Bank House, S.B. Marg, Lower Parel (West), Mumbai-400013 and Branch Office at 414-417, Hawa Mahal Road, Subhash Chowk, Jaipur, Rajasthan-302002, through its Authorized Signatory Sh. Kailash Sharma

¶8

…..Applicant Bank…..

¶9

VERSUS

¶10

1. M/s K K Stone through its proprietor Mr. Manish Kumar Jain S/o S. Kamal Kumar Jain, Address : Plot No. H-26, RIICO Industrial Area, Deoli, Tonk-304804, Rajasthan.

¶11

2. Mr. Manish Kumar Jain S/o Sh.Kamal Kumar Jain, Address- Ward No. 5, Maal Mohalla, Deoli, Tonk-304804, Rajasthan.

¶12

3. Mr. Kamal Kumar Jain S/o Lt. Sh. Nemi Chand Jain, Address- Ward No. 5, Mall Mohalla, Deoli, Tonk-304804, Rajasthan.

¶13

……Defendants…..

¶14

Counsel for the Applicant Bank Sh. Vineet Sharma Counsel for the Defendant no. 1 & 2 Ms. Chanchal Saini Defendant no. 3 None

¶15

Signed and uploaded on 15.12.2025

OA No. 1131 of 2023

JUDGMENT

This Original Application was filed by the applicant bank on 20.07.2023 for recovery of outstanding amount of Rs. 38,94,420.81 from the Defendants.

¶20

As per the pleadings, Defendant No. 1 represented as borrower, Defendant no. 2 in the capacity of Proprietor, Mortgagor and Guarantor and Defendant no. 3 in the capacity of mortgagor and Guarantor had approached the applicant bank for availing Cash Credit facility. After due consideration, cash credit facility was sanctioned by the Applicant Bank in favour of Defendants in the year 2017 vide sanction letter dated 31.07.2017 which was subsequently renewed/ reduced/ modified/enhanced from time to time and lastly renewed for a total sum of Rs.45.00 Lac. Defendants failed to maintain financial discipline and therefore, their loan account was classified as NPA. Applicant Bank has therefore, filed this original application for recovery of its dues against the Defendants.

¶21

Summons were issued to the Defendants on 29.08.2023 and Ms. Chanchal Saini filed Vakalatnama on behalf of the Defendant no. 1 & 2 and reply has been filed by the defendants.

¶22

The liability of the bank is admitted. The order of payment of Rs. 15.00 Lac passed by the Tribunal on 24.07.2025 has not been complied with by the defendants. Counsel for the defendants submits that they do not want for any

OA No. 1131 of 2023

concession from the bank and will like to deposit the entire dues.

¶27

Heard arguments and perused the record.

¶28

As stated supra, the Applicant Bank filed the evidence affidavit of Sh. Kailash Sharma coupled with the recitals in the documents, viz Exhibit A/1 to A/21 marked on behalf of the applicant bank, clinches the claim of the applicant bank against the Defendants. Hence, I hold that the Defendants are jointly & severally liable to pay to the applicant bank the claim made in O.A. with future interest and costs.

¶29

In the result, this O.A. No. 1131 of 2023 is allowed declaring that:-

¶30

a) The Defendants are jointly & severally liable to pay to the applicant bank a sum of Rs. 38,94,420.81 (Rupees Thirty Eight Lac Ninety Four Thousand Four Hundred Twenty and Eighty One Paisa only) with future interest @ 10.00% p.a. (simple) from 20.07.2023 till the date of realization.

¶31

b) Any amount deposited by the defendant after filing of the OA shall be adjusted in the OA amount.

¶32

c) The applicant bank is entitled to recover the above amount from the sale of properties all part and parcel of Industrial Property at Plot no. H-26, RIICO Industrial Area, Deoli, Tonk-304804, Rajasthan, admeasuring area 700 Sq. Mtr. standing in the name of

OA No. 1131 of 2023

defendant no. 2 and all part and parcel of Commercial Property at Shop No.13, Laxmi Market, Deoli, Tonk304804, Rajasthan, admeasuring area 280.5 Sq. Ft. standing in the name of Defendant no. 3 as well as from the personal movable and immovable properties/assets of Defendants. The applicant bank is entitled to proceed against the same towards recovery of its debt.

¶37

d) The applicant bank is entitled to the costs of the O.A.

¶38

The recovery certificate be issued forthwith and be sent to the Recovery Officer, DRT, Jaipur.

¶39

Parties are directed to appear before the Recovery Officer, DRT, Jaipur on 28.01.2026 .

¶40

10.Prepare Recovery Certificate accordingly.

¶41

11.A copy of the Judgment and Recovery Certificate be given or sent by registered post to each of the parties free. A copy of the Recovery Certificate be sent to the Recovery Officer of this Tribunal for necessary action as per the law.

¶42

(Vimal Gupta) Presiding Officer, Debts Recovery Tribunal, Jaipur

¶43

Order pronounced in the open court today i.e. 06.12.2025 .

¶44

(Vimal Gupta) Presiding Officer, Debts Recovery Tribunal, Jaipur

OA No. 1131 of 2023

BEFORE THE DEBTS RECOVERY TRIBUNAL, JAIPUR

¶49

PRESENT- SHRI VIMAL GUPTA

¶50

PRESIDING OFFICER

¶51

O.A. NO. 1131 OF 2023

¶52

DATE OF DELIVERY OF ORDER 06.12.2025

¶53

RECOVERY CERTIFICATE

¶54

(UNDER SUB Section 22 of the Recovery of Debts due to Banks and Financial Institutions Act, 1993 (Act 51 of 1993)

…..Applicant Bank…..

VERSUS

1. M/s K K Stone through its proprietor Mr. Manish Kumar Jain S/o S. Kamal Kumar Jain, Address : Plot No. H-26, RIICO Industrial Area, Deoli, Tonk-304804, Rajasthan.

¶59

2. Mr. Manish Kumar Jain S/o Sh.Kamal Kumar Jain, Address- Ward No. 5, Maal Mohalla, Deoli, Tonk-304804, Rajasthan.

¶60

3. Mr. Kamal Kumar Jain S/o Lt. Sh. Nemi Chand Jain, Address- Ward No. 5, Mall Mohalla, Deoli, Tonk-304804, Rajasthan.

……Defendants…..

OA No. 1131 of 2023

Recovery Certificate for Rs.38,94,420.81

¶66

In terms of final order dated 06.12.2025 passed by this Tribunal in the above mentioned case, it is ordered that the-

¶67

a) The Defendants are jointly & severally liable to pay to the applicant bank a sum of 38,94,420.81 (Rupees Thirty Eight Lac Ninety Four Thousand Four Hundred Twenty and Eighty One Paisa only) with future interest @ 10.00% p.a. (simple) from 20.07.2023 till the date of realization.

¶68

b) Any amount deposited by the defendant after filing of the OA shall be adjusted in the OA amount.

¶69

c) The applicant bank is entitled to recover the above amount from the sale of properties all part and parcel of Industrial Property at Plot no. H-26, RIICO Industrial Area, Deoli, Tonk-304804, Rajasthan, admeasuring area 700 Sq. Mtr. standing in the name of defendant no. 2 and all part and parcel of Commercial Property at Shop No.13, Laxmi Market, Deoli, Tonk304804, Rajasthan, admeasuring area 280.5 Sq. Ft. standing in the name of Defendant no. 3 as well as from the personal movable and immovable properties/assets of Defendants. The applicant bank is entitled to proceed against the same towards recovery of its debt.

¶70

d) The applicant bank is entitled to the costs of the O.A.

OA No. 1131 of 2023

Parties are directed to appear before the Recovery Officer, DRT, Jaipur on 28.01.2026.

¶75

The Recovery Officer shall realize the amount as per this Certificate in the manner and mode prescribed under Section 25 and 28 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (as amended from time to time) from the above named Certificate Debtor.

¶76

This Certificate has been issued under my signatures and seal of the Tribunal on 06.12.2025 .

¶77

(Vimal Gupta) Presiding Officer, Debts Recovery Tribunal, Jaipur

OA No. 1131 of 2023

BEFORE THE DEBTS RECOVERY TRIBUNAL, JAIPUR

¶82

PRESENT- SHRI VIMAL GUPTA

¶83

PRESIDING OFFICER

¶84

O.A. NO. 1131 OF 2023

¶85

DATE OF DELIVERY OF ORDER 06.12.2025

¶86

SCHEDULE TO RECOVERY CERTIFICATE

MEMO OF COST

…..Applicant Bank…..

VERSUS

1. M/s K K Stone through its proprietor Mr. Manish Kumar Jain S/o S. Kamal Kumar Jain, Address : Plot No. H-26, RIICO Industrial Area, Deoli, Tonk-304804, Rajasthan.

¶92

2. Mr. Manish Kumar Jain S/o Sh.Kamal Kumar Jain, Address- Ward No. 5, Maal Mohalla, Deoli, Tonk-304804, Rajasthan.

¶93

3. Mr. Kamal Kumar Jain S/o Lt. Sh. Nemi Chand Jain, Address- Ward No. 5, Mall Mohalla, Deoli, Tonk-304804, Rajasthan.

¶94

……Defendants…..

¶95

S.No.	Item of Costs	Amount (Rs.)
1	Fee on the Application	41,000.00
2	Process Fee (Inc. Publication)	138.00

OA No. 1131 of 2023

3	Advocate Fee	1,250.00
4	Commission/Receiver/Valuation	NIL
5.	Miscellaneous Charges	NIL
	Total	42,388.00

¶100

(Vimal Gupta) Presiding Officer, Debts Recovery Tribunal, Jaipur

OA No. 1131 of 2023

Date : 06.12.2025

¶105

Counsel:

¶106

Sh. Vineet Sharma & Sh. Akash Sharma, Counsel for Applicant Bank

¶107

Ms. Chanchal Saini, Counsel for the Defendant no. 1 & 2 None for the Defendant No. 3

¶108

Judgment dictated separately and pronounced in the open court. As per order the O.A. is allowed. Recovery Certificate be prepared accordingly and the Registry is directed to verify the Recovery Certificate as per Regulation 24(1) and (2) of Debts Recovery Tribunal Jaipur Regulation 2015 and after verification place the same before the Tribunal.

¶109

(Vimal Gupta) Presiding Officer, Debts Recovery Tribunal, Jaipur

OA No. 1131 of 2023

Date : 06.12.2025

¶114

Counsel:

¶115

Sh. Vineet Sharma & Sh. Akash Sharma, Counsel for Applicant Bank

¶116

Ms. Chanchal Saini, Counsel for the Defendant no. 1 & 2 None for the Defendant No. 3

¶117

The Tribunal vide order dated 06.12.2025 , directed the Registrar to verify the Recovery Certificate as per Regulation 24(1) and (2) of Debts Recovery Tribunal Jaipur Regulation 2015.

¶118

The Registrar vide order dated 06.12.2025 verified the Recovery Certificate as per Regulation 24(1) and (2) of Debts Recovery Tribunal Jaipur Regulation 2015. Recovery Certificate be prepared accordingly. Copy of the Judgment and Recovery Certificate be given free to the concerned parties as well as be sent to the Recovery Officer for further proceedings. File be put up before the Registrar for compliance. After compliance file be consigned to record.

¶119

(Vimal Gupta) Presiding Officer, Debts Recovery Tribunal, Jaipur

¶120

Hdfc Bank v. M/S K.K Stone Though Its Proprietor Mr. Manish Kumar Jain S/O S. Kamal Kumar Jain

Case brief

What is this about?

What did the court decide?

Hdfc Bank v. M/S K.K Stone Though Its Proprietor Mr. Manish Kumar Jain S/O S. Kamal Kumar Jain

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases

Rajasthan Gramin Bank versus Sunita

Sunder Singh versus Aadhar Housing Finance Limited

Ravikant Maru versus Can Fin Homes Limited

Canara Bank versus Rajasthan Holidays

Vivek Bhal Chandra versus Punjab National Bank

Smt Meena Baheti versus Punjab and Sind Bank