Allowed

Central Bank of India v. M/S Polytech India through Its Partners Sonam Agrawal , Yashvardhan Agrawal

DRT22 Jul 2025OA/1216/2023

Case brief

AI extract

What is this about?

An exceptional case where the Debt Recovery Tribunal adjudicated upon a recovery application filed under Section 19 of the Recovery of Debts and Bankruptcy Act, allowing the applicant bank's claim against the respondents for outstanding dues and interest.

What did the court decide?

Payment of Rs. 69,10,155.22 with interest and costs; issuance of Recovery Certificate under Section 19(2)(b) and injunction against transfer of assets.

Central Bank of India versus M/S Polytech India through Its… — Banking and Recovery | DRT (2025)

CONTD. ORDER. SHEET

PAGE NO

CASE NO

DATE	DESCRIPTION OF THE ORDER	REMARK
22t07 t25 OA	Judgment^pronouncedintheOpen^{CourtCamp at} Raipur.CopyofJudgmentbe^{issuedtothePartiesas} perrutes.Record be consignedto theRecord^Room.
	(Ram Pres et) id offrcer DRT: Jabalpur CampCourt:Raipur	I',? >5 1^,h.n ,fl)

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DEBTS RECOVERY TRIBUNAL JABALPU R

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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 Patet)

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Originol Applicotion No.^- 1216123

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Central Bank of lndia, Shankar Nagar, Shankar Nagar Chowk, Raipur (C.G. )

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..... Appticant

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Versus

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M/s Potytech India. 01 ) Through its PartnersSmt Sonam Agrawat, Yashvardhan AgrawaI

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1. Smt. Sonam Agrawat, W/o Shri Yashvardhan Agrawal

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YashvardhanAgrawat, S/o Shri Raj Kumar Agrawal

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(att at H.No.-15l"163, Behind Chhattisgarh^Agency, Jawahar Nagar, RaiPur,^{C.G. 492001)} Defendants

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Counsel for the Appticant :^{Shri Arun Kumar Pandey, Advocate}

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Defendants : Ex-Parte

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JUDGMENT

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lDated^{: 2/d JulY, 2025)}

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The Appticant'Bank^{has fited the present OriginalApplication} u/s 19 of Recovery of^{Debtsand BankruptcyAct on 26110123against the} Defendants for recovery^{of Rs. 69,10,,155.22 (Rupees Sixty Nine Lakh,Ten} Thousand, One Hundred^{Fifty FiveandPaisaTwenty Twoonly) alongwith} interest and other^{reliefs as stated.}

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The brief^{facts of the case are} that on the^{request of} No.-2 & 3, the^APP[icant Defendant No.-1^{through its PartnersDefendant} BanksanctionedCashCreditLimitofRs.50LakhonlO/07l20underCGTMSE SchemeandF|TLofRs.5,38,899/-on2ll06tllwhichwasfurtherrenewed on 31 l05l22.^{ln consideration of the sanction of credit facilitiesthe} Defendant No.-1^{to 3 have executedrequisiteloan and guarantee} documents.^{The Defendantsavaitedthe credit facititiesbut faited to}

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oA 1216123

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[iquidate the outstanding dues despite issuance of Demand Notice^on 16/06122 by the Appticant Bank. The Appticant-Bank has retied upon the documents at Ex. A-1 to A-21 which were^proved by Shri Abhishek Nandeshwar, Senior Manager.

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Despite service of notice, the Defendants neither appeared nor fited written statement. They were proceeded ex-parte vide order dated 02/08/24. There is therefore, no reason to disbelieve the contentions of the Bank. Considering the facts of the case, I opine that the Defendants are jointly and severatly liable to pay the claim amount together with interest and costs. The Applicant-Bank in its application has ctaimed interest @12.50%^p.a. with monthty rests in cash credit account and interest @10.30% p.a. with monthly rests in funded interest term loan account. However, I feel it fair and reasonable to grant interest @12/o p.a. simpte in cash credit account and interest @10.30% p.a. simpte in FITL account pendentelite and future ti[[ reatization of the dues. The personal properties and assets of the are liable to be sold for recovery of amount due.

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The Original Apptication is altowed and it is ordered as under-

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i) The Defendants do pay jointty and severalty Rs. 69,'10,155.22 (Rupees Sixty Nine Lakh, Ten Thousand, One Hundred Fifty Five and paisa Twenty Two onty) together with pendentelite and future interest @17% p.a. simple in cash credit account and interest @10.30% p.a. simpte in FITL account from the date of fiting of the 0A, t.e.,26/10/23, with costs titt its reaIization.

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ii) The Appticant Bank is entitted to setl the personal properties and assets of the Defendants for realization of its dues. The Defendants are hereby restrained by means of injunction from depteting, transferring, encumbering, atienating or in any way deating with their propert.ies/ assets without first paying the claim 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 applicant bank may file a memo of cost within 7 days for preparing Recovery Certificate.

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Judgment pronounc ed in the open court on this Day of 22nd Juty, 2OZ5 at Camp Court Raipur.

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ol^>> as Patet) Presidine Officer

Central Bank of India v. M/S Polytech India through Its Partners Sonam Agrawal , Yashvardhan Agrawal

Case brief

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Central Bank of India v. M/S Polytech India through Its Partners Sonam Agrawal , Yashvardhan Agrawal

Case brief

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