Allowed

Central Bank of India v. Harish Kumar sachdev Proprietor- M/S Shree Baba Collection

DRT23 Jul 2025OA/1296/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an original application filed by Central Bank of India against Harish Kumar Sachdev for recovery of dues. The defendant appeared ex-parte. The tribunal sanctioned recovery of the principal, adjusted interest rates, and directed issuance of a Recovery Certificate.

What did the court decide?

Recovery of Rs. 69,81,399.22 with interest @12% on cash credit and @10.30% on term loan; injunction on properties; issuance of Recovery Certificate.

Central Bank of India versus Harish Kumar sachdev… — Contract and Commercial Disputes | DRT (2025)

GONTD. ORDER. SHEET

PAGE NO

CASE NO

DATE	DESCRIPTION OFTHEORDER	REMARK
23/07t25	Judgment^pronouncedinthe^{OpenCourtCamp at} Raipur.CopyofJudgment^{beissuedto thePartiesas} perrutes.Recordbeconsignedto the^RecordRoom' (Ra a atet) Presidingofficer DRT: Jabatpur CampCourt:^RaiPur	<w

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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^{RATPUR (C.G.)}

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(Presiding Officer^- Hon'bte Shri^{RamNiwas Patet)}

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Originol Application^{No. - 1296123}

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Central Bank of^lndia, Shankar Nagar Chowk, Shankar Nagar,^RaiPur(C.G')

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..... Appticant

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Versus

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Harish Kumar Sachdev,

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S/o Shri Lita^RamSachdev,

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Proprietor-M/s Shree^{Baba Cottection,} Shop No.'1l3,^{lndiraGandhi Ctoth Market,} Pandri, Raipur^{(C.G. 492001} ; A[so at: Shop No.-19,^{Dotphin chamber,} Near Hote[ Puneet,^Pandri, Raipur (C.G.) 492004; Atso at: Pagaria^ComPtex, Defendant Ground Floor,^{RaiPur (C.G.)492001}

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

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Defendant : Ex-Parte

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JUDG MENT

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(Dated : 23'^d Juty, zozsl

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The Appticant-Bank^{has fited the present OriginalApptication} u/slgofRecoveryofDebtsandBankruptcyActon26ll0lz3againstthe Defendant for^{recovery of Rs.69,81,399'22(Rupees Sixty Nine Lakh' Eight} one Thousand,^{ThreeHundredNinety Nine and PaisaTwentyTwoonty) along} with interest and^{otherretiefsas stated'}

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The brief^{facts of the case are that on the request of} 2, Defendant, the^{AppticantBank sanctionedCash Credit Limit of Rs' 50 Lakh} on05t}gl2OwhichwasrenewedandalsosanctionedFundedlnterestTerm Loan of Rs.^{1,17,561 l- on 19106121} '^{ln considerationof the sanction of} credit facitities^{the Defendantexecuted requisite loandocuments' The} Defendant avaited^{the credit facitities but faited to tiquidate the outstanding} dues despite^{issuance of Demand Noticeon01 togl22by the AppticantBank'} The Appticant-Bank^{has retied upon the documents at Ex' A-1 to A-15 which} were^{proved by Shri Sachidananda Patra,BranchManager'}

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oA 129623

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Despite service of notice, the Defendant neither appeared nor filed written statement. She was proceeded ex-parte vide order dated 02/08/24. 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 ctaim amount together with interest and costs. The AppticantBank in its application has ctaimed interest @13.60% p.a. with monthly rests in cash credit account and interest @10.30% p.a. with monthty rests in funded interest term loan account. However, I feet it fair and reasonabte to grant interest @12% p.a, simpte in cash credit account and interest @10.30% p.a. simpte in funded interest term loan account pendentetite and future titt 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 Apptication is attowed and it is ordered as under-

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i) The Defendant do pay Rs. 69,81,399.22 (Rupees Sixty Nine Lakh, Eight One Thousand, Three Hundred Ninety Nine and paisa Twenty Two onty) together with pendentetite and future interest @12% p.a. s.impte in cash credit account and interest @10.30% p.a. simpte in funded interest term loan account from the date of fiting of the OA, i.e., 26/10123, with costs t itI its realization.

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ii) The Appticant Bank is entitted to sett 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, atienating or in any way deating with her properties/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 appticant bank may fite 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 July, 2025 at Camp Court Raipur.

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o) "9 v (Ram iwas Pate[) Presidine Officer

Central Bank of India v. Harish Kumar sachdev Proprietor- M/S Shree Baba Collection

Case brief

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Central Bank of India v. Harish Kumar sachdev Proprietor- M/S Shree Baba Collection

Case brief

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