Allowed

Central Bank of India v. Smt Preeti Sachdev

DRT23 Jul 2025OA/1297/2023

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the Central Bank of India's application against Preeti Sachdev for recovery of a loan. The Tribunal fixed interest rates at 12% for cash credit and 10.30% for term loan, ordered property sale, and directed issuance of a recovery certificate.

What did the court decide?

Recovery of Rs. 70,20,353.66 plus interest at modified rates; injunction on asset transfer; Recovery Certificate issued.

Central Bank of India versus Smt Preeti Sachdev — Banking and Recovery | DRT (2025)

GONTD. ORDER^. SHEET

PAGE NO.

CASE NO.

DATE	DESCRIPTION OFTHEORDER	REMARK
23t07t25	Judgment^pronouncedintheOpen^{CourtCamp at} Raipur.CopyofJudgmentbeissued^{tothePartiesas} perrutes.Recordbeconsignedto theRecord^Room. (Ra sPatet) Presidingofficer DRT:Jabatpur CampCourt:Raipur	2^{t</sup> ^& u,,$a,^cgw}

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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 Patet)

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Originol Applicotion No.^- 1297123

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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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Smt. Preeti Sachdev, W/o Shri Harish Sachdev, Proprietor-M/s Chaitanya, Gate No.-1, Pandri Main^Road, Pandri, Raipur^(C.G.)a92001 ; Atso at: House No.-20, Awanti Garden, Datdal Seoni, Raipur (C.G.) 492007

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Defendant

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

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Defendant : Ex-Parte

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JUDGMENT

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(Dated : 23'd JulY, 2025)

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'I . The Appticant'Bank has^{filed the presentOriginaLApptication} u/s 19 of Recovery of^{Debtsand BankruptcyAct on 26/10/23against the} Defendant for recovery of^{Rs. 70,20,353.66(RupeesSeventy Lakh, Twenty} Thousand, Three Hundred^{Fifty Three andPaisa Sixty Six onty)atong with} interest and other reliefs^{as stated.}

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The brief facts of the^{case are that on the request of} Defendant, the Appticant^{Bank sanctioned cash credit Limit of Rs. 50 Lakh} on 03/09/20 wh.ich^{was renewed and also sanctioned Funded lnterestTerm} Loan of Rs. 1,14,742t- on^{19106171.ln considerationof the sanction of} credit facitities the^{Defendantexecuted requisite loandocuments.The} Defendant availed the^{creditfacitities but faited to liquidate the outstanding} dues despite issuance^{of DemandNotice on 01l09/22 by the AppticantBank.} The Appticant-Bank^{has retieduponthe documents at Ex. A-1 to A'17 which} were proved by Shri^{Abhishek Nandeshwar,SeniorManager'}

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oA 1297123

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Despite service of notice, the Defendant neither appeared^nor fited written statement. She was^proceeded ex-parte vide order^dated 02108/24, There is therefore, no reason to disbelieve the contentions^{of the} Bank. Considering the facts of the case, I opine that the Defendant^{is liable} to pay the claim amount together with interest and costs. The ApplicantBank in its appLication has ctaimed interest @14.50y" p.a. with monthty 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 reasonable to grant interest @12% p.a. simpte in cash credit account and interest @10.30% p.a. simpte in funded interest term loan account pendentelite and future tit[ reatization of the dues. The personat properties and assets of the Defendant are liable to be sold for recovery of amount due.

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

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i) The Defendant do pay Rs. 70,20,353.66 (Rupees Seventy Lakh, Twenty Thousand, Three Hundred Fifty Three and Paisa Sixty Six onty) together with pendentelite and future interesl @127o p.a. simpte in cash credit account and interest @10.30% p.a. simple in funded interest term loan account from the date of fiting of the 0A, i.e.,26110/73, with costs ti[[ its realization.

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ii) The Applicant Bank is entitled to sell the personal properties and assets of the Defendant for realization 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 ctaim of the Applicant 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 23'd Juty, 2025 at Camp Court Raipur.

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, 07 m Niwas Patel) Pre idin 0ff icer

Central Bank of India v. Smt Preeti Sachdev

Case brief

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Central Bank of India v. Smt Preeti Sachdev

Case brief

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