Allowed

Axis Bank v. Om Prakash Pawar

DRT15 Apr 2025OA/1343/2022

Case brief

AI extract

What is this about?

The tribunal allowed the bank's original application for recovery of debt. The respondents failed to appear. The court reduced interest rates and ordered payment of principal, interest, and costs, directing the issuance of a recovery certificate and an injunction against property disposal.

What did the court decide?

Order for payment of Rs. 20,63,037.80 with adjusted interest, issuance of Recovery Certificate, and injunction restraining disposal of assets.

Axis Bank versus Om Prakash Pawar — Contract and Commercial Disputes | DRT (2025)

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DEBTS RECOVERY TRIBUNAL : JABALPUR

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(for the States of Madhya Pradesh and Chhattisgarh)

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(Presiding Officer - Hon'ble Shri Ram Niwas Patel)

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Original Application No. - 1343/22

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Axis Bank, Khandwa (M.P.)

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..... Appticant

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Versus

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Om Prakash Pawar, 01 ) 5/o Ganga Bisen Pawar,

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H.No.-44, Ward No.-3, Vitlage-Patani Mat,

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Post-Bothiya, Tehsit-Naya Harsud,

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Near Sagwan Tree, Distt.-Khandwa (M.P.) 4501¹⁶

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Jay Narayan Pawat,

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S/o Ganga Bisen Pawar,

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Gram-Patani Mat, Post-Bothiya, Tehsit-Naya Harsud, Near Sagwan Tree,

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District-Khandwa^(M. P. ) 4501¹ 6

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Vikesh Pawar,

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S/o Ganga Bisen Pawar,

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H.No.-47, Ward No.'3, Vittage-Patani^Mal,

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Post-Bothiya, Tehsil-NaYa Harsud, Krishan Mohalta, Distt.-Khandwa^{(M.P.)4501 16}

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Defendants

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

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Defendants : Ex-Parte

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JU DGMENT

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(Date? : 15th APril, 2025)

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The Appticant-Bank has^{fited the present OriginalApptication} u/s 19 of Recovery of^{DebtsandBankruptcyAct on 31 110122against the} Defendants for recovery^{of Rs. 20,63,037'80(RupeesTwentyLakh,Sixty} Three Thousand Thirty^{seven andPaisaEighty onty) atong with interest and} other retiefs as stated.

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Z. The brief facts^{of the case are that on the requestof} Defendants,theAppticantBanksanctionedProductionCreditLimitofRs' l3.l0LakhandTermLoanofRs'4Lakhon04l12llTand.inconsiderationof thesametheDefendantinadditiontoexecutionofloandocumentshasalso created simpte^{mortgage under provisionsof M'P' Krishi Udhar Pravartan} Tatha PrakriYan^UPbandh (Bank) Adhiniy am^{1972 over the immovabte} property, i.e',

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oA 1343122

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i) Att those piece and parcel of Agricutture Land bearing Survey No.-14 (2.130 hect.),37/7 (0.750 Hect.) total area 6.94 hectare (17.14 acre), situated at Vitlage-Patani Ma[, RIC⁺ Tehsit-Harsud, District- Khandwa (M.P.); betonging to Defendant No.-1;

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ii) Agricutture Land bearing Survey No.-28/1/1 (1 .750 hect.), situated at Viltage-Patani Ma[, RIC + Tehsit-Harsud, District-Khandwa (M. P. ); belonging to Defendant No.^-2;

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iii) Agricutture Land bearing Survey No.-15 (2.130 Hect.), situated at Vittage-Patani MaL, RIC + Tehsit-Harsud, District-Khandwa (M.P.); betonging to Defendant No. "3.

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The Defendants avaited the credit facitity but faited to liquidate the outstanding dues despite issuance of Legat Notice on '15/03122 by the Applicant Bank. The Applicant-Bank has retied upon the documents at Ex. A- 1 to A-14 which were proved by Shri Shivam Sharma, Asstt. Manager (Law).

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Despite service of notice, the Defendants neither appeared nor fited written statement. They were proceeded ex-parte vide order dated 31 107 124. 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 severalty tiable to pay the claim amount together with interest and costs. The Applicant-Bank in its apptication has ctaimed contractuat rate of interest @11.75% p.a. in working capitat account and interest @12.25% p.a. in term loan account with penat interest. However, I feet it fair and reasonabte to grant interest @11 .75% p.a. simpte in working capital account and interest @12% p,a. simpte in term [oan account pendentetite and future ti[t reatization of the dues. The mortgaged properties are liabte to be sotd for recovery of amount due along with the personal properties and assets of the Defendants.

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The Original Application is atlowed and it is ordered as under-

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i) The Defendants do pay jointty and severalty Rs. 20,63,037.g0 (Rupees Twenty Lakh, sixty Three Thousand Thirty seven and paisa Eighty onty) together with pendentetite and future interest @11.r5% p.a. simpte in working capital account and interest @12% p.a. simpte in term toan account from the date of fiting of the OA, i.e.,31 /10/ZZ, with costs titt its reatization.

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oA 1343122

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ii) The Appticant Bank is entitted to setl the mortgaged as wet[ as persona[ properties and assets of the Defendants for reatization of its dues. The Defendants are hereby restrained by means of injunction from depteting, transferring, encumbering, atienating or in any way deating with their 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 fite a memo of cost within 7 days for preparing Recovery Certificate.

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Judgment pronounced in the open court on this 1 5th Day of Aprit, 7075.

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o*(
'1,(
)
Presidine Officer

Axis Bank v. Om Prakash Pawar

Case brief

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Axis Bank v. Om Prakash Pawar

Case brief

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