Idbi Bank v. Nakoda Traders
Case brief
What is this about?
The Debt Recovery Tribunal adjudicated an application under Section 19 of the RDB Act for recovery of a loan facility utilized by respondents, two who acted as guarantors, with interest and costs.
What did the court decide?
Payment of Rs. 25,32,779.00 with interest at 11.35% p.a. and costs; issuance of Recovery Certificate; injunction against asset alienation.
What the court decided
DEBTS RECOVERY TRIBUNAL : JABALPUR
(for the States of Madhya Pradesh and Chhattisgarh)
(Presiding Officer Hon'bte Shri Ram Niwas Patet)
Original Applicotion No. - 145123
lDBl Bank Ltd., lndore Ahmedabad Highway, Opp. Vijaya Bank, Meghnagar Road, Jhabua (M.P.)
Appticant
Versus
01 ) Nakoda Traders, Through Proprietor-Shri Mitesh Katariya,
021 Shri Mitesh Katariya,
S/o Shri Devendra katariya
(1 & 2 at Rotla Road, Near Water Tower,
Kalidevi, Post-Rama, Jhabua, M.P. 457661)
- Ajay Kumar Ranawat,
Issues for consideration
3 issues framed by the court
Whether the application under section 19 of the Recovery of Debts and Bankruptcy Act for recovery of debt is maintainable in the absence of a written statement from the defendants.
Whether the interest rate claimed by the bank should be reduced or modified by the Tribunal.
Whether a Recovery Certificate should be issued under section 19(2) upon the adjudication of the debt.
Parties & counsel
- applicant
IDBI Bank Ltd.
- respondent
Nakoda Traders
- respondent
Mitesh Katariya
- respondent
Ajay Kumar Ranawat
Coram
Case details
As recorded by the court registry
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