Debts Recovery Tribunal allowed the Bank's application for recovery of dues. Defendants were held jointly and severally liable. Recovery certificate to be issued.
Defendants ordered to pay Rs. 51,99,621 with interest at 9% and 7%; injunction on assets; recovery certificate under Section 19(2).
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DEBTS RECOVERY TRIBUNAL : JABALPUR
(for the States of Madhya Pradesh and Chhattisgarh)
(Presiding Officer - Hon'bte Shri Ram Niwas Patet)
Original Application No. - 1480122
Canara Bank, Navlakha, lndore (M.P.)
Applicant
Versus
Ptot No.-81 , Triveni Nagar Colony Extension, District-lndore (M.P.) 453 446
Counset for the Appticant : Shri Vinay Tripathi, Advocate
Defendants : Ex-parte
JUDGMENT
(Dated : 03'd February, 2025)
2
oA 1480122
Applicant-Bank has retied upon the documents at Ex. A-1 to A-16 which were proved by Shri Vjrat Ashok Kumar Bhavsar, Chief Manager.
i) The Defendants do pay jointty and severatty Rs. 5'1,99,621.00 (Rupees Fifty One Lakh, Ninety Nine Thousand, Six Hundred and Twenty One onty) together with pendentetite and future interest @9.00% p.a. simpte in cash credit account and interest @7.00% p.a. simpte in GECL account from the date of fiting of the OA, i.e., 01 112122, with costs titI its realization.
ii) The Applicant Bank is entitled to se[[ the mortgaged as wetl as personal 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 dealing with their properties / assets without first paying the claim of the Appticant Bank.
iii) A Recovery Certificate be issued uls 19(27) of Recovery of Debts and Bankruptcy Act. The applicant bank may file a memo of cost within 7 days for preparing Recovery Certificate.
Judgment pronounced in the open court on this 03'd Day of February, 2025.
{- u' (Ram Niwas Patet) Presidin Officer
2 issues framed by the court
Whether the applicant Bank is entitled to recover the dues on liability of Defendants.
Whether the mortgaged property is liable to be sold for recovery of dues.
2 provisions across 1 enactments
Canara Bank, Navlakha, Indore
M/s Sati Kewal Ram Traders
Mr. Mukesh Kumar Bhawnani
Ram Niwas Patet
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
