Allowed

Canara Bank v. M/S Maa Hinglaaj Autodeal and Spare

DRT27 Jan 2025OA/1501/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed the bank's application for recovery of Rs. 27,63,555.36 and other reliefs against the mortgagors ex-parte. The court granted interest at 12% p.a., ordered the sale of mortgaged and personal properties, and directed the issuance of a Recovery Certificate.

What did the court decide?

Recovery of Rs. 27,63,555.36 plus 12% per annum interest until realization; issuance of recovery certificate under Section 19(2).

Canara Bank versus M/S Maa Hinglaaj Autodeal and Spare — Banking and Recovery | 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 Patet)

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Original Application No. - 1501 122

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Canara Bank, Patel Market, Main Road, Baktara, Tehsil-Budhni, District-Sehore (M.P.)

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Apptican t

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Versus

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M/s Maa Hingtaaj Autodeal and Spare,

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01 ) Through its Proprietor^- Shri Ashok Kumar Thakur

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Shri Ashok Kumar Thakur, S/o Shri Revak Singh Thakur

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(Both at Ward No.-6, Shakti Nagar, Gram & Tehsit-Badi, Distt.-Raisent, M.P.)

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Defendants

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CounseI for the Applicant : Shri Atok Mishra, Advocate Defendants : Ex-parte

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JUDGMENT

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(Dated : 27th January, 2025)

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The AppLicant-Bank has fited the present Original Application u/s 19 of Recovery of Debts and Bankruptcy Act on 20/12122 against the Defendants for recovery of Rs. 27,63,555.36 (Rupees Twenty Seven Lakh, Sixty Three Thousand, Five Hundred Fifty Five and Paisa Thirty Six onty) atong with interest and other retiefs as stated.

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The brief facts of the case are that on the request of Defendant No.-1 through its Proprietor Defendant No.-2, the Applicant Bank sanctioned Open Cash Credit Limit of Rs. 8 Lakh on^'10101 /'16 and in consideration of the same the Defendants in addition to execution of toan documents have also created equitabte mortgage over the immovabte property, i.e., Survey No.-190/2/2111112, tNard No.-6, Tehsit-Badi, area measuring 450 sq.ft., Raisen (M.P.); belonging to Defendant No.-2. The Defendants avaited the credit facility and atso executed Acknowledgment of Debt & Security lastty on 03/02/22 but failed to liquidate the outstanding dues despite issuance of Notice dated 04/01 /18 u/s 13(2) of the Securitisation Act by the Appticant Bank. The Appticant-Bank has retied upon

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oA t50l/22

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the documents at Ex. A''l^{to A-13 whichwereproved by Shri Deepak Kumar} Bhalavi, Manager.

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Despite service of notice, the Defendants neither^{appeared nor} fited written statement. They were^{proceededex-parte vide order dated} 03111123. There is therefore, no reason^{to disbetieve the contentionsof the} Bank. Considering the facts of the case, I^opine that^{the Defendantsare} jointty and severatly liabte to pay the ctaim amount together with interest and costs. The App[icant'Bank in its application^{has claimed interest} @1250%^p.a. with^{monthly rests.However, I feel it fair and reasonabteto} grant interest @12% p.a. simpte pendentelite and future till realization of the dues. The mortgaged^property is 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 altowed and it is ordered as^under'

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i) The Defendants do^{pay jointty} and severatty^{Rs' 27,63,555.36} (Rupees Twenty Seven Lakh, Sixty Three Thousand, Five Hundred Fifty^Five and Paisa Thirty Six on[y) together with^{pendentelite and future interest} @127o^per annum^{simple from the date of fiting of the OA, i.e.,20112/22,} with costs ti[[ its reatization.

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ii) The Appticant Bank is entitled to se[[^{the mortgaged as we[[ as} personal properties and assets of the Defendants^{for realizationof its dues'} The Defendants are hereby restrained by^{means of injunction from} depteting, transferring, encumbering,^{alienating or in any way deating with} their properties / assets without^{first paying the claimof the AppticantBank.}

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iii) A Recovery Certificate^{be issuedu/s 19(22) of Recovery of} Debts and Bankruptcy Act.^{The appticantbank may fite a memo of cost} within 7 days for^preparing Recovery^Certificate.

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Judgment^{pronouncedin the open court on this 27th Day of January, 2025'}

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'l (Ram Ni Patet) Presidine Off icer

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)9⁷⁹

Canara Bank v. M/S Maa Hinglaaj Autodeal and Spare

Case brief

What is this about?

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Canara Bank v. M/S Maa Hinglaaj Autodeal and Spare

Case brief

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What did the court decide?

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