Allowed

Bank of India v. M/S Thakur Medical Store

DRT18 Jul 2025OA/1643/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an application filed under Section 19 of the RDB Act for recovery of a debt of Rs. 31,20,848/- with interest. The tribunal permitted recovery from secured assets and personal property of the borrowers, issuing a demand for appearance before the Recovery Officer.

What did the court decide?

Allowed recovery of Rs. 31,20,848/- with interest and costs; Recovery Certificate issued; heard for asset distribution.

Bank of India versus M/S Thakur Medical Store — Contract and Commercial Disputes | DRT (2025)

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IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH

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BEFORE: A S NARANG, PRESIDING OFFICER

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OA No: 1643 of 2022 Date of Institution: 06.08.2022 Date of Decision: 18.07.2025

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Bank of India, having its Head Office at Star House, Bandra Kurla Complex, Bandra (East), Mumbai-400051 and inter-alia, Branch Office at Kullu, Himachal Pradesh.

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……..Applicant

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Vs.

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M/s. Thakur Medical Store through its proprietor Sh. Ravinder Thakur, Main Bazaar, Dhalpur Kullu, District Kullu, Himachal Pradesh-175101.

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Sh. Ravinder Thakur S/o Sh. Jeet Ram Thakur, R/o House No.47, Ward No.11, Shashtri Nagar Kullu, District Kullu, Himachal Pradesh proprietor M/s Thakur Medical Store.

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……….Defendants

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Advocates

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Sh. Satish Jaswal, Counsel for the applicant bank. Defendants- Ex parte.

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OA for the Recovery of Rs.31,20,848/- with interest @10.25% per annum with monthly rests from the date of filing the present application i.e. 06.08.2022.

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ORDER

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Bank of India (Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.31,20,848/- with interest against M/s. Thakur Medical Store And Another (defendants).

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Bank’s case is that on 16.01.2019, it had granted Cash Credit Limit of Rs.30.00 lacs to defendant no.1 through its proprietor defendant no.2 for business purpose. To secure the loan, Defendant no.1 through its proprietor defendant no.2 had created hypothecation of plant and machinery, stocks and book debts (fully detailed in para No.3A of the application). The loan was chargeable to interest @11.50% per annum

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with monthly rests. On 20.12.2021, defendants had acknowledgment of debts and securities vide Exhibit AW-13. On 03.08.2022, a sum of Rs.31,20,848/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 29.08.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 05.12.2023, they were proceeded ex parte .

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In order to prove its case, the Bank has placed on record the affidavit of Mr. Ram Lal, Senior Manager along with the loan and security documents and marked them as Exhibit AW-1 to AW-14. 5. I have perused the evidence on the record. I am of the considered view that the Bank has proved its case that it had advanced the Cash Credit Limit of Rs.30.00 lacs and on 03.08.2022, a sum of Rs.31,20,848/- was due. 6. Accordingly, the application of the bank for the recovery of Rs.31,20,848/- (Rupees Thirty-One Lacs Twenty Thousand Eight Hundred Forty-Eight Only) with interest @10.25% per annum with monthly rests from the date of filing the present application i.e. 06.08.2022, till the date of payment is hereby allowed with costs. The liability of all the defendants would be joint and several. Bank can recover its dues by the sale of the hypothecated plant and machinery, stocks and book debts (fully detailed in para No.3A of the application) as well as from the personal movable and immovable property(ies) of the defendants.

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Pending IAs, if any, stand disposed of.

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Recovery Certificate be issued accordingly.

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Parties are directed to appear before Recovery Officer on 18.08.2025 , who is directed to distribute the sale proceeds of the hypothecated plant and machinery, stocks and book debts, as per the provisions of Section 19(20-AB) of the Act . 10. A Copy of this order along with Recovery Certificate be sent to the Recovery Officer as well as the parties. Pronounced in the open court. (A S Narang) Dated: 18^th July, 2025 Presiding Officer DRT-1, Chandigarh (R)

Bank of India v. M/S Thakur Medical Store

Case brief

What is this about?

What did the court decide?

Bank of India v. M/S Thakur Medical Store

Case brief

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What did the court decide?

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