Allowed

Central Bank of India v. Rahul Shende

DRT10 Feb 2025OA/314/2024

Case brief

AI extract

What is this about?

Application for recovery of housing loan dues sanctioned to borrowers from a developer allowed. Court decreed claim of Rs. 21.10 lakhs plus interest at 8.60% per annum, issued Recovery Certificate, and granted injunction against disposal of assets.

What did the court decide?

Decreed recovery of Rs. 21,10,700.05 with interest at 8.60% p.a.; issued Recovery Certificate under Section 19(2); granted injunction restraining disposal of assets.

Central Bank of India versus Rahul Shende — 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'bte Shri Ram Niwas Patet)

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Originol Application No. - 314/24

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Central Bank of lndia, Transport Nagar, G. E. Road, Bhiati-3 (C.G.)490021

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..... Appticant

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Ve rsu s

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Rahul Shende, 5/o Motiram Shende

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Pooja Dongre, W/o Shri Rahut Shende

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(1 & 2 at House No. C-130, Ward No.-19,

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Camp-1, Bhitai, Distt.-Durg, C.G. 490023)

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M/s Kuber Mega Projects Pvt. Ltd., Kuber Green, Near Garv lnstitute of Management And Technotogy, Purari, Distt.'Durg (C.G.)

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..... Defendants

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Counsel for the Applicant : Shri Sanjeev Dubey, Advocate

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Defendants : Ex-parte

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JUDGMENT

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lDated:1o-February,2025)

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The Appticant-Bank has fited the present Original Apptication u/s 19 of Recovery of Debts and Bankruptcy Act on 26/02/24 against the Defendants for recovery of Rs. 21,10,700.05 (Rupees Twenty One Lakh, Ten Thousand, Seven Hundred and Paisa Five onty) a[ong with interest and other reLiefs as stated.

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The brief facts of the case are that on the request of Defendant No.-1 & 2, the Appticant Bank sanctioned Housing Loan of Rs. 17 Lakh on 25/08/16 for purchase of Duptex situated at Khasra No.-60711 and 607/2, Vittage-Purai, Near Garv lnstitute of Technology and Pauwara Raitway Station, Tehsit & District-Durg (C.G.) from Defendant No.-3 who is a buitder and devetoper. ln consideration of the same the Defendant No.-1 and 2 executed requisite loan documents on 30/08/16. A Tripartite Agreement dated 05/08/16 was executed between the Applicant and the Defendant No.-1 and Defendant No.-3 whereby Defendant No.-3 shatI refund the amount in case of cancetlation of the altotment of house/flat for any reason

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oA 314/24

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whatsoever. The property which was attotted to the Defendant No.-1 and 2 has yet not compteted and therefore, the titte deed was not deposited by the Defendants to the Applicant-Bank. The Defendants avaited the credit facitity but faited to liquidate the outstanding dues despite issuance of Recall Notice on 05/01 /74 by the Appticant Bank. The Appticant-Bank has relied upon the documents at Ex. A.1 to A-11 which were proved by Shri Abhishek R. Nandeshwar, Branch Manager.

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Despite service of notice, the Defendants neither appeared nor fited written statement. They were proceeded ex-parte vide order dated 05/07 124. 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 tiab(e to pay the ctaim amount together with interest and costs. The Appticant-Bank in its apptication has claimed contractuat rate of interest @8.60% p.a. ptus penatty/ additional interest. However, I feel it fair and reasonable to grant interest @g.60% p,a. simpte pendentetite and future tilt realization of the dues. The personal properties and assets of the Defendants are tiabte to be sotd for recovery of amount due.

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4, The Original Apptication is attowed and it is ordered as under_

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i) The Defendants do pay jointty and severatty Rs. 21,10,700.05 (Rupees Twenty One Lakh, Ten Thousand, Seven Hundred and paisa Five onty) together with pendentetite and future interest @8.60% per annum simple from the date of fiting of the OA, i.e.,26/02/24, with costs titt its reatization.

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ii) The Appticant Bank is entitted to sett the persona[ properties and assets of the Defendants for realization of its dues. The Defendants are hereby restrained by means of injunction from depleting, transferring, encumbering, atienating or in any way deating with their properties/ assets without first paying the claim 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 i Oth Day of February, 2025.

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z--' ,1 (Ram Niwas Pa tet)^\o Presidin e Officer

Central Bank of India v. Rahul Shende

Case brief

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Central Bank of India v. Rahul Shende

Case brief

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