Allowed

State Bank of India v. M/S New National Anaj Bhandar And Cotton Traders, a propriety concern Acting throuth its proprietor Mr. taufik nasirbhai sheikh

DRT29 Aug 2025OA/557/2023

Case brief

AI extract

What is this about?

The Tribunal allowed the Original Application filed by State Bank of India for recovery of loan dues. The Tribunal set the case ex parte due to non-appearance by defendants. It granted the principal amount but reduced the penal interest to simple future interest of 9% per annum.

What did the court decide?

Defendants to pay Rs. 26,39,113.25 with future interest @9% p.a.; Issue Recovery Certificate.

State Bank of India versus M/S New National Anaj Bhandar And… — Banking and Recovery | DRT (2025)

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Page 1 of 4 O.A. No. 557/2023

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PRESENTED ON : 27.07.2023 REGISTERED ON : 21.09.2023

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Exh. No. 13

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BEFORE THE PO, DEBTS RECOVERY TRIBUNAL, NAGPUR

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Delivered by Pankaj Kumar

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O.A. No. 557/2023

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State Bank of India

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: Applicant

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A corporation constituted under the State Bank of India Act, 1955, Stressed Assets Recovery Branch (SARB) 5,

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Sai Complex, 3^rd Floor, Bharat Nagar, Amravati Road,

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Nagpur – 440033

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Telephone No. 0712-2567345, 0712-2567934

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Acting through its one of the Principal Officer i.e. Chief

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Manager Shri Ruddhshil Chandan Meshram

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having authority to file the Original Application which

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includes the authority to verify & sign the Original Application.

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Versus

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1. M/s New National Anaj Bhandar & Cotton : Defendants Traders

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A proprietary concern acting through its proprietor Mr. Taufik Nasirbhai Sheikh, Aged about : Major,

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Occ. : Business, Address : H/4, NIT Quarter, Sai Baba

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Colony, Kastura Colony, Jaripatka, Nagpur - 440014

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2. Mr. Taufik Nasirbhai Sheikh

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Aged about : Major, Occ. : Business, Address : H/4, NIT Quarter, Sai Baba Colony, Kastura Colony, Jaripatka, Nagpur – 440014

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Also at :

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Page 2 of 4 O.A. No. 557/2023

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Ward No. 14, Near Badi Masjid, Gaurikar Layout, Chhidwara Rd. Saoner, Nagpur PAN Card No. CCEPS1217B Mob. : 8459950185

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Learned Counsel for Applicant	Adv. Y. Ramani Patro
Defendants Set Exparte On	10.06.2024

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JUDGMENT (Delivered on 29^th Day of August, 2025)

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This is an application filed by the applicant U/s 19 of RDB Act, 1993 against defendants for recovery of aggregate amount of Rs. 26,97,332.25/outstanding in Cash Credit Loan Account No. 40533349526 with costs and future interest @13% p.a. with monthly rests from date of filing of O.A. till its realization.

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Though, defendant nos. 1 & 2 were duly served with the suit summons vide Exh. 6 to 8, they failed to cause appearance before this Tribunal to defend their case despite granting several adjournments. Hence, the proceeding against defendant nos. 1 & 2 was set exparte on 10.06.2024.

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The applicant has filed its Claim Affidavit (Exh. 9) alongwith List of Documents (Exh. 10), annexing therewith 4 documents. The original documents therein are marked as Exh. AW-1/1 to AW-1/3. The applicant has stated in the O.A. as well as in claim affidavit that total penal interest of Rs. 58,219/- has been charged in the Cash Credit Loan Account.

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Page 3 of 4 O.A. No. 557/2023

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Heard Learned counsel for the applicant.

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As stated supra, defendants remained exparte. The Evidence Affidavit coupled with the recitals in the documents viz. Exh. AW -1/1 to AW-1/3 marked on behalf of the applicant, clinches the claim of the applicant against defendants. There is no reason to disbelieve the evidence adduced on behalf of applicant. Hence, defendants are liable to pay, jointly and severally, the claim of the applicant with costs and future interest. However, I am not inclined to allow total penal interest of Rs. 58,219/- applied in Cash Credit Loan Account.

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Hence, it is ordered as under:-

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ORDER

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A] O.A. No. 557/2023 is allowed to the extent as under with costs.

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B] Defendants to pay jointly and severally to the applicant bank an amount of Rs. 26,39,113.25/- (Rupees Twenty Six Lakh Thirty Nine Thousand One Hundred Thirteen and Paise Twenty Five Only) outstanding in Cash Credit Loan Account No. 40533349526 with simple future interest @9% p.a. from the date of filing of O.A. till its realization.

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C] It is declared that charge of outstanding dues is kept on hypothecated goods of defendant no. 1 as mentioned in Schedule-I annexed to the O.A. and as referred in Exh. AW-1/2.

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D] Issue Recovery Certificate accordingly.

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Page 4 of 4 O.A. No. 557/2023

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E] The Registrar is directed to send the copy of Judgment and Recovery Certificate to the parties to this O.A at once.

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Nagpur Pankaj Kumar Presiding Officer Date : 29.08.2025 Debts Recovery Tribunal Nagpur

State Bank of India v. M/S New National Anaj Bhandar And Cotton Traders, a propriety concern Acting throuth its proprietor Mr. taufik nasirbhai sheikh

Case brief

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State Bank of India v. M/S New National Anaj Bhandar And Cotton Traders, a propriety concern Acting throuth its proprietor Mr. taufik nasirbhai sheikh

Case brief

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