Allowed

Bank of Baroda v. Ultra Polymer

DRT5 Feb 2025OA/588/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal, Jabalpur, adjudicated an application by Bank of Baroda for recovery of principal, interest, and costs against two defendants who defaulted on a term loan and credit facility secured by a mortgage. The defendants were impleaded ex-parte, and the tribunal granted the claim, modified the interest rate, and ordered specific relief including issuance of a recovery certificat

What did the court decide?

Respondents to jointly and severally pay Rs. 31,42,665.78 with simple interest at 8.40% p.a.; Recovery Certificate issued; Defendants restrained from dealing with properties.

Bank of Baroda versus Ultra Polymer — Execution and Attachment | 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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Originol Application No, - 588/22

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Bank of Baroda, Laxman Bhawan, Kata Mandir Road, Rewa (M.P.) 486001

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Appticant

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Versus

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01 ) M/s Uttra Potymer, Through its ProprietorShri Abhishek Dwivedi, Ward No.-43, Badrao Chirahu[a, District-Rewa (M.P.)

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1. Shri Abhishek Dwivedi, S/o Shri Shrimani Sharma, Behind Power Gas Godown, Teshi[-Huzur, Distt.^-Rewa (M.P. )

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..... Defendants

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Counsel for the Applicant : Shri Sharad Chandra Khare, Advocate Defendants : Ex-parte

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JUDGMENT loatea^{: o5s nebruary,2025)}

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The Appticant-Bank has fited the present OriginaL Applicatlon uls 19 of Recovery of Debts and Bankruptcy Act on 28/03lZZ against the Defendants for recovery of Rs. 31,42,665.78 (Rupees Thirty One Lakh, Fourty Two Thousand, Six Hundred Sixty Five and Paisa Seventy Eight onty) atong with interest and other retiefs as stated.

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7, The brief facts of the case are that on the request of Defendant No.-'l through its Proprietor Defendant No.-2, the Applicant Bank sanctioned Term Loan of Rs. 16.50 Lakh and Cash Credit (Hypothecation of Stocks & Book Debts) Limit of Rs. 6 Lakh on 12/01/18 and in consideration of the same the Defendants in addition to execution of loan documents have atso created equitabte mortgage over the immovabte property, i.e., Diverted Land at Khasra No.-478/2/ka/2,479121ka Rakwa 0.014 hectares 30x52=1560 sq.ft., situated at Mauja Badrao 41 5 PH Chirahula 34, Ward No.-43, Rl Circte Rewa (Grid), Tehsil-Huzur, Rewa (M.P.); betonging to Defendant No.-2. The Defendants avaited the credit facitities and atso executed Letter of

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oA 588122

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Acknowtedgment of Debt^{on 03/06/20 but faited to liquidate the outstanding} dues despite initiation of^{action underthe Securitisation Act by the} Appticant Bank. The Applicant'Bank^{has retied upon the documentsat Ex A-1} to A-25 which were^proved by^{Shri Girish Kumar Sharma, ChiefManager.}

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Despite service of notice, the Defendants neither^{appeared nor} fited written statement. They were^proceeded ex-parte^{vide order dated} 07/05124, There is therefore, no reason to disbelieve^{the contentionsof the} Bank. Considering the facts of the case, I opine that the^{Defendantsare} jointty and severally liabte to pay the claim amount together with interest and costs. The Applicant-Bank in its application^has ctaimed interest @8.40% p.a. with monthly rests. However, I feel it fair and reasonabte to grant interest @8.40% p.a. simple pendentelite and future titl realization of the dues. The mortgaged property is liabte to be sotd for recovery of amount due atong with the personal properties and assets of the Defendants.

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The Original Application is atlowed and it is ordered as under-

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i) The Defendants do pay^jointty and severally Rs. 31 ,42,665.78 (Rupees Thirty One Lakh, Fourty Two Thousand, Six Hundred Sixty Five and Paisa Seventy Eight onty) together with pendentetite and future interest @8.40%^per annum simpte from the date of fiting of the OA, i.e.,28/03/22, with costs ti[[ its reatizatron.

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ii) The Appticant Bank is entitled to setl 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 depleting, transferring, encumbering, atienating or in any way dealing with their properties/ assets without first paying the ctaim of the Applicant Bank. iii) A Recovery Certificate be issued uls 19(22\ of Recovery of Debts and Bankruptcy Act. The applicant 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 05th Day of February,7025.

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9' (Ram Niwas Patet) Presidine Officer

Bank of Baroda v. Ultra Polymer

Case brief

What is this about?

What did the court decide?

Bank of Baroda v. Ultra Polymer

Case brief

What is this about?

What did the court decide?

What the court decided

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