Allowed

Bank of Baroda v. M/S Sarweshwari Minerals through Its Proprietor- Shri Sanjeev Kumar Singh

DRT25 Jul 2025OA/718/2023

Case brief

AI extract

What is this about?

Debts Recovery Tribunal set aside an order of dismissal quashed the DP consequent upon it and directed the defendants to pay the bank amount of dues with interest and mortgage properties. The court approved the relief claimed allowing the applicant bank to recover dues and issue recovery certificate under the RDBA.

What did the court decide?

Defendants to pay debt with interest; recovery certificate to be issued; injunction restraining transfer of assets.

Bank of Baroda versus M/S Sarweshwari Minerals through Its… — Banking and Recovery | DRT (2025)

CONTD. ORDER. SHEET

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CASE NO

DATE 25/07t25	DESCRIPTION OFTHEORDER Judgment pronouncedintheOpenCourtCamp at Raipur.CopyofJudgmentbeissuedtothePartiesas perrules.Recordbeconsignedto theRecordRoom. (Ra asPatet) Pr ingofficer DRT:Jabalpur CampCourt:Raipur	REMARK (\HQtqo <-oLill-n- C1,^!,-J-lth \arltR?le"B 2{1"+l^{z^t r} \q4,--

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DEBTS RECOVERY TRIBUNAL : JABALPUR

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(for the States of Madhya Pradesh and Chhattisgarh)

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CATAP COURT AT RAIPUR^(C.G.)

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(Presiding Officer - Hon'bte Shri Ram Niwas Patet)

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Originol Applicotion No.^- 718/23

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Bank of Baroda,

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Near Jai Stambh Chowk, Purana Ganj, Bhatapara, Distt.^-Baloda Bazar^(C.G. )

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..... Appticant

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Ve rsu s

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01 ) M/s Sarweshwari Minerats, Through its ProprietorShri Sanjeev Kumar Singh

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1. Shri Sanjeev Kumar Singh, S/oShri Yashwant Singh

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(1 & 2 at B'27, Krishna Nagar,

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Nayapara Ward, Bhatapara, C.G.^493118)

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1. Shri Atok Kumar Singh, R/o B-11, Krishna Nagar, Bhatapara (C.G.)493118 '....^Defendants

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Counset for the Appticant : Shri Arun Kumar^{Mishra, Advocate} Defendants : Ex-parte

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JUDGMENT ( oateo : z :t-.1 u ly Jo z s )

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The Applicant-Bank has fited the^present Originat^Application u/s 19 of Recovery of Debts and Bankruptcy Act on^{01 106123against the} Defendants for recovery of Rs. 49,33,71 5.00^{(RupeesFourty NineLakh,} Thirty Three Thousand, Seven Hundred and Fifteen on[y) atong^{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 through its Proprietor Defendant No.-2, the Appticant^Bank initiatty sanctioned Overdraft Limit of Rs. 20 Lakh in the^year 201 3 which was subsequentty enhanced to Rs. 40 Lakh on 28103/16 and further the said facility was restructured and also sanctioned Funded lnterest Term^Loan (FITL) of Rs. 1.27 Lakh, FITL-ll of Rs. 2.08 Lakh and FITL-lll of Rs. 1.22 Lakh. ln consideration of the sanction of credit facitities, the Defendant No.-1 &²

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oA 71 8i 23

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as borrower and Defendant No.-3 as guarantor in addition to execution of toan and guarantee documents have also created equitabte mortgage over the immovabte properties betonging to Defendant No.-2, i.e.,

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i) Factory Land &. Buitding bearing Kh No.-524l1, P.C. No.-26, Vittage-Shikari KehaIi, Tehsit & District-Sima, Bhatapara-Balodabazar, area 0.380 hectare (20000 sq.ft. diverted); ii) Residential Property at Khasra No.-55/'143, 741100, 75/100, 76/101 ,791105, PH^-06, House No. Govind B/23, Krishna Nagar, Gadaipura Ward, Bhatapara, Baladabazar, area 792 sq.ft.

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The Defendant No.-1 & 2 availed the credit facilities but to adhere the terms and condition of sanctions. The accounts were classified as NPA and the des failed to liquidate the outstanding dues despite issuance of Notice dated 21 /10121 u/s 13(2) of the Securitisation Act by the Appticant Bank. The Applicant-Bank has retied upon the documents at Ex. A-1 to A-22 which were proved by Shri Lalatendu Pradhan, Chief 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 28/04/75. There is therefore, no reason to disbetieve the contentions of the Bank. Considering the facts of the case, I opine that the Defendants are jointty and severatly liabte to pay the claim amount together with interest and costs. The Appticant-Bank in its application has ctaimed interest @13.75y"^p.a. with monthty rests. However, I feel it fair and reasonabte to grant interest @17% p.a. simpte pendentelite and future tilt reatization of the dues. The mortgaged properties are liabte to be sold for recovery of amount due atong with the personal properties and assets of the Defendants.

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The Original Apptication is altowed and it is ordered as under-

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i) The Defendants do pay^jointty and severally Rs. 49,33,71 5.00 (Rupees Fourty Nine Lakh, Thirty Three Thousand, Seven Hundred and Fifteen onty) together with^pendentetite and future interest @12%^per annum simple from the date of fiting of the 0A, i.e.,⁰¹ 106/23,^{with costs} titI its reatization.

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ii) The Applicant Bank is entitted to setl the mortgaged^{as we[[ as} personal properties and assets of the Defendants for realization of^{its dues.} The Defendants are hereby restrained by^means of^{injunctionfrom}

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oA7t8l23

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depteting, transferring,^{encumbering, atienatingor in anyway deating with} their properties/ assets^{without first paying the ctaim of the Applicant Bank.}

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iii) A Recovery Certificate^{be issueduls 19(72)of Recoveryof} Debts and Bankruptcy^{Act. The appticantbank may fite a memoof cost} within 7 days for^{preparingRecovery Certificate.}

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Judgment^{pronouncedin the open court on thisDay of 25thJuty, 2025 at} Camp Court RaiPur.

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2 ,

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o1
(Ram N t)
Presi dine Off ice r

Bank of Baroda v. M/S Sarweshwari Minerals through Its Proprietor- Shri Sanjeev Kumar Singh

Case brief

What is this about?

What did the court decide?

Bank of Baroda v. M/S Sarweshwari Minerals through Its Proprietor- Shri Sanjeev Kumar Singh

Case brief

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What did the court decide?

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