Allowed

Idbi Bank v. Inderpal Singh

DRT31 Jan 2025OA/839/2023

Case brief

AI extract

What is this about?

In an original application filed under the Recovery of Debts and Bankruptcy Act, the Debts Recovery Tribunal allowed the applicant bank's claim for recovery of dues against the defendant following an ex-parte hearing, ordered the issuance of a Recovery Certificate, and authorized the sale of mortgaged properties.

What did the court decide?

Defendant to pay Rs. 43,82,323.51 with interest; Recovery Certificate to be issued; seizure of mortgaged and personal properties allowed.

Idbi Bank versus Inderpal Singh — Company and Corporate | 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 Applicotion No. - 839123

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lDBl Bank Ltd., Mantrataya, Raipur (C.G. )

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Appticant

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Versus

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Shri lnderpat Singh Bhatta, S/o Shri Tritok Singh Bhalta, Nitkantheshwar Mandir, Ketkar Para, Raipur (C.G.) 49200'l

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Defendant

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Counsel for the Appticant : Shri Jagbandan Patel, Advocate

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Defendant : Ex-parte

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JUDGMENT

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(Dated : 31't January, 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 07/07/23 against the Defendant for recovery of Rs. 43,82,323.51 (Rupees Fourty Three Lakh, Eighty Two Thousand, Three Hundred Twenty Three and Paisa Fifty^One only) aLong with interest and other retiefs as stated.

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The brief facts of the case are that on the request of Defendant, the Applicant Bank sanctioned Kisan Cash Credit^(KCC) Loan of Rs.27.36 Lakh on 10/07 118 and Funded lnterest Term Loan^(FITL) of^Rs. 3,42,026/- as per RBI Circutar of COVID-19 regutatory^package.ln consideration of the sanction of credit facilities the Defendant in addition to execution of loan documents has also created charge under the^provisions of Chhattisgarh Krishi Udhar Pravartan Tatha Prakriyan Upbandh^(Bank) Adhiniyam 1972 over the immovable^property, i.e., Agricutture Land Survey No.-50/1 area 1.670 hect.; 50/2 area 0.800 hect.; 51 area 0.080 hecL.;77 area 0.260 hect.; 81 area 0.480 hecl.;264l1area 0.060 hecl.;2047 l2^area 0.200 hect. and 7078 area 0.400 hect., total area 3.950 hectare, situatedⁱⁿ Vitlage-Parkhanda, Patwari Hatka No.-46, Tehsit-Kurud, District-Dhamtari (C.G.). The Defendant avai[ed the credit facilities and also executed Acknowtedgment of Debt cum Revival Letter on 10112/71 but^faitedto liquidate the outstanding dues despite issuance of^{Recatl Notice on 17/04/73}

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oA839123

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by the Appticant Bank. The Applicant-Bank has retied upon the documents at Ex. A-1 to A-11 which were proved by Shri Sudeshna Rout, Manager.

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Despite service of notice, the Defendant neither appeared nor filed written statement. He was proceeded ex-parte vide order dated 23/02124. There is therefore, no reason to disbelieve the contentions of the Bank. Considering the facts of the case, I opine that the Defendant is liable to pay the claim amount together with interest and costs. The Appticant' Bank in its application has ctaimed interest @11.30% p.a. with monthty rests in KCC account and interest @ 11.80% p.a. with monthty rests in FITL account. However, lfeet it fair and reasonabte to grant interest @11.30% p.a. simple in KCC loan account and interest @1 1.80% p.a. simple in FITL account pendentetite and future ti[[ reatization of the dues. The mortgaged property is liable to be sold for recovery of amount due atong with the personal properties and assets of the Defendant.

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

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i) The Defendant do pay Rs. 43,82,323.51 (Rupees Fourty Three Lakh, Eighty Two Thousand, Three Hundred Twenty Three and Paisa Fifty One onty) together with pendentetite and future interest @1 1.30%^p.a. simpte in KCC loan account and interest @1 1.802"^p.a. simpte in FITL account from the date of fiting of the OA, i,e,, 07/07/23 , with costs tiU^its realization.

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ii) The Applicant Bank is entitled to se[[ the mortgaged as wetl as personal properties and assets of the Defendant for realization of its dues. The Defendant is hereby restrained by means of injunction from depleting, transferring, encumbering, alienating or in any way^deating with^his 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 Cert'ificate.

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Judgment pronounced in the open court on this 31't^{Day of January, 2025.}

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o
(Ra Niwas Patet)
Presid ine Officer

Idbi Bank v. Inderpal Singh

Case brief

What is this about?

What did the court decide?

Idbi Bank v. Inderpal Singh

Case brief

What is this about?

What did the court decide?

What the court decided

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