Allowed

Idbi Bank v. Ankit Bharadwaj

DRT14 Feb 2025OA/940/2024

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed an application by IDBI Bank Ltd. against borrowers and a guarantor for recovery of dues. The court granted interest at 10% p.a. and directed the sale of mortgaged and personal assets for realization.

What did the court decide?

Defendants directed to pay Rs. 20,85,268 plus 10% simple interest; recovery certificate issued under Section 19(2); suit properties attenable for realization.

Idbi Bank versus Ankit Bharadwaj — 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 Applicotion No. 940124

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lDBl Bank Ltd., Wright Town, ln front of Surya Hotel, Jabatpur (M.P.) 482002

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Applicant

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Versus

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01 ) Ankit Bharadwaj, S/o Shri rajesh Bharadwaj

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Smt. Shubha Bharadwaj, W/o Shri Rajesh Bharadwaj

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(Both R/o House No.-136, P[ot No.-815, Veer Savarkar Ward, Sanjeevani Nagar, Garha, Jabatpur, M.P. 482003)

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Defendants

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Counsel for the Applicant : Shri Amit Garg, Advocate

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Defendants : Ex- parte

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JUDGMENT

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(Dated : 14th February, 2025)

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The Appticant-Bank has filed the present Original Application u/s'19 of Recovery of Debts and Bankruptcy Act on 22/07/24 against the Defendants for recovery of Rs. 20,85,268.00 (Rupees Twenty Lakh, Eighty Five Thousand, Two Hundred and Sixty Eighl only) atong with interest and other retiefs as stated.

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The brief facts of the case are that on the request of Defendant No.-1, the Appticant Bank sanctioned KCC Limit of Rs. 27,94,492/- on 04/07 119 and in consideration of the same the Defendant No.-1 as borrower and Defendant No.-2 as guaranlor in addition to execution of loan and guarantee documents have atso created equitabte mortgage over the immovable property, i.e., Agriculture Land at Vitlage- Bhuvara, Patwari Hatka No-00072 Bhuvara Revenue Mandal Patan, Kh No.-310, area 1.57 Hedts, Kh No.-32211 area 3.52 hects; total area 5.09 hects, Teshit-Patan, Distt.-Jabtpur (M.P.); betonging to Defendanl No.-1. The Defendant No.-1 avaited the credit facitity and also executc,d /rOD cum Revivat Letter on 26109/23 but performed poorly in repaymenl llre [oan. The account

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oA940124

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became NPA and thc Defendants^faited to^{tiquidate.the outstanding dues} despite issuance of Recall Notice on⁰⁸¹⁰¹ 174^{by the AppticantBank'The} Appticant-Bank has retjed upon the documents at Ex. A'1 to A-9 which^were proved by Shri Rajendcr Bist, DGM & Branch Head.

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Despite service of notice, the Defendants neither appeared nor fited written statemcnt. They were^proceeded ex'Parte vide order dated 12111/24. There is therefore, no reason to disbetieve the contentions of the Bank. Considering the facts of the case, I opine that the Defendants are jointly and severally llabte to pay lhe claim amount together with interest and costs. The Appticant-Bank^jn its application through claimed further interest, has not specifical[y mentioned the^prevailing rate of interest. However, lfeel it fair and reasonabte to^grant interest @10%^p.a. simple pendentetite and future til[ reahzation of the dues. The mortgaged property is liabte to be sold for recovery of amount due atong with the^personal properties and assets of the Defendants.

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4, The Original Application is attowed and it is ordered as under-

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i) The Defendants do pay^jointty and severally Rs. 20,85,268.00 (Rupees Twenty Lakh, Eighty Fjve Thousand, Two Hundred and Sixty Eight only) together with^pendentelite and future interest @10%^per annum simp(e from the date of fiting of the OA, i.e., 72107 /24, 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 reatization of its dues. The Defendants are hereby restrained by means of injunction from depteting, 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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5 Judgment pronounced tn the open court on this^{14th Day of February,} f 7t I,I^.o Ram lWaS Patet) Presidin Officer

Idbi Bank v. Ankit Bharadwaj

Case brief

What is this about?

What did the court decide?

Idbi Bank v. Ankit Bharadwaj

Case brief

What is this about?

What did the court decide?

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