Allowed

Idbi Bank v. Shubha Bharadwaj

DRT14 Feb 2025OA/941/2024

Case brief

AI extract

What is this about?

Debts Recovery Tribunal-II, Jabalpur allowed an original application filed by IDBI Bank Ltd. against two defendants for recovery of outstanding dues totaling Rs. 57,30,056.00 along with interest and a recovery certificate.

What did the court decide?

Defendants ordered to jointly and severally pay Rs. 57,30,056.00 with 10% p.a. simple interest and costs; Recovery Certificate issued under Section 19(2); properties to be sold.

Idbi Bank versus Shubha Bharadwaj — Banking and Recovery | 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 - Horr'bte Shri Rarrr Niwas Patet)

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Original Apptication No. 911124

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lDBl Bank Ltd., Wright Town, ln front of Surya Hote[, Jabalpur (M.P.)482002

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Applicant

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Versus

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01 ) Smt. Shubha Bharadwaj, W/o Shri Rajesh Bharadwaj

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Ankit Bharadwaj,

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S/o Shri rajesh Bharadwaj

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

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Defendants

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Counse[ for the Appticant : Shrj Amit Garg, Advocate

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Defendants : Ex-parte

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JUDGMENT

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(Dated -4tl' February, 2025)

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The Appticant-Bank has filed the^{prc'sentOriginat Apptication} u/s 19 of Recovery of Debts and Bankruptcy ncl^{orr 72/07lZ4 against the} Defendants for recovery of Rs. 57,30,056.00^(Rupees l'ifty Seven^{Lakh, Thirty} Thousand and Fifty Six onty) atong with interest arrd olher retiefs^as stated.

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The brief facts of thc' case arc tnat on the request^of Defendant No.-1 and 2, the Applicant Bank sancttoned CC^Limit of^{Rs. 25} Lakh and Rs. 35 Lakh respectively on 01¹⁰⁷ 119 and KCC^loan of^Rs. 8,85,563/- on 04/07/19.1n consideration of thc'^{sanction of creditfacitities} the Defendants in addition to execution of loan^{arrcj guaranteedocuments} have atso created equitabLe mortgagc over the^{iinrrrovab[eproperty, i.e.,}

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i) att the piece and^parcel of Agricutlure Land area^2450sq.ft., Mouza Sanjeevni Nagar, Jabalpur Devetopmeni AuLhority,^SchemeNo.-6, Lease Ptot No.-815, Corp. llouse No.-116,^{,it:er S;ivarkar Ward, Distt.-} Jabatpur (M.P.) 482003; betonging to Dcfendanl itc.'1;

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oA94ll24

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ii) all thc :iece and^parceI of agricutture land in Vi ltage- Bhuvara, Patwari Halka No-00072 Bhuvara Revenue Mandal Patan, Kh No.-308, area 1.60 Hects, Teshit'Patan, Distt.-Jabipur (M.P.); betonging to Defendant No-1. The Defendants avaited thc credit facitities but performed poorly in repayment of the loan. The accourrt became NPA and the Defendants faited to liquidate the outstanding dues despite issuance of Recatl Notice on 08101 124 and injtialjon of action under the Securitisation Act by the Appticant Bank. The Applicant-Bank has relied upon the documents at Ex. A- 1 to A-18 which werc proved by Shri Rajender Bist, DGM & Branch Head.

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Despitc scrvice of nottce, the Defendants neither appeared nor fited written statemont.. They were proceeded ex-parte vide order dated 12/11/24. There is therefore, no rcason to disbetieve the contentions of the Bank. Considering lirc lacts of the case, I opine that the Defendants are jointty and severatlV ljabte to pay lhe ctaim amount together with interest and costs. The Applic;rnt-Bank in its apptication through ctaimed further interest, has not spcci{icalty mentioned the prevaiting rate of interest. However, I feet it fair and reasonabte to grant interest @10% p.a. simpte pendentelite and futurc titI reaLization of the dues. The mortgaged properties are liable lo be sotd for recovery of amount due along with the personal properties.rnd assets of lhe Defendants.

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The Original Apptlcation is allowed and it is ordered as under-

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i) The Defenrjants do pay^jointly and severalty Rs. 57,30,056.00 (Rupees Fifty Seven Lakh, Thirty Thousand and Fifty Six onty) together with pendentelite and future interest @10% per annum simpte from the date of fiting of the 0A, i.e.. 77107 124, with costs titI its rea[ization.

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ii) The Applicant Bank is cntitled to se[[ 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 injunction from depteting, transferring, encumbering, atienating or in any way deating with their properties/assets without fjrst paying the c[aim of the Applicant Bank.

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oA941t21

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iii) A Recovery Certificate bc. issued uls 19(72) of Recovery of Debts and Bankruptcy Act. The applicant bank rrray fite a memo of cost within 7 days for preparing Recovery Ccrtifjcate.

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Judgment pronounced in the open courI on rhis 1.t !ly of February, 2025.

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.>,/l(Ram Niwas Patet) Presidine Officer

Idbi Bank v. Shubha Bharadwaj

Case brief

What is this about?

What did the court decide?

Idbi Bank v. Shubha Bharadwaj

Case brief

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