Allowed

State Bank of India v. Shri Bheesham Das Vaishnav

DRT23 Jul 2025OA/995/2024

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the bank's original application filed under Section 19 of the RDB Act. Recognizing the defendant's default on home loan dues, the court ordered the defendant to pay the principal along with specified interest rates, remained restrained from transferring assets, and directed the issuance of a recovery certificate.

What did the court decide?

Payment of Rs. 43,65,306.00 with specified interest from 29/07/2024; injunction against transfer of assets; issuance of Recovery Certificate under Section 19(7)(a).

State Bank of India versus Shri Bheesham Das Vaishnav — Execution and Attachment | DRT (2025)

GONTD. ORDER. SHEET

PAGE NO

CASE NO

DATE	DESCRIPTION OF THE ORDER	REMARK
oA995tZ4 23/07t25	Judgment pronouncedintheOpenCourtCamp at Raipur.CopyofJudgmentbeissuedtothePartiesas perrules.Recordbeconsignedto theRecordRoom. (Ram Pate[) Presidingofficer DRT: Jabatpur CampCourt:Raipur	hq"L,,r^-\€(-- --:- - C.Afu"tfn-\Gn,,,rr h^",-^{1L"^i} 5-+tr4 J0(r?.qtrt*

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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 Patel)

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Original Application No.^- 995I24

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State Bank of lndia, Stressed Assets Recovery Branch, Btock B-1, Pujari Chamber, Pachpedi Naka, Tikrapara, Raipur^(C.G.)

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Appticant

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Versus

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Shri Bheeshan Das Vaishnav, 5/o 5hri Gajadhar Das Vaishnav, (a) LIG-567, Near Jain Mandir, Padmanabhpur, CGHB, Durg^(C.G.) 491001;

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(b) Quarter No.-5lD, Road No.-71 , Behind Sai Cottege, Sector-6, Bhitai^(C.G.) 491001i

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Defendant

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Counsel for the Appticant : Shri^{L.P. Yadav, Advocate}

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Defendant : Ex'Parte

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JUDGMENT

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(Dated : 23'd Juty, 2025)

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The Appticant-Bank has fited the^{present OriginalApptication} u/s 19 of Recovery of Debts^{andBankruptcyAct on 29/07/24against the} Defendant for recovery of^Rs. 43,65,306.00^{(RupeesFourty Three Lakh, Sixty} Five Thousand, Three Hundred and^{Six onty) atong with interestand other} retief s as stated.

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The brief facts of the case are that^{on the request of} Defendant, the Appticant^{Bank sanctionedHome Loan of Rs' 26 Lakh,Home} Loan lnsurance Cover of Rs.^{1.18 LakhaggregatingRs,27'18 Lakh on} 06107 117 which was restructured^{on 15110120,anotherHome Loan of Rs.7} Lakh on 27 lO8/19 which^{was restructured on29/09/21 and Insta HomeTop-} up Loan of Rs.94,667 l- through^{Yono Appticantin the year 2020 and in} consideration of the same^{the Defendant in addition to executionof loan} documents has atso^{created equitabtemortgageover the immovable} property, i.e., a[[ part &^parcet of^{residentialHouseNo' LIG-567,}

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)

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oA995124

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Padmanabhapur, CGHB, Durg,^NPN Durg,^{Tehsi[& District-Durg (C.G.), area} 91.70 sq.mtr.^(Leasehotd). The Defendant availed^{the credit facitities but} faited to liquidate the outstanding dues despite issuance of^{Legal Noticeon} 74/06124 by the Appticant Bank. The Appticant-Bank has relied upon^the documents at Ex. A-1 to A-15 which were^proved by Shri Sajan Joseph Mathew, Chief Manager.

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Despite service of notice, the Defendant neither appeared nor fited written statement. He was proceeded ex-parte vide order dated 10/07 125. There is therefore, no reason to disbelieve the contentions of the Bank. Considering the facts of the case, I opine that the Defendant is liabte to pay the claim amount together with interest and costs. The AppticantBank in its apptication has claimed interest @9.30% p.a. with monthty rests in Home Loan account No.-36992822708, interest @9.30% p.a. with monthty rests in Home Loan Surakasha account, interest @9,40% p.a. with monthty rests in Home Loan account No.-38719852959 and interest @10.70y. p.a. with monthty rests in lnsta Home Top-up Loan account. However, I feet it fair and reasonable to grant interest @9.30% p.a. simpte in Home Loan account No.-36992822708 and Home Loan lnsurance Cover account, interest @9.40yo p.a. simpte in Home Loan account No.-38719852959 and interest @10.70% p.a. simpte in lnsta Home Top-up loan account pendentelite and future titl realization of the dues. The mortgaged property is tiabte to be sotd for recovery of amount due along with the personal properties and assets of the Defendant. Admittedty, the property mortgaged as described above is a leasehotd property; therefore, the sale of mortgaged property shatl be subject to terms and conditions of lease agreement/no objection certificate, if any.

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The Originat Application is attowed and it is ordered as under-

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i) The Defendant do pay Rs. 43,65,306.00 (Rupees Fourty Three Lakh, Sixty Five Thousand, Three Hundred and Six onty) together with pendentetite and future interest @9.30% p.a. simpte in Home Loan account No.-36992822708 and Home Loan lnsurance Cover account, interest @9,40y" p.a. simpte in Home Loan account No.-38719852959 and interest @10.70% p.a. simpte in lnsta Home Top-up toan account from the date of fiting of the OA, i.e., 29107 124, with costs tilI its realization.

oA 99512-+

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ii) The Appticant^{Bank is entitted to sett the mortgagedas wellas} personal^{properties and assetsof the Defendantfor rea[ization of its dues'} The sate of^{mortgagedpropertyshattbe subject to terms and conditionsof} Lease Agreement/No^{ObjectionCertificate'TheDefendantis hereby} restrained by^{means ofinjunction from depteting' transferrrng'} encumbering,^{atienatingor in any waydeating with his properties/assets} without first^{payingthe ctaim of the ApplicantBank'}

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iii) A^{RecoveryCertificatebe issued uts 19(72) of Recoveryof} Debts and^{BankruptcyAct' The appticantbank may fite a memo of cost} within 7 days^{for preparingRecovery Certificate'}

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Judgment P^{ronouncedintheopencourtonthis23'dDayofJuty'2025at} z Camp Court^RaiPur.

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z 2 o7 ( m wa5 Patet) Presidtnq^Officer

State Bank of India v. Shri Bheesham Das Vaishnav

Case brief

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State Bank of India v. Shri Bheesham Das Vaishnav

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