Allowed

Central Bank of India v. M/S Nandi Keshwar Traders

DRT21 Jun 2025TA/1815/2022

Case brief

AI extract

What is this about?

The Tribunal disposed of an application by Central Bank of India for recovery of outstanding dues from M/s Nandi Keshwar Traders. The defendant, though absent, had failed to file a written statement or evidence. The Tribunal allowed the application and directed the defendant to pay the decretal amount within 30 days.

What did the court decide?

Directed the defendant to pay Rs. 63,92,365/- with interest within 30 days; directed issuance of recovery certificate.

Central Bank of India versus M/S Nandi Keshwar Traders — Banking and Recovery | DRT (2025)

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T.A. No. 1815 of 2022

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Debts Recovery Tribunal-I, Delhi 4th floor, Jeevan Tara Building, Parliament Street, New Delhi

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Presiding Officer: Shri Govind Ballabh Sharma

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T.A. No.1815 of 2022

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Central Bank of India

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1367, Sultan Singh Building

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Main Road, Bara Bazar, Kashmere Gate

Delhi-110006

Applicant

Versus

M/s Nandi Keshwar Traders

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Through its Proprietor

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Sh.Bhawani Prasad

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D-1350, New Subzi Mandi

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Azadpur, Delhi-110033

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Also at:

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Ground Floor, Plot No.112/113, Khasra No.192/5, Fauji Colony, Mukund Pur Phase-2

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Delhi-110042 Defendant

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Present: Shri Amar Singh, Counsel for the applicant bank

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Date of Institution: 07.07.2022

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Date of Pronouncement: 21.06.2025

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FINAL ORDER

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This original application has been filed by the applicant bank before DRT-III, Delhi on 07.07.2022 and then transferred to DRT-I Delhi through Sh.Gaurav Kumar, authorized representative of the applicant bank under Section 19 of Recovery of Debts Due to Banks and Bankruptcy Act, 1993

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T.A. No. 1815 of 2022

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against the defendants for recovery of a sum of Rs.63,92,365/(Rupees Sixty Three Lacs Ninety Two Thousand Three Hundred Sixty Five only) as on 24.12.2021 along with pendentelite and future interest @9.55% per annum with monthly rests from 25.12.2021 till the date of realization along with costs.

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The brief facts of the case are that on the request of the defendant being proprietorship concern of Sh.Sh.Bhawani Prasad, the applicant bank sanctioned Cash Credit facility for a sum of Rs.55,00,000/- (Rupees Fifty Five Lacs only) on 29.05.2019 @9.55% interest with monthly rests against hypothecation of all type of goods and articles manufactured, etc. covered under CGTMSE scheme.

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In order to avail the loan facility, the defendant submitted loan application and executed Agreement of Hypothecation, Consent Clause, Supplementary Agreement, Demand Promissory Note, Letter of Interest Variation, Letter of Continuity on 29.05.2019 in favour of applicant bank.

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It has been submitted by the applicant bank that after availing the aforesaid loan facility, the defendant failed to comply with the terms and conditions of sanction and failed to regularize the account with the applicant bank. Ultimately, the applicant bank classified the account as NPA on 29.12.2020 as per RBI guidelines and issued legal demand notice dated 18.12.2021 to clear the outstanding dues but the defendant neglected the same and hence the applicant bank has approached this Tribunal for recovery of their dues.

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Notices of this O.A. were issued to the defendant and despite of proper service, the defendant has chosen to absent

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T.A. No. 1815 of 2022

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from the proceedings. As per order dated 27.03.2025, the defendant has been proceeded ex-parte as not appeared before the Tribunal and even written statement, evidence and affidavit of assets have not been filed by the defendant.

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In order to prove its case, the applicant bank has filed its evidence by way of Affidavit of Shri Gaurav Kumar, authorized representative of the applicant bank who has proved the documents as Power of Attorney Exhibit A-1, Sanction Letter Exhibit A-2, Agreement of Hypothecation Exhibit A-3, Consent Clause Exhibit A-4, Supplementary Agreement Exhibit A-5, Demand Promissory Note Exhibit A-6, Letter of Interest Variation Exhibit A-7, Letter of Continuity Exhibit A-8, Legal Notice & Postal Receipts Exhibit A-9(Colly), Statement of Account Exhibit A-10, Certificate under Section 2A of Banker's Book of Evidence Act Exhibit A-11.

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The applicant bank has fully corroborated the averments made in the O.A. Even otherwise the whole case of the applicant bank is based on the documents and the same have been duly approved.

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The case filed by the applicant bank gone unrebutted and there is no question of disbelieving the case of the applicant bank and the applicant bank has proved its case beyond reasonable doubts.

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In the light of the above discussions, the Original Application deserves to be allowed.

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T.A. No. 1815 of 2022

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ORDER

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allow this OA and direct the defendant to pay to the applicant bank, within a period of 30 days, a sum of Rs.63,92,365/- (Rupees Sixty Three Lacs Ninety Two Thousand Three Hundred Sixty Five only) as on 24.12.2021 together with pendentelite and future interest @9.55% per annum from 25.12.2021 till the date of realization and costs; failing which the aforesaid amount shall be recovered from the sale of hypothecated stocks, goods etc. In case of shortfall, the same shall be recovered from the sale of movable and immovable properties of the defendant.

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(II) The recovery certificate be issued forthwith and be sent to the Recovery Officer, Debt Recovery Tribunal-I, Delhi.

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(III) Parties are directed to appear before the Recovery Officer, DRT I, Delhi on 20.08.2025.

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(IV) Copies of final order as well as Recovery Certificate be sent to all concerned free of cost.

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(GOVIND BALLABH SHARMA) PRESIDING OFFICER DRT-I, DELHI

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(Dictated and pronounced in open court) Dated: 21.06.2025

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Central Bank of India v. M/S Nandi Keshwar Traders

Case brief

What is this about?

What did the court decide?

Central Bank of India v. M/S Nandi Keshwar Traders

Case brief

What is this about?

What did the court decide?

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