Allowed

Indusind Bank Limited v. Ramdev

DRT5 Jun 2026OA/1316/2022

Case brief

AI extract

What is this about?

The Tribunal allowed the bank’s application for recovery of dues and declared respondent borrowers jointly and severally liable to pay Rs. 21,29,263/- with interest. The bank was entitled to recover from hypothecated and mortgaged properties via a recovery certificate.

What did the court decide?

Recovery certificate issued for Rs. 21,29,263/- with interest; respondents directed to pay; bank entitled to recover from hypothecated and personal assets.

Indusind Bank Limited versus Ramdev — Banking and Recovery | DRT (2026)

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“ORIGINAL APPLICATION” No. 1316 of 2022

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BEFORE THE DEBTS RECOVERY TRIBUNAL, JAIPUR PRESENT- SHRI VIMAL GUPTA

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PRESIDING OFFICER

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O.A. NO. 1316 OF 2022

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DATE OF DELIVERY OF ORDER 05.06.2026

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Indusind Bank Limited having its Registered Office at 2401, Gen. Thimmayya Road, Pune - 411001 and Branch Office situated at Indusind Bank Limited, Sangam Tower, Ground Floor, Church Road, Off M.I. Road, Jaipur, Rajasthan- 302001 through its Authorised Signatory Rinki Sharma.

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…..Applicant Bank…..

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VERSUS

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1. Shri Ramdev S/o Ratan Lal, R/o Daulatpura, Jaloda Khatian, Main Road, Pipalda, Kota - 325214, Rajasthan.

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Also At:-

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R/o 15, Bairwa Vasti, Daulatpura, Tehsil: Pipalda, Kota - 325214, Rajasthan.

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2. Lt. Shri Ratan Lal S/o Modu Lal,

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2/1 Shri Sukhdev S/o Ratan Lal, Address- Daulatpura, Jaloda Khatian, Main Road Pipalda, Kota - 325214, Rajasthan.

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2/2 Shri Ramdev S/o Ratan Lal, R/o Daulatpura, Jaloda Khatian, Main Road, Pipalda, Kota - 325214, Rajasthan.

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3. Shri Sukhdev S/o Ratan Lal, Address- Daulatpura, Jaloda Khatian, Main Road Pipalda, Kota - 325214, Rajasthan.

……Defendants…..

OA No. 1316 of 2022

Counsel for the Applicant Bank Sh. Vineet Sharma Defendants Ex parte

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JUDGMENT

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This Original Application was filed by the applicant bank on 16.11.2022 for recovery of outstanding amount of Rs. 21,29,263/- from the Defendants.

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As per the pleadings, Defendant No. 1 in the capacity of borrower and Defendant no. 2 in the capacity of co-borrower and Defendant no. 3 in the capacity of guarantor had approached the applicant bank for availing Credit facility in the form of Overdraft Account (CC Agri-Production Loan) and Agri-Investment Loan Facility. After due consideration, the said credit facility was sanctioned by the Applicant Bank in favour of Defendants in the year 2018 vide sanction letter dated 17.05.2018 for a total sum of Rs. 20 Lac.

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As per the statement of loan account, EMI payments were deposited by the Defendants in the year 2021. Accordingly, this OA is well within the limitation.

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It is submitted that looking to the regular defaults committed by the Defendant, the applicant bank issued loan recall notices dated 01.11.2022 pertaining to the aforesaid loan accounts, despite of which the Defendant failed to clear the due amount of the applicant bank.

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Defendants failed to maintain financial discipline and therefore, their loan account was classified as NPA.

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OA No. 1316 of 2022

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Applicant Bank has therefore, filed this original application for recovery of its dues against the Defendants.

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Summons were issued to the Defendants on 07.01.2023 and re-issued through court commissioner on 14.05.2025. The court commissioner filed his report dated 05.08.2025 and as per report summons served through dasti to the Defendant No. 1 & 3 and Defendant No. 2, Shri Ratan Lal, found deceased. Accordingly, notices to the LRs of the Defendant No. 2 were issued vide order dated 09.10.2025. Despite service none were appeared on behalf of the Defendants, therefore, they were proceeded ex-parte vide order dated 01.04.2026.

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Heard arguments and perused the record.

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As stated supra, the Applicant Bank filed the evidence affidavit of Ms Rinki Sharma coupled with the recitals in the documents, viz Exhibit Aw/1 to Aw/6 marked on behalf of the applicant bank, clinches the claim of the applicant bank against the Defendants. Hence, I hold that the Defendants are jointly & severally liable to pay to the applicant bank the claim made in O.A. with future interest and costs.

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In the result, this O.A. No. 1316 of 2022 is allowed declaring that:-

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a) The Defendants are jointly & severally liable to pay to the applicant bank a sum of Rs. 21,29,263/- (Rupees Twenty One Lac Twenty Nine Thousand Two Hundred and Sixty Three Only) with pendente lite

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OA No. 1316 of 2022

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and future interest @ 10% (simple) till the date of realization.

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b) The applicant bank is entitled to recover the above amount from the sale of hypothecated assets and mortgaged property –

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Khasra No. 46, 50, 51, 52, 53, 55, Village: Dolatpura, Tehsil: Pipalda, District: Kota (Rajasthan) admeasuring 16.28 Acres standing in the name of defendant no. 2 as well as from the personal movable and immovable properties/assets of Defendants. The applicant bank is entitled to proceed against the same towards recovery of its debt.

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c) The applicant bank is entitled to the costs of the O.A.

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10.The recovery certificate be issued forthwith and be sent to the Recovery Officer, DRT, Jaipur.

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11.Parties are directed to appear before the Recovery Officer, DRT, Jaipur on 13.07.2026 .

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12.Prepare Recovery Certificate accordingly.

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13.A copy of the Judgment and Recovery Certificate be given or sent by registered post to each of the parties free. A copy of the Recovery Certificate be sent to the Recovery Officer of this Tribunal for necessary action as per the law.

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(Vimal Gupta) Presiding Officer, Debts Recovery Tribunal, Jaipur

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OA No. 1316 of 2022

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Order pronounced in the open court today i.e. 05.06.2026 .

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(Vimal Gupta) Presiding Officer, Debts Recovery Tribunal, Jaipur

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OA No. 1316 of 2022

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BEFORE THE DEBTS RECOVERY TRIBUNAL, JAIPUR PRESENT- SHRI VIMAL GUPTA

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PRESIDING OFFICER

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O.A. NO. 1316 OF 2022

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DATE OF DELIVERY OF ORDER 05.06.2026

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RECOVERY CERTIFICATE

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(UNDER SUB Section 22 of the Recovery of Debts due to Banks and Financial Institutions Act, 1993 (Act 51 of 1993)

…..Applicant Bank…..

VERSUS

1. Shri Ramdev S/o Ratan Lal, R/o Daulatpura, Jaloda Khatian, Main Road, Pipalda, Kota - 325214, Rajasthan.

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Also At:-

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R/o 15, Bairwa Vasti, Daulatpura, Tehsil: Pipalda, Kota - 325214, Rajasthan.

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2. Lt. Shri Ratan Lal S/o Modu Lal,

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2/1 Shri Sukhdev S/o Ratan Lal, Address- Daulatpura, Jaloda Khatian, Main Road Pipalda, Kota - 325214, Rajasthan.

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2/2 Shri Ramdev S/o Ratan Lal, R/o Daulatpura, Jaloda Khatian, Main Road, Pipalda, Kota - 325214, Rajasthan.

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3. Shri Sukhdev S/o Ratan Lal, Address- Daulatpura, Jaloda Khatian, Main Road Pipalda, Kota - 325214, Rajasthan.

……Defendants…..

OA No. 1316 of 2022

Recovery Certificate for Rs. 21,29,263/-

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In terms of final order dated 05.06.2026 passed by this Tribunal in the above mentioned case, it is ordered that the-

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a) The Defendants are jointly & severally liable to pay to the applicant bank a sum of Rs. 21,29,263/- (Rupees Twenty One Lac Twenty Nine Thousand Two Hundred and Sixty Three Only) with pendente lite and future interest @ 10% (simple) till the date of realization.

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b) The applicant bank is entitled to recover the above amount from the sale of hypothecated assets and mortgaged property –

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Khasra No. 46, 50, 51, 52, 53, 55, Village: Dolatpura, Tehsil: Pipalda, District: Kota (Rajasthan) admeasuring 16.28 Acres standing in the name of defendant no. 2

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as well as from the personal movable and immovable properties/assets of Defendants. The applicant bank is entitled to proceed against the same towards recovery of its debt.

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c) The applicant bank is entitled to the costs of the O.A.

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Parties are directed to appear before the Recovery Officer, DRT, Jaipur on 13.07.2026 .

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The Recovery Officer shall realize the amount as per this Certificate in the manner and mode prescribed under Section 25

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OA No. 1316 of 2022

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and 28 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (as amended from time to time) from the above named Certificate Debtor.

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This Certificate has been issued under my signatures and seal of the Tribunal on this 05.06.2026 .

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(Vimal Gupta) Presiding Officer, Debts Recovery Tribunal, Jaipur

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OA No. 1316 of 2022

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BEFORE THE DEBTS RECOVERY TRIBUNAL, JAIPUR PRESENT- SHRI VIMAL GUPTA

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PRESIDING OFFICER

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O.A. NO. 1316 OF 2022

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DATE OF DELIVERY OF ORDER 05.06.2026

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SCHEDULE TO RECOVERY CERTIFICATE

MEMO OF COST

…..Applicant Bank…..

VERSUS

1. Shri Ramdev S/o Ratan Lal, R/o Daulatpura, Jaloda Khatian, Main Road, Pipalda, Kota - 325214, Rajasthan.

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Also At:-

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R/o 15, Bairwa Vasti, Daulatpura, Tehsil: Pipalda, Kota - 325214, Rajasthan.

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2. Lt. Shri Ratan Lal S/o Modu Lal,

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2/1 Shri Sukhdev S/o Ratan Lal, Address- Daulatpura, Jaloda Khatian, Main Road Pipalda, Kota - 325214, Rajasthan.

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2/2 Shri Ramdev S/o Ratan Lal, R/o Daulatpura, Jaloda Khatian, Main Road, Pipalda, Kota - 325214, Rajasthan.

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3. Shri Sukhdev S/o Ratan Lal, Address- Daulatpura, Jaloda Khatian, Main Road Pipalda, Kota - 325214, Rajasthan.

……Defendants…..

OA No. 1316 of 2022

S.No.	Item of Costs	Amount (Rs.)
1	Fee on the Application	24,000.00
2	Process Fee (Inc. Publication)	179.00
3	Advocate Fee	1,250.00
4	Court Commissioner’s Fees	10,000.00
5	Commission/Receiver/Valuation	NIL
6	Miscellaneous Charges	NIL
	Total	35,429.00

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(Vimal Gupta) Presiding Officer, Debts Recovery Tribunal, Jaipur

OA No. 1316 of 2022

05.06.2026

Counsel: Sh. Vineet Sharma, Counsel for Applicant Bank Defendants are ex-parte

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Judgment dictated separately and pronounced in the open court. As per order the O.A. is allowed. Recovery Certificate be prepared accordingly and the Registry is directed to verify the Recovery Certificate as per Regulation 22(1) of Debts Recovery Tribunal Regulation 2024 and after verification place the same before the Tribunal.

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(Vimal Gupta) Presiding Officer, Debts Recovery Tribunal, Jaipur

OA No. 1316 of 2022

05.06.2026

Counsel:

Sh. Vineet Sharma, Counsel for Applicant Bank Defendants are ex-parte

¶118

The Tribunal vide order dated 05.06.2026 , directed the Registrar to verify the Recovery Certificate as per Regulation 22(1) of Debts Recovery Tribunal Regulation 2024.

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The Registrar vide order dated 05.06.2026 verified the Recovery Certificate as per Regulation 22(1) of Debts Recovery Tribunal Regulation 2024. Recovery Certificate be prepared accordingly. Copy of the Judgment and Recovery Certificate be given free to the concerned parties as well as be sent to the Recovery Officer for further proceedings. File be put up before the Registrar for compliance. After compliance file be consigned to record.

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(Vimal Gupta) Presiding Officer, Debts Recovery Tribunal, Jaipur

Indusind Bank Limited v. Ramdev

Case brief

What is this about?

What did the court decide?

Indusind Bank Limited v. Ramdev

Case brief

What is this about?

What did the court decide?

What the court decided

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