The DRT allowed an application filed by State Bank of India for recovery of ₹12,21,902.99 from KK Sarees and Proprietor Mohd. Javed Khan detailing interest calculations and enforcement of hypothecated securities.
The respondents are ordered to pay the applicant ₹12,21,902.99 along with future accrued interest and issue a Recovery Certificate.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
ORIGINAL APPLICATION NO.394 OF 2022
DEBTS RECOVERY TRIBUNAL No.2, MUMBAI
PRESIDING OFFICER: HARISH KUMAR KAUSHIK
ORIGINAL APPLICATION NO.394 OF 2022
Date of Institution: 10.05.2019 Date of Decision: 05.03.2026
TOTAL CLAIM AMOUNT :
₹ 12,21,902.99/-
STATE BANK OF INDIA,
a Bank Constituted under the provisions of State Bank of India, Act, 1955 for public sector banking and Financial services company and having its Central Office at Madam Cama Road, Nariman Point, Mumbai-400 021
And a Branch Office at SMECC Prabhadevi, 4th floor, Ravindra Natya Mandir, Sayani Road, Prabhadevi, Mumbai-400 025 represented through its Assistant General Manager Mr. Pradeep Bhaskar Kanvinde age 56 years.
… Applicant
Versus
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ORIGINAL APPLICATION NO.394 OF 2022
Mathuradas Bhuvan, Dada Saheb Falke Road, Dadar East, Mumbai-400 014.
…Defendants
APPEARANCES For the Applicant : Mr Jaywant Palande i/b Mr V. B Tiwari - Advocate For Defendants : None
J U D G M E N T
(1) This is an application under Section 19(1) of the Recovery of the Debts due to Banks and Financial Institutions Act, 1993 renamed as Recovery of the Debt and Bankruptcy Act, 1993 (for short, ‘the 1993 Act’) to recover aggregate amount of ₹12,21,902.99/- (Rupees Twelve Lakhs TwentyOne Thousand Nine Hundred Two and paisa Ninety-Nine Only) wherein ₹10,28,194.82/(Rupees Ten Lakhs Twenty-Eight Thousand One Hundred Ninety-Four and paisa Eighty-Two Only) is payable as on 15.04.2019 with interest outstanding of ₹1,93,708.17/- alongwith future accrued interest payable from 27.03.2019 @ 2.75% above base rate per annum with monthly rests thereon from the date of presentation of the Original Application i.e. 10.05.2019 till payment/realization and to enforce the
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ORIGINAL APPLICATION NO.394 OF 2022
hypothecated securities.
The details of the claim amount are as under: -
| Sr | Nature of |
O/s. amount as | Add: Interest |
Total | Amount |
|---|---|---|---|---|---|
| No | Facility | on 15.04.2019 | from | as | on |
| 27.03.2018 to 15.04.2019 (Including penal/overdue interest @ 2% above the normal rate) |
15.04. | 2019 | |||
| 1 | Term Loan and Cash Credit |
₹10,28,194.82/- | ₹1,93,708.17/- | ₹12,21 | ,902.99/- |
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ORIGINAL APPLICATION NO.394 OF 2022
The details of the Sanction amount are as under: -
| Sr | Date o f Sa ncti o n | Am ount |
R OI | Sec ur ity |
|---|---|---|---|---|
| No | ||||
| 1 | 28. 05. 20 15 | ₹1 0,0 0,0 00/ - | 2.7 5 % abo v e ba s e | Hypo t he ca t ion of |
| rate eq uiv ale nt to | Sto c ks a nd Sare e s. | |||
| 10. 10 % p er a nnum | ||||
| i.e. 1 2.8 5 % a t |
||||
| monthly r es t s | ||||
| Total Am o unt | ₹10, 00, 000/ - | - | - |
The details of the documents executed by the Defendant are as under: -
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ORIGINAL APPLICATION NO.394 OF 2022
in payment of instalments and repayment of the loan and accordingly the accounts of the borrowers were declared as Non-Performing Assets (N.P.A.) on 27.03.2018 as per RBI Guidelines. Therefore, on 20.11.2018, the applicant, through its advocate, called upon defendants to liquidate the outstanding in the sum of total outstanding balance in the Loan Account as on 15.11.2018 including Principal, Interest & other charges is ₹11,45,417.61/- (Rupees Eleven Lakhs Forty-Five Thousand Four Hundred Seventeen and Paisa Sixty-One Only). Despite notice, defendant nos. 1 and 2 failed and neglected to pay.
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ORIGINAL APPLICATION NO.394 OF 2022
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ORIGINAL APPLICATION NO.394 OF 2022
ORDER
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ORIGINAL APPLICATION NO.394 OF 2022
Sd/-
(Harish Kumar Kaushik) Presiding Officer, DRT-2, Mumbai
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1 issue framed by the court
Whether the claim for recovery of outstanding dues including interest is admissible and enforceable under Section 19(1) of the 1993 Act.
1 provisions across 1 enactments
STATE BANK OF INDIA
KK SAREES
PROP. MR. MOHD. JAVED KHAN
HARISH KUMAR KAUSHIK
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
