Debts Recovery Tribunals and Appellate Tribunals
INDIAN BANK (ALLAHABAD BANK) vs M/S GAYATRI TEXTILE PACKING on 23 April 2024
Registered on: 11.08.2022
Decided on: 23.04.2024
IN THE DEBT RECOVERY TRIBUNAL-I AT MUMBAI
TRANSFER ORIGINAL APPLICATION NO. 9 of 2022
INDIAN BANK (erstwhile Allahabad
Bank), a Banking Company incorporated
under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, having its Corporate Office at 254-260, Avvai Shanmugan Salai, Royapettah, Chennai, Tamil Nadu – 600 014 and having its Kalbadevi Branch situated at 635, Mistry Building, Dhodi Talao, J.S.S. Road, Kalbadevi, Mumbai – 400
002 now transferred to Fort Branch at Ground Floor, Indian Bank (e- Allahabad Bank Building), 37, Mumbai Samachar Marg, Fort, Mumbai- 400 023 through Mr. Sankar, Assistant General Manager
…. APPLICANT
VERSUS
M/S. GAYATRI TEXTILE PACKING,
Proprietor
of
Mr.
Bhanwar
Singh
Rajpurohit,
S/o,
Bhoorsingh
Chandarsingh
Rajpurohit,
having
its
address at 1467/11/201, Gala No. 201, 2nd Floor, OM complex Anjur Phata, Bhiwandi, Thane- 421 302.
And also at:
Village Champakheri, Post Sirasana, via Merta, District Nagpur, Rajasthan- 341 510.
… DEFENDANT
_____________________________________________
Counsel for the Applicant :
Advocate V. N. Ajikumar
Counsel for the Defendant :
Ex-parte
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J U D G M E N T
1. The Original Application has been filed by the Applicant against the Defendant for recovery of Rs. 11,65,211.82 (Rupees Eleven Lakh Sixty Five Thousand Two Hundred Eleven and Paise Eighty Two Only) under the said cash credit facility together with interest thereon at the rate of 9.75 % p.a. compounded with monthly rests from the date of filing of the present TA till its realisation.
2. Facts as succinctly set out in the present OA are that the Defendant through its proprietor Mr. Bhanwar Singh Rajpurohit has approached to the Applicant Bank who is carrying on Shirting business/ Shirting Packing etc. and requested for financial requirements Cash Credit facility of Rs. 10 Lakh for business development.
3. It is also stated that pursuant to the said request, Applicant vide sanction letter dated 11.02.2016 sanctioned Cash Credit Facility of Rs. 10 Lakh.
4. In consideration of sanction of the aforesaid facility, Defendant executed various security and loaning documents in favour of the Applicant which include Demand Promissory Note dated 11.02.2013 and Deed of Hypothecation dated 11.02.2016, the Defendant had created first charge on hypothecation on movables thereby all tangible movable machineries, plant, fixture, fitting and other installations, Cranes, furniture, computers & other accessories, vehicles together with spares, tools and accessories and all other articles lying in the premises situated at 1467/11/201, Gala No. 201, 2nd Floor, OM complex, Anjur Phata, Bhiwandi.
5. However, after availing aforesaid facility, Defendant failed and neglected to repay the outstanding dues, thus the account was classified as NPA on 31.03.2017. Thereafter, the Applicant issued notice for recall of advance on 06.04.2017 and called upon the Defendant to pay the outstanding dues, but failed to do so. Hence, the present OA has been filed.
6. Notice was issued to the Defendant. Despite service, none appeared on behalf of the Defendant nor any WS has been filed, he was proceeded ex-parte vide order dated 02.04.2024.
7. Record reveals that after filing of the above original application by a Gazette Notification No. G.S.R. 156 (E) dated 04.03.2020 of Department of Finance Service, the Original Applicant (Allahabad Bank) has been amalgamated into Indian Bank w.e.f. 01.04.2020 thus, Indian Bank has been substituted in place and stead of Allahabad Bank.
8. The Applicant Bank has produced all the Original Loan documents and other relevant documents along with their Claim Affidavit filed through Chief Manager Maithli Sharan Sanwla.
9. I have heard the Ld. Counsel for the Applicant Bank and perused the record.
10. The witness of the Applicant Bank has fully corroborated the averments made in the OA, even otherwise the whole case of the Applicant Bank is based on documents and the witness has duly proved all these documents as against the defendant. In my view there is no question of disbelieving the evidence led by the Applicant Bank and the Applicant Bank has proved its case beyond reasonable doubt.
11. In the light of above discussions, the Original Application filed by the Applicant Bank deserves to be allowed against the Defendant.
O R D E R
(i) I allow the present O.A. and direct the Defendant to pay to the Applicant, within a period of 60 days, a sum of Rs. 11,65,211.82 (Rupees Eleven Lakh Sixty Five Thousand Two Hundred Eleven and Paise Eighty Two Only) under the said cash credit facility together with interest thereon at the rate of 9.75 % p.a. compounded with monthly rests from the date of filing of the present TA till its realisation.
(ii) Failing which the aforesaid amount shall be recovered from the sale of the hypothecated asset personal moveable and immoveable assets of the Defendant.
(iii) Defendant is hereby directed not to deal with their properties till further direction of Ld. Recovery Officer.
(iv) Defendant shall also pay the cost and expenses of the OA.
(v) Recovery Certificate be issued forthwith and be sent to the Recovery Officer of this Tribunal. Copy of this order be sent to the parties as per rules. File be consigned to record.
Place: Mumbai.
(Dr. Rekha G. Dhakar) Date : 23.04.2024
Presiding Officer, DRT-1, Mumbai.
Tjs/-