Debts Recovery Tribunals and Appellate Tribunals
M/s PHOENIX ARC PRIVATE LIMITED vs Green Field Construction Rep by its Prop Sri M Domic Sevio Raj on 1 February 2020
25.
**IN THE DEBTS RECOVERY TRIBUNAL II, KARNATAKA
AT BENGALURU**
Dated this the 1<sup>st</sup> day of February 2020
**Present**
**Shri K Ravindran Nair
Hon`ble Presiding Officer
In-charge-DRT-II**
**T.A.No.1532/2017
(O.A.No.2301/2016-DRT-I)**
**BETWEEN:**
**M/s PHOENIX ARC PRIVATE LIMITED**
(Assignee ARC of M/s Barclays Bank)
(In its Capacity as Trustee of Phoenix Trust FY 13-1 Scheme-B)
No.58 and 59, Sree Complex,
BHSC T Block, Banashankari 3<sup>rd</sup> Stage, Bengaluru- 560085
**Represented by its Authorized Signatory**
Mrs Laxmi Rathod
W/o Ravikumar P
** ...APPLICANT**
**AND:**
**Green Field Construction**
No.2/2, 3<sup>rd</sup> Main,
Ayyappa Temple Block,
Vivek Nagar,
Bengaluru-560 047
**Represented by its Proprietor**
Sri M Domic Sevio Raj
** ...DEFENDANT**
**Counsels on record/appeared for:**
**Applicant : The Firm
Defendant : Ex parte**
2T.A.No.1532/2017**FINAL ORDERS**
The present Application came to be registered on 26.09.2016 and transferred to DRT-II, Bengaluru, on the point of jurisdiction and renumbered as Transfer Application No.1532/2017 under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993, seeking recovery of an amount of Rs.29,27,195.72/-(Rupees Twenty-Nine Lakhs Twenty-Seven Thousand One Hundred and Ninety-Five and paisa Seventy-Two only) from the Defendants together with interest and cost.
2. The case of the assignee ARC is that, Defendant had approached and requested Business installment Loan from then M/s Barclays Bank, for expansion of business. M/s Barclays Bank considered the request and sanctioned Business Loan of Rs. 15 lakhs vide sanction letter dated 04.10.2008. The defendant had executed necessary documents in favour of M/s Barclays Bank.
3T.A.No.1532/2017
3. The Defendant after utilizing the entire loan proceeds for the above said purposes has failed to make the repayments of the loan dues as agreed, not serviced the interest thereon as per the terms and conditions agreed, has become chronic defaulter.
4. M/s Barclays Bank assigned the debt of the Defendant to M/s Phoenix ARC (P) Ltd (assignee ARC). Thereafter, Legal notice dated 31.05.2016 was issued by the said assignee ARC to the Defendant. The defendant did not come forward to clear the dues in response to the notice. Hence, the present OA is filed along with documents executed in favour of M/s Barclays Bank viz., Letter of Arrangement, Letter of sanction, DP Note, Letter issued by Barclays Bank, statement of account duly certified, Recall Notice, Letter of assignment etc.
5. Further the Defendant agreed to repay the above loan with variable rate of interest, as applicable from time to time as per the directions of the Head Office/Central Office of M/s Barclays Bank, penal interest in case of default and to keep the 4T.A.No.1532/2017
account regular by paying installments as and when due to the satisfaction of M/s Barclays Bank as detailed in the OA filed.
6. Despite repeated demands and reminders made by the Assignee, the defendant has not come forward to repay the dues outstanding, hence the recovery process is initiated against the defendant to recover the dues by the assignee ARC.
7. In the light of these factors, it is contended by the Assignee ARC that, Defendant is liable to pay a sum of Rs.29,27,195.72/- (Rupees Twenty-Nine Lakhs Twenty-Seven Thousand One Hundred and Ninety-Five and paisa Seventy-Two only).
8. After filing the OA, summons was sent through RPAD and the summons sent to the Defendant returned with postal shara "No such person", thereafter summons served through paper publications in two leading dailies against the Defendant. Even then, when defendant was called out, Defendant remained absent and hence placed ex parte.
5T.A.No.1532/2017
1. 9. To prove the case of the Assignee ARC, its Authorized Representative, Smt Laxmi Rathod, W/o Sri Ravikumar, has filed her affidavit by way of evidence and same was considered as evidence of AW-1 and marked at Ex.A-1, list of documents came to be marked as Ex.A-2 and 10 documents came to be marked as Ex.A-3 to Ex.A-12.
2. 10. No evidence on behalf of the Defendant.
3. 11. Arguments of Learned Counsel for the Plaintiff/ Assignee ARC heard and perused the records of the case.
4. 12. Following points arise for my consideration:
1. 1) Whether Plaintiff/assignee ARC proves its case as contended in the plaint/application?
2. 2) What order?
5. 13. For the following reasons, I answer the above referred points in the following manner:- 6T.A.No.1532/2017**REASONS**
14. Smt Laxmi Rathod, W/o Sri Ravikumar, Authorized representative of the Assignee ARC came to be examined as AW-1. Her affidavit by way of evidence reiterates the facts pleaded in the plaint and her affidavit is also corroborated by the above referred Ex.A-3 to Ex.A-12 which clearly establish the case of the assignee ARC to allow the present T.A. Added to this, the Defendant has remained absent and hence, it is to be construed that it has admitted the entire case pleaded by the assignee ARC as sought in the present T.A.
15. Therefore, for these reasons, present T.A is to be allowed with costs as sought by the assignee ARC.
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**ORDER**
Present T.A stands allowed as prayed for with costs.
Defendant is liable to pay the entire amount of Rs.29,27,195.72/- (Rupees Twenty-Nine Lakh Twenty-Seven Thousand One Hundred and ninety-Five and paisa Seventy- 7T.A.No.1532/2017
Two only) with interest at the rate of 20% P.A., from the date of application till the date of realization, as sought by the Assignee ARC in the OA.
Assignee ARC shall file fresh Memo of calculation of T.A amount together with interest, costs etc., to be paid by Defendant duly taking into account the amount/s if any paid by the Defendant and/or amount realized by sale of assets, etc., during the intervening period after filing the T.A, to enable the office to prepare Recovery Certificate for the amount to be paid by the Defendant to the Assignee ARC.
Office is directed to issue Recovery Certificate.
(Dictated to the stenographer, after its transcription and necessary corrections, signed and pronounced by me in the Open Court on this the 1<sup>st</sup> day of February, 2020)
**(K. Ravindran Nair)** **Presiding Officer** **I/C-DRT II, Bengaluru**
8T.A.No.1532/2017**ANNEXURES:****LIST OF WITNESSES EXAMINED ON BEHALF OF ASSGIGNEE ARC**
AW.1 – Smt Laxmi Rathod, W/o Ravikumar Authorized Representative of the Assignee ARC
**LIST OF DOCUMENTS MARKED ON BEHALF OF ASSIGNEE ARC:**
<table><tbody><tr><td>Ex.A1</td><td>:</td><td>Affidavit of AW.1</td></tr><tr><td>Ex.A2</td><td>:</td><td>List of documents</td></tr><tr><td>Exs.A3 – A.12</td><td>:</td><td>10documents</td></tr></tbody></table>
**LIST OF WITNESSES EXAMINED ON BEHALF OF DEFENDANT:**
- NIL -
**LIST OF DOCUMENTS MARKED ON BEHALF OF DEFENDANT:**
-NIL-
**(K Ravindran Nair)** Presiding Officer I/c-DRT-II, Bengaluru
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