Final Order:

1. The present Original Application in short (OA) has been filed under section 19 of Recovery of Debts and Bankruptcy Act 1993 seeking issuance of Recovery Certificate against the defendant for Rs. 99,81,419.26 (Rupees Ninety Nine Lakh Eighty One Thousand Four Hundred Nineteen and Paise Twenty Six Only) with further interest thereon from the date of filing the Application till realization.

2. It is the case of the applicant that the defendant availed overdraft loan facility of Rs. 1,00,00,000/- (Rupees One Crore Only) which was later renewed to Rs. 95 lakhs.

3. It is also the case of the applicant that, in view of the above availed loans, the defendant executed necessary loan documents along with letter of undertaking, demand promissory note and hypothecation agreement.

4. It is further contended that, despite availing the credit facilities, agreeing to service the loan account promptly and regularly, the defendant failed in complying the same, resulting in default in repayment and consequentially turning the loan accounts as NPA.

5. In the above circumstances, the applicant approached this Tribunal by filing this OA seeking issuance of Recovery Certificate for the balance amount due in the account.

6. Despite, summons on the defendant, they failed to appear resulting the defendant being set exparte on 13.11.2024.

7. The applicant had let in evidence through AW-1, who filed Proof Affidavit reiterating the contentions taken in the OA and also produced Exhibits A-1 to A-17 and got the same marked in evidence.

8. Heard the Ld. Counsel for the Applicant and considered the contentions as taken in the OA in the light of documentary evidence and proof affidavit.

9. The following issues arise for consideration in this matter:

                   i) Whether the applicant had succeeded in proving the OA claim as against the defendant?

                   ii) What order are to be passed?

Both these issues are gone into and decided together.

10. The case put forth by the applicant in the Application remains unrebutted as defendant remained exparte. The evidence tendered by the applicant remains uncontroverted and undisputed. The evidences put forth by the applicant were found admissible and are sufficient to prove availment of credit facilities as stated in the OA, creation of Hypothecation and the defaults committed in the accounts. The liability of the defendant and the claim of the amount due are also proved by the above documents. The claim of the applicant is well within the limitation.

11. Hence in view of the findings arrived herein above, the Tribunal find both these issues in favour of applicant and hence, this Tribunal is of the view that OA is to be allowed.

12. Taking into consideration the facts that the credit facilities are availed for Business purpose and also that the OA claim is arrived at by calculating interest at the agreed rate, this Tribunal in view of the OA can be allowed with a reduced interest of 12.00% (simple).

13. In the result, OA.No.1471/2023, stands allowed,

                   i) The applicant is allowed to recovery an aggregate sum of Rs. 99,81,419.26 (Rupees Ninety Nine Lakh Eighty One Thousand Four Hundred Nineteen and Paise Twenty Six Only) with further interest @12.00 % p.a.(simple) from the date of filing OA till the realization, from the defendant personally, after giving credit to all the amount recovered and received during the pendency of the OA and allowed the same to be recovered by proceeding against the defendant personally and also proceeding against its assets including the schedule assets. Schedule to the OA be the schedule to the recovery certificate.

                   ii) The applicant bank is allowed cost of the proceedings which applicant to file cost memo within 7 days from the date of receipt of the order.

                   iii) The Recovery Certificate to be drawn in terms of this order and transferred to Recovery for execution.

                   iv) Interim application pending, if any, stands disposed of in terms of this final order.

14. Communicate a copy of the order to the parties concerned in terms of Section 19(21)(i) of the RDB Act, read with Rule 16 of DRT (Procedure) Rules, 1993.