Allowed

Punjab National Bank v. Nagarmal

DRT18 Oct 2022OA/121/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the original application filed by Punjab National Bank for recovery of Rs. 82,76,918.81. The court declared the defendants liable for the principal amount with future interest and upheld the bank's right to recover dues from hypothecated goods, mortgaged property, and personal assets via a Recovery Certificate under the RDBFI Act.

What did the court decide?

Order allowing the OA, declaring defendants liable to pay Rs. 82,76,918.81 along with future interest, and issuing a Recovery Certificate under Section 22 of the RDBFI Act, 1993.

Punjab National Bank versus Nagarmal — Banking and Recovery | DRT (2022)

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“ORIGINALAPPLICATION” No. 121 of 2022

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BEFORE THE DEBTS RECOVERY TRIBUNAL, JAIPUR PRESENT- SHRI VIVEK SAXENA

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PRESIDING OFFICER

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O.A. NO. 121 OF 2022

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DATE OF DELIVERY OF ORDER 18.10.2022

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PUNJAB NATIONAL BANK

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Branch – Mainawali, Tehsil Rawatsar, District Hanumangarh presently represented through Circle Sastra Centre, Hanumangarh (Rajasthan) through its Power of Attorney Holder/Authorized Signatory.

…..Applicant Bank…..

VERSUS

1. NAGRMAL,

S/o Mr. Jeevan Ram,

R/o 39, Village & Post Ladhasar via Ratangarh,

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Tehsil Ratangarh, District Churu – 331022 (Rajasthan)

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2. NORANG LAL

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S/o Mr. Mam Raj Ram,

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R/o 78, Rajpoot Basti, Village Ladhasar, Tehsil Ratangarh, District Churu - 331022

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3. KESRA RAM

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S/o Mr. Jiwan Ram,

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R/o 38, Rajpoot Basti, Village Ladhasar, Tehsil Ratangarh, District Churu - 331022

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……Defendants…..

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Counsel for the Applicant Bank Shri Raj Kumar Defendants Ex parte

Shri Raj Kumar

JUDGMENT

OA No. 121 of 2022

This Original Application was filed by Applicant Bank against Defendants on 20.12.2021 for recovery of an amount of Rs. 82,76,918.81 with pendentlite and future interest and cost.

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As per O.A., Defendants approached the Applicant Bank for financial assistance. After due consideration, credit facility was sanctioned by the Applicant Bank in favour of Defendants. Defendants failed to maintain financial discipline and therefore, their loan account was classified as NPA. Applicant Bank has therefore, filed this original application for recovery of its dues against the Defendants.

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Defendants were proceeded ex parte on 29.06.2022.

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As stated supra, the Applicant Bank filed the evidence affidavit coupled with the recitals in the documents, viz Exhibit A/1 to A/47 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 and 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. 121 of 2022 is allowed declaring that:-

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a) The Defendant No. 1 is liable to pay to the applicant bank a sum of Rs. 82,76,918.81 (Rupees Eighty Two Lac Seventy Six Thousand Nine Hundred Eighteen and Eighty One Paisa Only) with future interest @ 14.65% p.a. (Simple) but Defendants No. 2 & 3 shall be liable jointly and severally upto the liability of an amount of Rs. 65,34,780.76 (Rupees Sixty Five Lac Thirty Four Thousand Seven Hundred Eighty and Seventy Six Paisa only) with future interest @ 14.65% p.a. (Simple) from 30.12.2021 till the date of realization.

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b) The applicant bank is entitled to recover the above amount by sale of hypothecated goods and

OA No. 121 of 2022

mortgaged property – Agriculture Land comprised in Khata No. 119, Khasra Nos. 57 in Village – Village – Ladhasar, Patwar Dausar, TehsilRatangarh, District – Churu admeasuring 24 Bigha 19 Biswa 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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The recovery certificate be issued forthwith and be sent to the Recovery Officer, DRT, Jaipur.

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Parties are directed to appear before the Recovery Officer, DRT, Jaipur on 18.01.2023 .

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Prepare Recovery Certificate accordingly.

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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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(Vivek Saxena) Presiding Officer, Debts Recovery Tribunal, Jaipur

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Order pronounced in the open court today i.e. 18.10.2022 .

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(Vivek Saxena) Presiding Officer, Debts Recovery Tribunal, Jaipur

OA No. 121 of 2022

BEFORE THE DEBTS RECOVERY TRIBUNAL, JAIPUR PRESENT- SHRI VIVEK SAXENA

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PRESIDING OFFICER

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O.A. NO. 121 OF 2022

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DATE OF DELIVERY OF ORDER 18.10.2022

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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)

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PUNJAB NATIONAL BANK

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Branch – Mainawali, Tehsil Rawatsar, District Hanumangarh presently represented through Circle Sastra Centre, Hanumangarh (Rajasthan) through its Power of Attorney Holder/Authorized Signatory.

…..Applicant Bank…..

VERSUS

1. NAGRMAL,

S/o Mr. Jeevan Ram,

R/o 39, Village & Post Ladhasar via Ratangarh,

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Tehsil Ratangarh, District Churu – 331022 (Rajasthan)

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2. NORANG LAL

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S/o Mr. Mam Raj Ram,

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R/o 78, Rajpoot Basti, Village Ladhasar, Tehsil Ratangarh, District Churu - 331022

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3. KESRA RAM

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S/o Mr. Jiwan Ram,

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R/o 38, Rajpoot Basti, Village Ladhasar, Tehsil Ratangarh, District Churu - 331022

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……Defendants…..

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Recovery Certificate for Rs. 82,76,918.81

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In terms of final order dated 18.10.2022 passed by this Tribunal in the above mentioned case, it is ordered that the-

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a) The Defendant No. 1 is liable to pay to the applicant bank a sum of Rs. 82,76,918.81 (Rupees Eighty Two Lac Seventy Six Thousand Nine Hundred Eighteen and Eighty One Paisa Only) with future interest @

OA No. 121 of 2022

14.65% p.a. (Simple) but Defendants No. 2 & 3 shall be liable jointly and severally upto the liability of an amount of Rs. 65,34,780.76 (Rupees Sixty Five Lac Thirty Four Thousand Seven Hundred Eighty and Seventy Six Paisa only) with future interest @ 14.65% p.a. (Simple) from 30.12.2021 till the date of realization.

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b) The applicant bank is entitled to recover the above amount by sale of hypothecated goods and mortgaged property – Agriculture Land comprised in Khata No. 119, Khasra Nos. 57 in Village – Village – Ladhasar, Patwar Dausar, TehsilRatangarh, District – Churu admeasuring 24 Bigha 19 Biswa 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 18.01.2023 .

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The Recovery Officer shall realize the amount as per this Certificate in the manner and mode prescribed under Section 25 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 18.10.2022 .

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(Vivek Saxena) Presiding Officer, Debts Recovery Tribunal, Jaipur

OA No. 121 of 2022

BEFORE THE DEBTS RECOVERY TRIBUNAL, JAIPUR PRESENT- SHRI VIVEK SAXENA

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PRESIDING OFFICER

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O.A. NO. 121 OF 2022

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DATE OF DELIVERY OF ORDER 18.10.2022

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SCHEDULE TO RECOVERY CERTIFICATE

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MEMO OF COST

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PUNJAB NATIONAL BANK

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Branch – Mainawali, Tehsil Rawatsar, District Hanumangarh presently represented through Circle Sastra Centre, Hanumangarh (Rajasthan) through its Power of Attorney Holder/Authorized Signatory.

…..Applicant Bank…..

VERSUS

1. NAGRMAL,

S/o Mr. Jeevan Ram, R/o 39, Village & Post Ladhasar via Ratangarh,

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Tehsil Ratangarh, District Churu – 331022 (Rajasthan)

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2. NORANG LAL

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S/o Mr. Mam Raj Ram, R/o 78, Rajpoot Basti, Village Ladhasar, Tehsil Ratangarh, District Churu - 331022

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KESRA RAM

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S/o Mr. Jiwan Ram, R/o 38, Rajpoot Basti, Village Ladhasar, Tehsil Ratangarh, District Churu - 331022

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……Defendants….

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S.No.	Item of Costs	Amount (Rs.)
1	Fee on the Application	85000.00
2	Process Fee (Inc. Publication)	318.00
3	Advocate Fee	1,250.00
4	Commission/Receiver/Valuation	NIL
5.	Miscellaneous Charges	NIL
	Total	86,568.00

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Presiding Officer, Debts Recovery Tribunal, Jaipur

OA No. 121 of 2022

18.10.2022

Counsel:

Sh. RAJ KUMAR, Counsel for the 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 24(1) and (2) of Debts Recovery Tribunal Jaipur Regulation 2015 and after verification place the same before the Tribunal.

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(Vivek Saxena) Presiding Officer, Debts Recovery Tribunal, Jaipur

OA No. 121 of 2022

18.10.2022

Counsel:

Sh. RAJ KUMAR, Counsel for the Applicant Bank Defendants are ex-parte

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The Tribunal vide order dated 18.10.2022 , directed the Registrar to verify the Recovery Certificate as per Regulation 24(1) and (2) of Debts Recovery Tribunal Jaipur Regulation 2015.

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The Registrar vide order dated 18.10.2022 verified the Recovery Certificate as per Regulation 24(1) and (2) of Debts Recovery Tribunal Jaipur Regulation 2015. Recovery Certificate is 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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(Vivek Saxena) Presiding Officer, Debts Recovery Tribunal, Jaipur

OA No. 121 of 2022

DEBTS RECOVERY TRIBUNAL, JAIPUR

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ORIGINAL APPLICATION NO. 121 of 2022

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The Recovery Certificate prepared in compliance of order dated 18.10.2022 passed by Hon’ble Presiding Officer, DRT, Jaipur in Original Application No. 121 of 2022 Title Bank of Baroda Vs Nagarmal & Ors. has been checked and may be verified.

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Section Officer

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Assistant Registrar

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On the basis of the report of Section Officer the Recovery Certificate is verified. The Recovery Certificate is placed below for the signature of Hon’ble Presiding Officer please.

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Assistant Registrar

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Hon’ble Presiding Officer

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Punjab National Bank v. Nagarmal

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Nagarmal

Case brief

What is this about?

What did the court decide?

What the court decided

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Statutes considered

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