Allowed

Punjab National Bank v. M S Aarti Lace

DRT23 Sept 2022OA/260/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an original application filed by Punjab National Bank against Aarti Lace and Mohan Lal Meena for recovery of dues. The court held the defendants liable for a debt of approximately Rs. 28.23 lakhs and issued a recovery certificate enforceable through the Recovery Officer.

What did the court decide?

Recovery certificate issued for Rs. 28,23,599.52 plus interest, directing recovery through sale of hypothecated and other properties.

Punjab National Bank versus M S Aarti Lace — Execution and Attachment | DRT (2022)

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“ORIGINAL APPLICATION” No. 260 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. 260 OF 2022

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DATE OF DELIVERY OF ORDER 23/09/2022

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PUNJAB NATIONAL BANK, Head Office at-Plot No. 4, Sector 10, Dwarka, New Delhi 110075

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Branch Office at-J-2, Jhalana Institutional Area, Jhalana Doongri, Jaipur 302001(Raj.)

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…..Applicant Bank……

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VERSUS

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1. M/S. AARTI LACE & ORS, R /o. at Shop No. 235, Gurunanakpura, Adarsh Nagar, Jaipur 302004.

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2. MOHAN LAL MEENA, S/o. Shri Kishori Lal Meena, R/o. at 62, Chatri Ka Mohalla, Kuda Post Mengh, Raisar, Jaipur.

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……Defendants….

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Counsel for the Applicant Bank - Shri Rajneesh Sharma Defendants are Ex-parte

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JUDGMENT

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The Applicant Bank originally filed this O.A. on 19.02.2022, against the Defendants for the recovery of a sum of Rs.28,23,599.52/- (Twenty Eight Lacs Twenty Three Thousand Five Hundred Ninety Nine & Paisa Fifty Two Only) on Cash Credit (Hypo.) Limit @12.75% p.a. with monthly rests from the Defendants with date of filing this original application till the date of realization and in default by sale of hypothecated Stock/Plant and Machinery/Furniture Fixture & as well as other Personal movable and immovable properties/assets of Defendants, jointly and severally. The applicant bank is entitled

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OA No. 260 OF 2022

to proceed against the same towards recovery of its debt. The applicant bank is entitled to the costs and expenses of the original application.

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The brief facts of the case are-

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That the present original application was filed by the Attorney Holder of the applicant bank and who was authorized to sigh & verify the original application and the same on behalf of the bank vide exhibit Aw/1.

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That defendant no. 1 approached the applicant bank for seeking credit facility to meet their business requirements.

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That the applicant bank sanctioned the credit facility in the form of cash credit (Hypothecation) Limit of Rs. 25.00 lacs to the defendants and the defendants has executed required loaning documents in favour of applicant bank.

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That the defendant has hypothecated his stock, gods and other assets of firm in favour of applicant bank.

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That the defendants failed to abide by the financial discipline in the above loan facility and also failed to deposit the outstanding amount. As a result the account of the defendants was classified as NPA on 31.03.2021 as per guidelines of RBI. The applicant bank has issued recall notice dated 21.06.2021 to the defendant, but after giving recall notice, the defendants failed to pay the outstanding amount to the applicant bank.

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That the applicant bank prayed to issue a recovery certificate for aforesaid amount against the Defendants and also entitled to realize outstanding amount by the sale of above mentioned hypothecated goods etc AND as well

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as other Personal movable and immovable properties/assets of Defendants, jointly and severally. The applicant bank is entitled to proceed against the same towards recovery of its debt.

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The Defendants is called absent and set ex-parte on 12.08.2022.

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The applicant bank filed its evidence affidavit along with list of documents, annexing therewith Exhibit Aw/1/1 to Aw/1/16.

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Heard the Ld. Counsel for the applicant bank.

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The point that arise for consideration is: Whether the applicant bank is entitled to the claim as prayed for?

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As stated supra, the Defendants remained ex-parte. The applicant bank filed the evidence affidavit coupled with the recitals in the documents, viz Exhibit Aw/1/1 to Aw/1/16 marked on behalf of the applicant bank, clinches the claim of the applicant bank against the Defendants. Hence, I hold that the Defendants are 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. 260 OF 2022 is allowed declaring that:-

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a) The Defendants are liable to pay to the applicant bank a sum of Rs.28,23,599.52/- (Twenty Eight Lacs Twenty Three Thousand Five Hundred Ninety Nine & Paisa Fifty Two Only) with future interest @ 10% p.a. (Simple) from the date of filing the original application till the date of realization.

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b) The applicant bank is entitled to recover the above amount by the sale of hypothecated Stock/Plant and Machinery/Furniture Fixture & as well as other Personal movable and immovable properties/assets of Defendants,

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OA No. 260 OF 2022

jointly and severally. 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 and expenses 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 04/01/2023 .

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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. 23/09/2022 .

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

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Place-Jaipur Dated-23/09/2022

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OA No. 260 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. 260 OF 2022

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DATE OF DELIVERY OF ORDER 23/09/2022

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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, Head Office at-Plot No. 4, Sector 10, Dwarka, New Delhi 110075

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Branch Office at-J-2, Jhalana Institutional Area, Jhalana Doongri, Jaipur 302001(Raj.)

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…..Applicant Bank……

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VERSUS

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1. M/S. AARTI LACE & ORS, R /o. at Shop No. 235, Gurunanakpura, Adarsh Nagar, Jaipur 302004.

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2. MOHAN LAL MEENA, S/o. Shri Kishori Lal Meena, R/o. at 62, Chatri Ka Mohalla, Kuda Post Mengh, Raisar, Jaipur.

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……Defendants….

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Recovery Certificate for Rs. 28,23,599.52/-

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In terms of final order dated 23/09/2022 passed by this Tribunal in the above mentioned case, it is ordered that the-

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a) The Defendants are liable to pay to the applicant bank a sum of Rs.28,23,599.52/- (Twenty Eight Lacs Twenty Three Thousand Five Hundred Ninety Nine & Paisa Fifty Two Only) with future interest @ 10% p.a. (Simple) from the date of filing the original application till the date of realization.

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b) The applicant bank is entitled to recover the above amount by the sale of hypothecated Stock/Plant and Machinery/Furniture Fixture & as well as other Personal

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OA No. 260 OF 2022

movable and immovable properties/assets of Defendants, jointly and severally. 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 and expenses of the O.A.

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ii. Parties are directed to appear before the Recovery Officer, DRT, Jaipur on 04/01/2023 .

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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 23/09/2022 .

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

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Place-Jaipur Dated-23/09/2022

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OA No. 260 OF 2022

FORM NO. 10

[See Regulation-24(1)]

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DEBTS RECOVERY TRIBUNAL First Floor, Sudharma-II, Opp.Kisan Bhawan, Lal Kothi Shopping Centre, Tonk Road, JAIPUR- 302015

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SCHEDULED TO RECOVERY CERTIFICATE MEMO OF COST

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O.A No. 260 OF 2022

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PUNJAB NATIONAL BANK, Head Office at-Plot No. 4, Sector 10, Dwarka, New Delhi 110075

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Branch Office at-J-2, Jhalana Institutional Area, Jhalana Doongri, Jaipur 302001(Raj.)

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…..Applicant Bank……

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VERSUS

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1. M/S. AARTI LACE & ORS, R /o. at Shop No. 235, Gurunanakpura, Adarsh Nagar, Jaipur 302004.

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2. MOHAN LAL MEENA, S/o. Shri Kishori Lal Meena, R/o. at 62, Chatri Ka Mohalla, Kuda Post Mengh, Raisar, Jaipur.

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……Defendants….

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S. No.	Item of Costs	Amount in Rupees
1.	Fee on the application	31,000
2.	Process Fees (inc. Publication)	709
3.	AdvocateFees	1,250
4.	Commissioner/Receivers/Valuation/Sec urityFee	NIL
5.	Miscellaneous Charges	NIL
	Total Costs	32,959

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

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Place-Jaipur Dated-23/09/2022

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OA No. 260 OF 2022

23/09/2022 Counsel: Sh. RAJNISH SHARMA, Counsel for the Applicant Bank. Defendants are ex-parte.

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Heard Arguments of Ld. Counsel for the applicant bank.

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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

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OA No. 260 OF 2022

23/09/2022

Counsel:

Sh. RAJNISH SHARMA, Counsel for the Applicant Bank. Defendants are ex-parte.

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The Tribunal vide order dated 23/09/2022 , 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 23/09/2022 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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Presiding Officer, Debts Recovery Tribunal, Jaipur

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OA No. 260 OF 2022

DEBTS RECOVERY TRIBUNAL, JAIPUR

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ORIGINAL APPLICATION NO. 260 OF 2022

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The Recovery Certificate prepared in compliance of order dated 23/09/2022 passed by Hon’ble Presiding Officer, DRT, Jaipur in Original Application No. 260 OF 2022 Title- PNB Vs. M/S. AARTI LACE & 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. M S Aarti Lace

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. M S Aarti Lace

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

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