Allowed

Punjab and Sind Bank v. Lal Chand

DRT21 Nov 2022OA/274/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the original application filed by Punjab and Sind Bank for recovery of loans amounting to Rs. 22,90,210.63 with interest and costs. The court held the defendants jointly liable and issued a recovery certificate allowing recovery from mortgaged and personal properties.

What did the court decide?

Recovery certificate issued for Rs. 22,90,210.63 with future interest; rights to recover via sale of mortgaged property (Flat No. T-113) and other assets; costs awarded.

Punjab and Sind Bank versus Lal Chand — Banking and Recovery | DRT (2022)

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“ORIGINALAPPLICATION” No. 274 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. 274 OF 2022

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DATE OF DELIVERY OF ORDER 21.11.2022

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PUNJAB AND SIND BANK

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Branch Office at Nirman Nagar, Jaipur

…..Applicant Bank…..

VERSUS

1. LAL CHAND

S/o Shri Bhanru Ram

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R/o Plot No. 28, Village Balawala, Lakhana, Jaipur 302029

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2. MUKESH KUMAR S/o Shri Balveer R/o Shahpur Jatan, Junsuti,

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Distt. Mathura (U.P.) 281501

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……Defendants…..

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Counsel for the Applicant Bank Shri Y.P. Garg Defendants Ex-Parte

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JUDGMENT

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This Original Application was filed by Applicant Bank against Defendants on 01.02.2022 for recovery of an amount of Rs. 22,90.210/- with pendentlite and future interest and cost.

OA No. 274 of 2021

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 is proceeded ex parte on 28.07.2022.

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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/39 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. 274 of 2022 is allowed declaring that:-

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a) The Defendants are jointly and severally liable to pay to the applicant bank a sum of Rs. 22,90.210.63 (Rupees Twenty Two Lac Ninety Thousand Two Hundred Ten and Sixty Three Paisa Only) with future interest @ 9.45% p.a. (Simple) from 01.02.2022 till the date of realization.

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b) The applicant bank is entitled to recover the above amount by sale of mortgaged property of Defendant No. 1 i.e. Flat No. T-113, at Third Floor, on Plot No. 4, Nand Gaon Avenue, Near Iskon Temple, Krishna Sarowar, Dhola, Jaipur (Raj.) having super built-up area 1033.23 sq.ft. 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.

OA No. 274 of 2021

The recovery certificate be issued forthwith and be sent to the Recovery Officer, DRT, Jaipur.

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Parties is directed to appear before the Recovery Officer, DRT, Jaipur on 21.02.2023 .

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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 Order pronounced in the open court today i.e. 21.11.2022 . (Vivek Saxena) Presiding Officer, Debts Recovery Tribunal, Jaipur

OA No. 274 of 2021

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

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O.A. NO. 274 OF 2022

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DATE OF DELIVERY OF ORDER 21.11.2022

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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 AND SIND BANK

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Branch Office at Nirman Nagar, Jaipur

…..Applicant Bank…..

VERSUS

1. LAL CHAND

S/o Shri Bhanru Ram

R/o Plot No. 28, Village Balawala, Lakhana, Jaipur 302029

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2. MUKESH KUMAR

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S/o Shri Balveer

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R/o Shahpur Jatan, Junsuti, Distt. Mathura (U.P.) 281501

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……Defendants…..

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Recovery Certificate for Rs. 22,90,210.63

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In terms of final order dated 21.11.2022 passed by this Tribunal in the above mentioned case, it is ordered that the-

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a) The Defendants are jointly and severally liable to pay to the applicant bank a sum of Rs. 22,90.210.63 (Rupees Twenty Two Lac Ninety Thousand Two Hundred Ten and Sixty Three Paisa Only) with future interest @ 9.45% p.a. (Simple) from 01.02.2022 till the date of realization.

OA No. 274 of 2021

b) The applicant bank is entitled to recover the above amount by sale of mortgaged property of Defendant No. 1 i.e. Flat No. T-113, at Third Floor, on Plot No. 4, Nand Gaon Avenue, Near Iskon Temple, Krishna Sarowar, Dhola, Jaipur (Raj.) having super built-up area 1033.23 sq.ft. 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 is directed to appear before the Recovery Officer, DRT, Jaipur on 21.02.2023 .

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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 21.11.2022 .

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

OA No. 274 of 2021

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

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PRESIDING OFFICER

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O.A. NO. 274 OF 2022

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DATE OF DELIVERY OF ORDER 21.11.2022

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SCHEDULE TO RECOVERY CERTIFICATE

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MEMO OF COST

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PUNJAB AND SIND BANK

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Branch Office at Nirman Nagar, Jaipur

…..Applicant Bank…..

VERSUS

1. LAL CHAND

S/o Shri Bhanru Ram

R/o Plot No. 28, Village Balawala, Lakhana,

Jaipur 302029

2. MUKESH KUMAR

S/o Shri Balveer

R/o Shahpur Jatan, Junsuti, Distt. Mathura (U.P.) 281501

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……Defendants…..

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S.No.	Item of Costs	Amount (Rs.)
1	Fee on the Application	25,000.00
2	Process Fee (Inc. Publication)	50.00
3	Advocate Fee	1,250.00
4	Commission/Receiver/Valuation	NIL
5.	Miscellaneous Charges	NIL
	Total	26,300.00

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Presiding Officer, Debts Recovery Tribunal, Jaipur

OA No. 274 of 2021

21.11.2022

Counsel: Sh. Y.P. GARG, 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 prepisd 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. 274 of 2021

21.11.2022

Counsel: Sh. Y.P. GARG, Counsel for the Applicant Bank Defendants are ex-parte

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The Tribunal vide order dated 21.11.2022 , 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 21.11.2022 verified the Recovery Certificate as per Regulation 24(1) and (2) of Debts Recovery Tribunal Jaipur Regulation 2015. Recovery Certificate is prepisd 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. 274 of 2021

DEBTS RECOVERY TRIBUNAL, JAIPUR

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ORIGINAL APPLICATION NO. 274 of 2022

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The Recovery Certificate prepisd in compliance of order dated 21.11.2022 passed by Hon’ble Presiding Officer, DRT, Jaipur in Original Application No. 274 of 2022 Title Punjab and Sind Bank Vs Lal Chand & Anr. 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 and Sind Bank v. Lal Chand

Case brief

What is this about?

What did the court decide?

Punjab and Sind Bank v. Lal Chand

Case brief

What is this about?

What did the court decide?

What the court decided

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