The Tribunal allowed the bank's application for recovery of Rs. 47,52,529/- against two defendants jointly and severally. It granted uniform simple interest at 9% per annum from the filing date instead of the claimed rates.
Defendants ordered to pay Rs. 47,52,529/- with simple interest at 9% p.a. from filing date. Recovery Certificate issued.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
DEBTS RECOVERY TRIBUNAL-2, CHANDIGARH, PRESIDED OVER BY M.M. DHONCHAK
DATED THE 18th DAY OF OCTOBER , 2022
ORIGINAL APPLICATION NO. 540/2022
Punjab National Bank, a body corporate, having common seal and perpetual succession, constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act 1970, carrying on Banking Business and having its Head Office at Plot No. 4, Sector 10, Dwarka, New Delhi-110075 and its Branch Office at Jharsaintly, Sector-58, P.O. Ballabhgarh, District Faridabad, Haryana, through its duly constituted Attorney and Manager, Sh. Deepak Kumar
…..Applicant Bank
Versus
…..Defendants
Argued by: Sh. Satish Kumar Arora counsel for the applicant bank Defendants ex parte
FINAL ORDER
Present Original Application was instituted on 22.03.2022 by the applicant bank under Section 19 (1) of the Recovery of Debts Due
to Banks and Financial Institutions Act, 1993, (hereinafter referred to as ‘the Act’ for brevity) against the defendants for recovery of Rs. 47,52,529/- (Forty Seven lacs, Fifty Two Thousand
and Five Hundred Twenty Nine only) . It has been filed through Sh. Deepak Kumar, Manager of the applicant bank, who is competent to
OA/540/2022 PUNJAB NATIONAL BANK VS M/S HIMANSHI HYDRAULIC AND ANTOHER 2
institute the OA as per Power of Attorney dated 24.09.2015, AnnexureA1 (copy).
Since the defendants did not repay the outstanding amount, therefore, the applicant bank preferred the present Original Application for issuance of Recovery Certificate.
OA/540/2022 PUNJAB NATIONAL BANK VS M/S HIMANSHI HYDRAULIC AND ANTOHER 3
dated 08.03.2022 with original postal receipts, Annexure-A6 (colly) (copy) but to no avail.
It is further the case of the applicant bank that after adjusting debit and credit entries in loan account, a sum of Rs. 47,52,529/- (Forty Seven lacs, Fifty Two Thousand and Five Hundred Twenty Nine only) is recoverable against the defendants as per copy of statements of accounts, Annexures-A7 and A9 duly certified under Banker’s Books Evidence Act. Calculation of recoverable dues dated 16.03.2022, Annexures-A8 and A10 (copy) and Statement of recoverable dues dated 16.03.2022, Annexure-A11 (copy).
In support of the contents of the OA, affidavit of evidence of Sh. Deepak Kumar, Manager of the applicant bank was filed.
OA/540/2022 PUNJAB NATIONAL BANK VS M/S HIMANSHI HYDRAULIC AND ANTOHER 4
brought on record, it is proved that applicant bank is entitled to recover a sum of Rs. 47,52,529/- (Forty Seven lacs, Fifty Two Thousand and Five Hundred Twenty Nine only) from the defendants.
This Tribunal is of the considered opinion that sometimes in appropriate cases the prerogative of mercy is the brightest jewel in the crown of the Judge. Keeping in view the facts and circumstances of the instant case including the Pandemic Covid-19 affecting businesses, nature of the hypothecated property, purpose of loan, i.e. business, quantum of loan, prevalent market rates of interest which have gone drastically downhill in yesteryears and defendant No. 2 being a lady, while exercising the discretion vested in this Tribunal, this Tribunal deems it just and appropriate to grant uniform simple interest @9% per annum from the date of filing of the OA till realisation of the amount ordered vide this final order. It is ordered accordingly.
OA/540/2022 PUNJAB NATIONAL BANK VS M/S HIMANSHI HYDRAULIC AND ANTOHER 5
Security Interest Act, 2002 or otherwise. If the dues of the bank still remain unsatisfied, applicant bank shall be at liberty to recover the same by attachment and sale of personal assets/properties of the defendants. The applicant bank is at liberty to enforce the claim through due process of law.
Announced in the open Tribunal (M.M. Dhonchak) Presiding Officer DRT-2,Chandigarh
3 issues framed by the court
Whether to allow the recovery application filed under Section 19(1) of the RDBFI Act against the defendants.
Whether to fix the rate of interest on the recoverable amount pending realization.
Whether the defendants are jointly and severally liable for the recovery of the dues.
1 provisions across 1 enactments
Punjab National Bank
M/s Himanshi Hydraulic
Ms Himanshi Sharma
M.M. Dhonchak
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
