Presiding Officer A.S. Narang allowed the Debt Recovery Tribunal-I, Chandigarh to permit Punjab National Bank to recover a sum of Rs. 27,44,891.05 with interest from partner firms and individuals upon ex parte hearing.
Recovery of Rs. 27,44,891.05 with interest allowed against defendants; Recovery Certificate issued.
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IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
BEFORE: A S NARANG, PRESIDING OFFICER
OA No: 120/2022 Date of Institution: 15.01.2022 Date of Decision: 18.10.2023
Punjab National Bank, Mehraj, Bathinda, Punjab – 151105.
……..Applicant Vs.
……….Defendants
Advocates
Sh. Rehan Chaudhary, proxy Counsel for Sh. Krishan Kumar, Counsel for the applicant bank.
Defendants – ex parte
OA for the Recovery of Rs.27,44,891.05p with interest @8.80% per annum with monthly rests from 20.11.2021.
ORDER
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the request of defendant No.1 through its partners bank had granted a Rs.4,50,000/- under Guaranteed Emergency Credit Line. To secure the loan, Defendants had hypothecated stocks and assets. The loan was chargeable to interest @8.80% per annum with monthly rests. On 20.11.2021, a sum of Rs.27,44,891.05p was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.
3
2 issues framed by the court
Whether the Debt Recovery Tribunal should allow the bank's application for recovery of dues and interest.
Whether the recovery certificate should be issued against the listed defendants.
2 provisions across 1 enactments
Punjab National Bank
L.K Technology
Seema Kansal
Sorav Kansal
A S Narang
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
