Allowed

Punjab National Bank v. M/S Balaji Traders

DRT17 Oct 2023OA/211/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's original application for recovery of dues. The defendant was ordered to pay the principal amount along with interest and costs, and an injunction was granted against alienating assets.

What did the court decide?

Recovery of Rs. 59,10,729.24 along with interest @9.75% p.a. simple and costs; declaration of personal properties and assets as chargeable; injunction restraining transfer of assets; issuance of Recov

Punjab National Bank versus M/S Balaji Traders — Contract and Commercial Disputes | DRT (2023)

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DEBTS RECOVERY TRIBUNAL : JABALPUR (fbr the States ol' Madhya l)rade sh ancl Chhattisgar.h )

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(Prc-siding o fllcer - Flon'ble Shri Ram Niwas patel)

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originul,'lppl ication t\ o. - 2 I I /2022

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Punjab National Bank, Circle SASTRA Centrc. Uj.iain (M.P)4s6010

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Applicant

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Versus

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M/s Bala.ii^'l'radcrl, Through its l)roltrictor'Shri Harsh Sharma. S/o Shri Satlanarpl,an Shar.ma, R/o I 81^1-13. near Patcl Motor Jaora Itoad, District- I{arlanr, (M.P)1s7001 :

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Also at:

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Shri Harsh Sharma,

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S/o Shri Satyanarayan Sharma, 95, Indralok Nagar, Ratlam, (M.P)4s700r

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Del-endants

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Counsel 1br the Applicarrl : $hri M.l).N. Bajpai, Advocate Defendant : Ex-parte .lti DGMIINT (Datcd : I7tt' Octob er,21123)

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I I'he' licant-IJank has filed the present Original Appl ic IT rr/s i9 ol Ilccovcrv ol'[)cbts lrrd []ankluplcr Act or.r .',1 02102122' against thc Defendant for lccovcry ol' Ils. 59, 1 0,719.2'1,'-^(lltrpecs Fifiy Nine Lac, Ten Thousand, Seven ..t:' Hundred lrrcnll Nirtc lr nd I)aisa fucntl" Iioul only) alorrg uith interest and, other rclicl.s as stated. <'' P -rr"

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oA2t1t22

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c b ef lactS oI th are t l-rat on the request ol Defendant cern through t roprictor'. thc Applicant [3ank sanctioned of l{s.,i0 Lac on 0ll02r19 lund in considcration ol the same the Defendanl executed requisi te loan docurnents. I'hc Defcndant availecl thc crcdil lacilitr but liLilcd to licluidatc thc outstanding dues dcspitc issuancc ol'Notice dated 05'05'21^b1 the Applicant IJank.^'fhc Applicant-Bank has rclied upon the documc'nts at l;x. A-l trr A-9 rrhich rrcrc prorccl b1^{Shlil't'r-ttlt1.r} Singh, Chiel-Mahager. ':

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J I)espitc scrr icc ol- notice. tlic Defcndant ncithcr appeared nor lllgd rvrittcn statem:cnt. He u,as procecdcd ex-partc v'ide order dated l0rll 12. l'here is thergfore, no reason to disbclie hc^qtl n{crttirrns ol',tlre IJarli.⁽ orrs idcrins thc Iacts ol' thc casc. I t'lpine'thut thc Dr:'lcndanl is liatr:lc to pa\ thc clairrr amount tggelh€r with rntcre.st and costs;^'fhg Applicant-llank in its application hBs,cllrinrcd intcrcst i 9.1 5"6 p.a. rr itlt rrrontlrlr rests. I Iou,evcr', I lccl it lail and lcasonable to grant intclcst @9.75o/o^{p.a. simplc pcndentelite and future till realizatiouof tlre} .: dues. 1-hc pelsdnal prrl;lcrlics ancl ltsscts ot'thc DclL'rrtlanl lrc liabl,-' to bc so td rccor crr of ill.n oLl rrt duC. l l. l'hc I Appliczitiori is allou'crl anil it is ordcred as unde r- :^('

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''' l'hc efen dant a\1 I{s. 59.10,729.24 - (RLrpee s Fiftr Ninc Lac,^'l' cn Ilrorrsan clrqd^'l'1vgp11' Nirre and ..i.1 Paisa Trventv lro u ith pcll dentelite and lllrrre t n\ -.-.

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o,\ 2t I'll

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interest @9.75% per annLrm simple fi'om thc date of filing o1'the OA, i.e., 02102122. with costs till its rcalization.

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ii) The Applicant Bank is entitled to sell the personal properlics and asscts ol'thc I)clcndant lbr rcalization ol'its ducs. The Deltndant is herebl' restrained by means of injunction liom depleting. transf'erring. cncurrhcrins. alicnating or in anv uar dealing u ith its propcrlics/asscts rr ithout lirst par ing thc cllrint of the AppliCant tf ank.

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,'l iii) A l{ecove ry Ceftillcate be issued u/s 19(22) of Recovery ofDebtsarid Bankruplcy AoI. The applicant bank may file a.meryo'ofrsgsl within T'days for preparing Recovery Certificate.'^,,

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Judsmcut oronounced in coufi on this l7'h Da of . October, 2023 :

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--2

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1 (Ram rel) Presidins Ofllcer

Punjab National Bank v. M/S Balaji Traders

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. M/S Balaji Traders

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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