Allowed

Punjab National Bank v. M/S Shankar Provision Store

DRT16 Mar 2023OA/246/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's original application for recovery of dues of Rs 72,78,976.80 plus interest and costs against three defendants deemed jointly and severally liable, issuing a recovery certificate for enforcement actions.

What did the court decide?

Defendants jointly and severally liable to pay Rs. 72,78,976.80 with interest; recovery via sale of assets; costs awarded.

Punjab National Bank versus M/S Shankar Provision Store — Banking and Recovery | DRT (2023)

¶1

“ORIGINALAPPLICATION” No. 246 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. 246 OF 2022

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DATE OF DELIVERY OF ORDER 16.03.2023

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PUNJAB NATIONAL BANK

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Branch Office – UIT Bikaner,

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Recovery Office Circle Sastra Bikaner, A-17 Kanta Khaturiya Colony, Bikaner 334001

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…..Applicant Bank…..

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VERSUS

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1. M/S SHANKAR PROVISION STORE

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Registered Office at Old Chungi Chowki,

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Jaisalmer Road, Bikaner - 334201

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2. MR. MADAN LAL YADAV

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S/o Mr. Kishan Lal

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R/o 12/211 Mukta Prasad Colony,

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Bikaner - 334004

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3. MR. RAM KUMAR ACHARYA

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S/o Mr. Jhanwar Lal Acharya

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R/o Near Dharnidhar Outside Nathusar Gate,

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Bikaner

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……Defendants…..

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Counsel for the Applicant Bank Sh. Dhruv Rathore Defendants Ex parte

OA No. 246 of 2022

JUDGMENT

This Original Application was filed by Applicant Bank against Defendants on 17.12.2021 for recovery of an amount of Rs 72,78,976.80 with pendentlite and future interest and cost.

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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 proceeded ex parte on 29.11.2022.

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Heard arguments and perused the record.

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5 As stated supra, the Applicant Bank filed the evidence affidavit coupled with the recitals in the documents, viz Exhibit A/1 to A/15 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. 246 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. 72,78,976.80 (Rupees Seventy Two Lac Seventy Eight Thousand Nine Hundred Seventy Six and Eighty Paisa Only) with future interest @ 13.30% p.a. (Simple) from 17.12.2021 till the date of realization.

¶35

b) The applicant bank is entitled to recover the above amount by sale of hypothecated assets and mortgaged property – Residential Plot situated at Near Dharnidhar outside Nathusar Gate, Bikaner

OA No. 246 of 2022

admeasuring 2250 Sq. ft. in the ownership of Mr. Ram Kumar 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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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 16.06.2023 .

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9 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. 16.03.2023 .

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

OA No. 246 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. 246 OF 2022

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DATE OF DELIVERY OF ORDER 16.03.2023

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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

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Branch Office – UIT Bikaner,

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Recovery Office Circle Sastra Bikaner,

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A-17 Kanta Khaturiya Colony, Bikaner 334001

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…..Applicant Bank…..

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VERSUS

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1. M/S SHANKAR PROVISION STORE

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Registered Office at Old Chungi Chowki, Jaisalmer Road, Bikaner - 334201

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2. MR. MADAN LAL YADAV

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S/o Mr. Kishan Lal

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R/o 12/211 Mukta Prasad Colony,

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Bikaner - 334004

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3. MR. RAM KUMAR ACHARYA

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S/o Mr. Jhanwar Lal Acharya

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R/o Near Dharnidhar Outside Nathusar Gate,

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Bikaner

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……Defendants…..

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Recovery Certificate for Rs. 72,78,976.80

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In terms of final order dated 16.03.2023 passed by this Tribunal in the above mentioned case, it is ordered that the-

¶76

a) The Defendants are jointly and severally liable to pay to the applicant bank a sum of Rs. 72,78,976.80

OA No. 246 of 2022

(Rupees Seventy Two Lac Seventy Eight Thousand Nine Hundred Seventy Six and Eighty Paisa Only) with future interest @ 13.30% p.a. (Simple) from 17.12.2021 till the date of realization.

¶81

b) The applicant bank is entitled to recover the above amount by sale of hypothecated assets and mortgaged property – Residential Plot situated at Near Dharnidhar outside Nathusar Gate, Bikaner admeasuring 2250 Sq. ft. in the ownership of Mr. Ram Kumar 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 are directed to appear before the Recovery Officer, DRT, Jaipur on 16.06.2023 .

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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 16.03.2023 .

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

OA No. 246 of 2022

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

¶91

PRESIDING OFFICER

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O.A. NO. 246 OF 2022

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DATE OF DELIVERY OF ORDER 16.03.2023

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SCHEDULE TO RECOVERY CERTIFICATE

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MEMO OF COST

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PUNJAB NATIONAL BANK

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Branch Office – UIT Bikaner, Recovery Office Circle Sastra Bikaner, A-17 Kanta Khaturiya Colony, Bikaner 334001

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…..Applicant Bank…..

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VERSUS

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1. M/S SHANKAR PROVISION STORE

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Registered Office at Old Chungi Chowki,

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Jaisalmer Road, Bikaner - 334201

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2. MR. MADAN LAL YADAV

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S/o Mr. Kishan Lal

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R/o 12/211 Mukta Prasad Colony,

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Bikaner - 334004

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3. MR. RAM KUMAR ACHARYA

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S/o Mr. Jhanwar Lal Acharya

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R/o Near Dharnidhar Outside Nathusar Gate,

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Bikaner

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……Defendants…..

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S.No.	Item of Costs	Amount (Rs.)
1	Fee on the Application	75,000.00
2	Process Fee (Inc. Publication)	210.00
3	Advocate Fee	1,250.00
4	Commission/Receiver/Valuation	NIL
5.	Miscellaneous Charges	NIL
	Total	76,460.00

¶113

Presiding Officer, Debts Recovery Tribunal, Jaipur

OA No. 246 of 2022

16.03.2023

Counsel:

Sh. Dhruv Rathore, Counsel for Applicant Bank Defendants are ex parte

¶120

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.

¶121

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

OA No. 246 of 2022

16.03.2023

Counsel:

Sh. Dhruv Rathore, Counsel for Applicant Bank Defendants are ex parte

¶128

The Tribunal vide order dated 16.03.2023 , directed the Registrar to verify the Recovery Certificate as per Regulation 24(1) and (2) of Debts Recovery Tribunal Jaipur Regulation 2015.

¶129

The Registrar vide order dated 16.03.2023 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. 246 of 2022

DEBTS RECOVERY TRIBUNAL, JAIPUR

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ORIGINAL APPLICATION NO. 246 of 2022

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The Recovery Certificate prepisd in compliance of order dated 16.03.2023 passed by Hon’ble Presiding Officer, DRT, Jaipur in Original Application No. 246 of 2022 Title Punjab National Bank Vs M/s Shankar Provision Store & 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 Shankar Provision Store

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. M/S Shankar Provision Store

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

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Case details

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