Allowed

Punjab National Bank v. M/S Venketesh Exim Private Limited

DRT13 Feb 2023OA/327/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's original application filed for recovery of dues arising from a loan account classified as NPA. The court declared the joint and several liability of the defendants and directed the issuance of a recovery certificate.

What did the court decide?

Decree for Rs. 40,99,253 with future interest; Recovery Certificate issued for realization from directed assets; Costs awarded.

Punjab National Bank versus M/S Venketesh Exim… — Contract and Commercial Disputes | DRT (2023)

¶1

“ORIGINALAPPLICATION” No. 327 of 2022

¶2

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

¶3

PRESIDING OFFICER

¶4

O.A. NO. 327 OF 2022

¶5

DATE OF DELIVERY OF ORDER 13.02.2023

¶6

PUNJAB NATIONAL BANK

¶7

Branch Office – Chetak Circle, Udaipur and Recovery SASTRA, Reti Stand Udaipur, Rajasthan

¶8

…..Applicant Bank…..

¶9

VERSUS

¶10

1. M/S VENKETESH EXIM PRIVATE LIMITED,

¶11

House No. 1 D, Shivaji Nagar, Opposite RSS office, Inside Udaipol, Udaipur, Rajasthan – 313001 through its directors Smt. Mamta Maheshwari and Smt. Rukmani Devi Somani

¶12

2. SMT. MAMTA MAHESHWARI,

¶13

D/o Late Shri Ram Pal Somani

¶14

Address - House No. 1 D, Shivaji Nagar, Opposite RSS office, Inside Udaipol, Udaipur, Rajasthan – 313001

¶15

3. SMT. RUKMANI DEVI SOMANI,

¶16

W/o Late Shri Ram Pal Somani

¶17

Address - House No. 1 D, Shivaji Nagar, Opposite RSS office, Inside Udaipol, Udaipur, Rajasthan – 313001

¶18

……Defendants…..

¶19

Counsel for the Applicant Bank Shri R C Sharma Defendants Ex parte

¶20

Ex parte

¶21

JUDGMENT

¶22

This Original Application was filed by Applicant Bank against Defendants on 25.10.2021 for recovery of an amount of Rs 41,36,464.00 with pendentlite and future interest and cost.

OA No. 327 of 2022

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.

¶27

Defendants was proceeded ex parte on 06.09.2022.

¶28

As stated supra, the Applicant Bank filed the evidence affidavit coupled with the recitals in the documents, viz Exhibit A/1 to A/19 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 & severally liable to pay to the applicant bank the claim made in O.A. with future interest and costs.

¶29

In the result, this O.A. No. 327 of 2022 is allowed declaring that:-

¶30

a) The Defendants are jointly & severally liable to pay to the applicant bank a sum of Rs. 40,99,253/(Rupees Forty Lac Ninety Nine Thousand Two Hundred Fifty Three only) with future interest @ 9.35% p.a. (Simple) from 25.10.2021 till the date of realization.

¶31

b) The applicant bank is entitled to recover the above amount by sale of hypothecated stock and book debts present & future and mortgaged property – House No. 1 D, Shivaji Nagar, Opposite RSS office, Inside Udaipol, Udaipur, Rajasthan 313001 as well as from personal movable and immovable properties/assets of Defendants. The applicant bank is entitled to proceed against the same towards recovery of its debt.

¶32

c) The applicant bank is entitled to the costs of the O.A.

OA No. 327 of 2022

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

¶37

Parties are directed to appear before the Recovery Officer, DRT, Jaipur on 15.05.2023 .

¶38

Prepare Recovery Certificate accordingly.

¶39

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.

¶40

(Vivek Saxena) Presiding Officer, Debts Recovery Tribunal, Jaipur Order pronounced in the open court today i.e. 13.02.2023 . (Vivek Saxena) Presiding Officer, Debts Recovery Tribunal, Jaipur

OA No. 327 of 2022

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

¶45

PRESIDING OFFICER

¶46

O.A. NO. 327 OF 2022

¶47

DATE OF DELIVERY OF ORDER 13.02.2023

¶48

RECOVERY CERTIFICATE

¶49

(UNDER SUB Section 22 of the Recovery of Debts due to Banks and Financial Institutions Act, 1993 (Act 51 of 1993)

¶50

PUNJAB NATIONAL BANK

¶51

Branch Office – Chetak Circle, Udaipur and Recovery SASTRA, Reti Stand Udaipur, Rajasthan

¶52

…..Applicant Bank…..

¶53

VERSUS

¶54

1. M/S VENKETESH EXIM PRIVATE LIMITED, House No. 1 D, Shivaji Nagar, Opposite RSS office, Inside Udaipol, Udaipur, Rajasthan – 313001 through its directors Smt. Mamta Maheshwari and Smt. Rukmani Devi Somani

¶55

2. SMT. MAMTA MAHESHWARI,

¶56

D/o Late Shri Ram Pal Somani

¶57

Address - House No. 1 D, Shivaji Nagar, Opposite RSS office, Inside Udaipol, Udaipur, Rajasthan – 313001

¶58

3. SMT. RUKMANI DEVI SOMANI,

¶59

W/o Late Shri Ram Pal Somani

¶60

Address - House No. 1 D, Shivaji Nagar, Opposite RSS office, Inside Udaipol, Udaipur, Rajasthan – 313001

¶61

……Defendants…..

¶62

Recovery Certificate for Rs. 40,99,253/-

¶63

In terms of final order dated 13.02.2023 passed by this Tribunal in the above mentioned case, it is ordered that the-

¶64

a) The Defendants are jointly & severally liable to pay to the applicant bank a sum of Rs. 40,99,253/(Rupees Forty Lac Ninety Nine Thousand Two Hundred Fifty Three only) with future interest @ 9.35% p.a. (Simple) from 25.10.2021 till the date of realization.

OA No. 327 of 2022

b) The applicant bank is entitled to recover the above amount by sale of hypothecated stock and book debts present & future and mortgaged property – House No. 1 D, Shivaji Nagar, Opposite RSS office, Inside Udaipol, Udaipur, Rajasthan 313001 as well as from personal movable and immovable properties/assets of Defendants. The applicant bank is entitled to proceed against the same towards recovery of its debt.

¶69

c) The applicant bank is entitled to the costs of the O.A.

¶70

Parties are directed to appear before the Recovery Officer, DRT, Jaipur on 15.05.2023 .

¶71

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.

¶72

This Certificate has been issued under my signatures and seal of the Tribunal on this 13.02.2023 .

¶73

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

OA No. 327 of 2022

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

¶78

PRESIDING OFFICER

¶79

O.A. NO. 327 OF 2022

¶80

DATE OF DELIVERY OF ORDER 13.02.2023

¶81

SCHEDULE TO RECOVERY CERTIFICATE

¶82

MEMO OF COST

¶83

PUNJAB NATIONAL BANK

¶84

Branch Office – Chetak Circle, Udaipur and Recovery SASTRA, Reti Stand Udaipur, Rajasthan

…..Applicant Bank…..

VERSUS

2. SMT. MAMTA MAHESHWARI,

¶89

D/o Late Shri Ram Pal Somani

¶90

Address - House No. 1 D, Shivaji Nagar, Opposite RSS office, Inside Udaipol, Udaipur, Rajasthan – 313001

¶91

3. SMT. RUKMANI DEVI SOMANI,

¶92

W/o Late Shri Ram Pal Somani

¶93

Address - House No. 1 D, Shivaji Nagar, Opposite RSS office, Inside Udaipol, Udaipur, Rajasthan – 313001

¶94

……Defendants…..

¶95

S.No.	Item of Costs	Amount (Rs.)
1	Fee on the Application	43,000.00
2	Process Fee (Inc. Publication)	156.00
3	Advocate Fee	1,250.00
4	Commission/Receiver/Valuation	NIL
5.	Miscellaneous Charges	NIL
	Total	44,406.00

¶96

Presiding Officer, Debts Recovery Tribunal, Jaipur

OA No. 327 of 2022

13.02.2023

Counsel:

Sh. R C SHARMA, Counsel for the Applicant Bank Defendants are ex parte

¶103

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.

¶104

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

OA No. 327 of 2022

13.02.2023

Counsel: Sh. R C SHARMA, Counsel for the Applicant Bank Defendants are ex parte

¶110

The Tribunal vide order dated 13.02.2023 , directed the Registrar to verify the Recovery Certificate as per Regulation 24(1) and (2) of Debts Recovery Tribunal Jaipur Regulation 2015.

¶111

The Registrar vide order dated 13.02.2023 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.

¶112

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

OA No. 327 of 2022

DEBTS RECOVERY TRIBUNAL, JAIPUR

¶117

ORIGINAL APPLICATION NO. 327 of 2022

¶118

The Recovery Certificate prepisd in compliance of order dated 13.02.2023 passed by Hon’ble Presiding Officer, DRT, Jaipur in Original Application No. 327 of 2022 Title Punjab National Bank Vs M/s Venketesh Exim Pvt. Ltd. & Ors. has been checked and may be verified.

¶119

Section Officer

¶120

Assistant Registrar

¶121

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.

¶122

Assistant Registrar

¶123

Hon’ble Presiding Officer

OA No. 327 of 2022

Punjab National Bank v. M/S Venketesh Exim Private Limited

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. M/S Venketesh Exim Private Limited

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

Similar cases

Punjab National Bank versus Mr Ram Singh Meena

Punjab National Bank versus Smt Koyali Devi

Mohan Lal versus State Bank of India

Icici Bank Limited versus Karir Infrastructure

Icici Bank Limited versus Laxman Ram Choudhary

Kotak Mahindra Bank Limited versus Milap Singh