Allowed

Punjab National Bank v. M/S Green Farm Bio-Gen Limited

DRT24 Jan 2023OA/358/2022

Case brief

AI extract

What is this about?

The DRT allowed the bank's original application for recovery of dues totaling Rs. 2,49,57,788. The court declared respondents liable and issued a recovery certificate enabling the bank to recover the amount from the respondents' assets.

What did the court decide?

Recovery certificate issued for Rs. 2,49,57,788 with future interest, allowing recovery from mortgaged properties and other assets.

Punjab National Bank versus M/S Green Farm Bio-Gen Limited — Banking and Recovery | DRT (2023)

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“ORIGINALAPPLICATION” No. 358 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. 358 OF 2022

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DATE OF DELIVERY OF ORDER 24.01.2023

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PUNJAB NATIONAL BANK

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Branch Office – Circle Sastra Centre, Circle Office, Jaipur-Ajmer, Jaipur (Rjasthan)

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…..Applicant Bank…..

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VERSUS

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1. M/S GREEN FARM BIO-GEN LIMITED

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(Through its Directors) Registered Office : 2, Meghraj Market, 3^rd Floor, Gandhi Chowk, Junagarh, Gujarat – 362001

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AND – Regional Office : H-1/54, Old RIICO Industrial Area, Bagru, Jaipur (Rajasthan) – 303 007

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2. SMT. VIMLA DEVI JAT

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W/o Shri Gopal Lal Jat,

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E-44, Gautam Marg, Vaishali Nagar,

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Jaipur (Raj.) 302012

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AND – Flat No. 31/14/04, Mansarovar,

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Jaipur 302020

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3. MS. KIRTI CHOUDHARY

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W/o Shri Kamal Choudhary,

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E-44, Gautam marg, Vaishali Nagar, Jaipur (Raj.) – 302012

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AND – Opposite Power House, Shiv Colony,

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Malpura, Rajasthan – 304025

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4. SHRI CHAVADA PRAFUL KUMAR HAJABHAI

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S/o Shri Hajabhai Desabhai Chavada, Bunglow No. 7, Manav Barsana Dhamtimbawadi, Junagarh, Gujrat – 362015 AND 85-1, Akshar Nagar,

OA No. 358 of 2022

Vishvaraj Bangalows, Timbavadi Byepass, Near] Fulnatha Apartment, Junagarh, Gujarat – 362001 AND 1^st Floor, M M Complex, 80 Feet Road, Papareddy alya Nagarbhavi, Banglore – 560072

¶30

5. SH. GOPAL LAL JAT

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S/o Bhura Mal Jat, E-44, Gautam Marg, Vaishali Nagar, Jaipur (Raj.) 302012 AND Flat No. 31/14/04, Mansarovar, Jaipur – 302020 (Rajasthan)

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……Defendants…..

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Counsel for the Applicant Bank Shri Vikas Jain Defendants Ex parte

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JUDGMENT

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This Original Application was filed by Applicant Bank against Defendants on 05.03.2022 for recovery of an amount of Rs 2,49,57,788/- with pendentlite and future interest and cost.

¶36

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 were proceeded ex parte on 13.10.2022.

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As stated supra, the Applicant Bank filed the evidence affidavit coupled with the recitals in the documents, viz Exhibit A/1 to A/27 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.

OA No. 358 of 2022

In the result, this O.A. No. 358 of 2022 is allowed declaring that:-

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a) The Defendants are jointly & severally liable to pay to the applicant bank a sum of Rs. 2,49,57,788/(Rupees Two Crore Forty Nine Lac Fifty Seven Thousand Seven Hundred Eighty Eight only) with future interest @ 8.70% p.a. (Simple) in Cash Credit Facility and @ 7.50% p.a. (Simple) in WCTL from 05.03.2022 till the date of realization.

¶44

b) The applicant bank is entitled to recover the above amount by sale of hypothecated stock, receivables and other current assets both present & future and mortgaged properties – (1) Industrial Land & Building at Plot No. 1891 in GIDC-II, R.S. No. 3/P at Sabalpur, Village Dolatpura, Tehsil & District Junagarh, Gujarat-362037, standing in the name of Defendant No. 1, admeasuring 1720.00 Square Meter AND (2) Residential Flat No. 31/14/04, Mansarovar, Jaipur 302020, standing in the name of Smt. Vimla Devi Jat (Defendant No. 2), admeasuring 41.110 Square Meter. 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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1. 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 24.04.2023 .

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Prepare Recovery Certificate accordingly.

¶49

A copy of the Judgment and Recovery Certificate be given or sent by registered post to each of the parties free. A copy

OA No. 358 of 2022

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

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Order pronounced in the open court today i.e. 24.01.2023 .

OA No. 358 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. 358 OF 2022

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DATE OF DELIVERY OF ORDER 24.01.2023

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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 – Circle Sastra Centre, Circle Office, Jaipur-Ajmer, Jaipur (Rjasthan)

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…..Applicant Bank…..

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VERSUS

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1. M/S GREEN FARM BIO-GEN LIMITED

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(Through its Directors)

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Registered Office : 2, Meghraj Market, 3^rd Floor, Gandhi Chowk, Junagarh, Gujarat – 362001

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AND – Regional Office : H-1/54, Old RIICO Industrial

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Area, Bagru, Jaipur (Rajasthan) – 303 007

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2. SMT. VIMLA DEVI JAT

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W/o Shri Gopal Lal Jat,

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E-44, Gautam Marg, Vaishali Nagar,

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Jaipur (Raj.) 302012

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AND – Flat No. 31/14/04, Mansarovar,

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Jaipur 302020

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3. MS. KIRTI CHOUDHARY

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W/o Shri Kamal Choudhary,

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E-44, Gautam marg, Vaishali Nagar, Jaipur (Raj.) – 302012

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AND – Opposite Power House, Shiv Colony,

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Malpura, Rajasthan – 304025

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4. SHRI CHAVADA PRAFUL KUMAR HAJABHAI

¶86

S/o Shri Hajabhai Desabhai Chavada,

OA No. 358 of 2022

Bunglow No. 7, Manav Barsana Dhamtimbawadi, Junagarh, Gujrat – 362015 AND 85-1, Akshar Nagar, Vishvaraj Bangalows, Timbavadi Byepass, Near] Fulnatha Apartment, Junagarh, Gujarat – 362001 AND 1^st Floor, M M Complex, 80 Feet Road, Papareddy alya Nagarbhavi, Banglore – 560072

¶91

5. SH. GOPAL LAL JAT

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S/o Bhura Mal Jat, E-44, Gautam Marg, Vaishali Nagar, Jaipur (Raj.) 302012 AND Flat No. 31/14/04, Mansarovar, Jaipur – 302020 (Rajasthan)

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……Defendants…..

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Recovery Certificate for Rs. 2,49,57,788/-

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In terms of final order dated 24.01.2023 passed by this Tribunal in the above mentioned case, it is ordered that the-

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a) Defendants are jointly & severally liable to pay to the applicant bank a sum of Rs. 2,49,57,788/- (Rupees Two Crore Forty Nine Lac Fifty Seven Thousand Seven Hundred Eighty Eight only) with future interest @ 8.70% p.a. (Simple) in Cash Credit Facility and @ 7.50% p.a. (Simple) in WCTL from 05.03.2022 till the date of realization.

¶97

b) The applicant bank is entitled to recover the above amount by sale of hypothecated stock, receivables and other current assets both present & future and mortgaged properties – (1) Industrial Land & Building at Plot No. 1891 in GIDC-II, R.S. No. 3/P at Sabalpur, Village Dolatpura, Tehsil & District Junagarh, Gujarat-362037, standing in the name of Defendant No. 1, admeasuring 1720.00 Square Meter AND (2) Residential Flat No. 31/14/04, Mansarovar, Jaipur 302020, standing in the name of Smt. Vimla Devi Jat (Defendant No. 2), admeasuring 41.110 Square Meter. as well as from

OA No. 358 of 2022

the personal movable and immovable properties/assets of Defendants. The applicant bank is entitled to proceed against the same towards recovery of its debt.

¶102

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 24.04.2023 .

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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 24.01.2023 .

¶106

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

OA No. 358 of 2022

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

¶111

PRESIDING OFFICER

¶112

O.A. NO. 358 OF 2022

¶113

DATE OF DELIVERY OF ORDER 24.01.2023

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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 – Circle Sastra Centre, Circle Office, Jaipur-Ajmer, Jaipur (Rjasthan)

¶118

…..Applicant Bank…..

¶119

VERSUS

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1. M/S GREEN FARM BIO-GEN LIMITED

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(Through its Directors) Registered Office : 2, Meghraj Market, 3^rd Floor, Gandhi Chowk, Junagarh, Gujarat – 362001

¶122

AND – Regional Office : H-1/54, Old RIICO Industrial

¶123

Area, Bagru, Jaipur (Rajasthan) – 303 007

¶124

2. SMT. VIMLA DEVI JAT

¶125

W/o Shri Gopal Lal Jat,

¶126

E-44, Gautam Marg, Vaishali Nagar,

¶127

Jaipur (Raj.) 302012

¶128

AND – Flat No. 31/14/04, Mansarovar,

¶129

Jaipur 302020

¶130

3. MS. KIRTI CHOUDHARY

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W/o Shri Kamal Choudhary,

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E-44, Gautam marg, Vaishali Nagar,

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Jaipur (Raj.) – 302012

¶134

AND – Opposite Power House, Shiv Colony,

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Malpura, Rajasthan – 304025

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4. SHRI CHAVADA PRAFUL KUMAR HAJABHAI

¶137

S/o Shri Hajabhai Desabhai Chavada,

¶138

Bunglow No. 7, Manav Barsana Dhamtimbawadi,

OA No. 358 of 2022

Junagarh, Gujrat – 362015 AND 85-1, Akshar Nagar, Vishvaraj Bangalows, Timbavadi Byepass, Near] Fulnatha Apartment, Junagarh, Gujarat – 362001 AND 1^st Floor, M M Complex, 80 Feet Road,

¶143

Papareddy alya Nagarbhavi, Banglore – 560072

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5. SH. GOPAL LAL JAT

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S/o Bhura Mal Jat, E-44, Gautam Marg, Vaishali Nagar, Jaipur (Raj.) 302012 AND Flat No. 31/14/04, Mansarovar, Jaipur – 302020 (Rajasthan)

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……Defendants…..

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S.No.	Item of Costs	Amount (Rs.)
1	Fee on the Application	1,50,000.00
2	Process Fee (Inc. Publication)	1,225.00
3	Advocate Fee	1,250.00
4	Commission/Receiver/Valuation	NIL
5.	Miscellaneous Charges	NIL
	Total	1,52,475.00

¶148

Presiding Officer, Debts Recovery Tribunal, Jaipur

OA No. 358 of 2022

24.01.2023

Counsel:

Sh. VIKAS JAIN, Counsel for the Applicant Bank Defendants are exparte

¶155

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.

¶156

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

OA No. 358 of 2022

24.01.2023

Counsel: Sh. VIKAS JAIN, Counsel for the Applicant Bank Defendants are exparte

¶162

The Tribunal vide order dated 24.01.2023 , directed the Registrar to verify the Recovery Certificate as per Regulation 24(1) and (2) of Debts Recovery Tribunal Jaipur Regulation 2015.

¶163

The Registrar vide order dated 24.01.2023 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.

¶164

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

OA No. 358 of 2022

DEBTS RECOVERY TRIBUNAL, JAIPUR

¶169

ORIGINAL APPLICATION NO. 358of 2022

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The Recovery Certificate prepisd in compliance of order dated 24.01.2023 passed by Hon’ble Presiding Officer, DRT, Jaipur in Original Application No. 358 of 2022 Title Punjab National Bank Vs M/S Green Farm Bio Gen Ltd. & 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.

¶174

Assistant Registrar

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Hon’ble Presiding Officer

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Punjab National Bank v. M/S Green Farm Bio-Gen Limited

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. M/S Green Farm Bio-Gen 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

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Case details

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