Allowed

Punjab National Bank v. Mekalsuta Kisan Seva Kendra

DRT18 Dec 2023OA/409/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed an original application filed by Punjab National Bank for recovery of rupees 24,49,250.48 from borrowers and guarantor, granting simple interest and property sale rights while issuing injunction.

What did the court decide?

Decree for payment of Rs. 24,49,250.48 with 10% simple interest; injunction against alienation; order for sale of mortgaged and personal properties; issuance of recovery certificate.

Punjab National Bank versus Mekalsuta Kisan Seva Kendra — Banking and Recovery | DRT (2023)

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DEBTS RECOVERY TRIBUNAL : JABALPUR

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(for the States of Madhya Pradesh and Chhattisgarh)

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(Presiding Officer - Hon'bte Shri Ram Niwas Patel)

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Original Applicotion No.^- 409122

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Punjab Nationat bank, Babi Branch (Makhan Nagar), Narmadapuram (Hoshangabad)

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Appticant

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Versus

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Mekalsuta Kisan SEva Kendra, 01 ) Through its ProprietorShri Akhitesh Bajpai @ Akhitesh Vajpayee, Vittage E Post-Ganera, Nasirabad Road, Tehsit-Babai (l/rakhan Nagar), District-Narmadapura (Hoshangabad) 461661; Also at: Vitlage E Post-Dandiwada, Tehsit-Babai (Makhan Nagar),

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District-Narmadapura (Hoshangabad) 461661

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1. Akhilesh Vajpayee @ Akhitesh Bajpai, S/o Shri taxman Prasad Vajpayee

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SatyanarayanTiwari S/o Shri Rameshwar'Prasad Tiwari

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(2 &, 3 R/o Vittage & Post-Dandiwada, Tehsit-Babai (lrlakhan Nagar), District-Narmadapura-Hoshangabad, M. P. 461 661 ) Defendants

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Counse[ for the Applicant : Shri Kapit Duggat, Advocate

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Defendants : Ex-parte

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JUDGMENT

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loated^{: i86 oecember,2023)}

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The Appticant-Bank has fited the Present Originat Apptication u/s 19 of Recovery of Debts and Bankruptcy Act on 23l03lZZ against^the Defendants for recovery ol Rs. 24,49,250.48^(Rupees Twenty^FourLac, Fourty Nine Thousand, Two Hundred Fifty and Paisa Fourty Eight only) atong with interest and other reliefs as stated.

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The brief facts of the case are that on the^{request of} Defendant No.-1 through its Proprietor Defendant No.-2,^{the Appticant Bank} sanctioned Cash Credit^(CC) Limit of Rs. 12 Lac and^{TermLoan (TL) of Rs' 10} Lac aggregating Rs. 22 Lac on 05110111 and the^{cash creditwas} subsequentty enhanced from Rs.^{12 Lac} to^{Rs. 22 Lac on 09/04/15.ln}

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oA409122

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consideration of the sanction of credit facilities the Defendant No.-1 & 2 as borrower and Defendant No.-3 as^guarantor in addition to execution of loan and guarantee documents have also created equitabte mortgage over the immovable properties, i.e.,

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i) Agricutture Land situated at Khasra No.-303/4 (after mutation diverted Khasra No.-303/8), Vittage-Ganera, PH No.-14127, Tehsit-babai (Now lvlakhan Nagar), District-Hoshangabad (now Narmadapuram), admeasuring about 0.101 hectare; betonging to Defendant No.-2;

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ii) One residential Ptot with House area about 1077 sq.ft. situated at Nazul Sheet No.-52, Ptot No.-5112 t 67 14, Mouza tilak Ward, Municipal Ward No.-14, Civit Lines, Nazul Town, District-Hoshangabad (now Narmadapuram); betonging to Defendant No.-3.

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The Defendant No.-1 & 2 avaited the credit facitities and also executed Batance and Security Confirmation Letter on 26109120. The account was dectared NPA and the Defendants faited to tiquidate the outstanding dues despite issuance of Recatt Notice on 17109121 by the Appticant Bank. The Appticant-Bank has retied upon the documents at Ex A-1 to A-30 which were proved by Shri Rohit Kumar, Senior Manager.

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ln response to the notice, the Defendants appeared through Counsel Shri Aeem Dixit, Advocate, who fited his vakalatnama on 19112122. However in the later proceedings the Defendants/their Counsel preferred to remain absent. They have also not fited written statement as required under the provisions of the Act of^'1993. The Defendant No.-'l to 3 were proceeded ex-parte vide order dated M109123. There is therefore, no reason to disbetieve the contentions of the Bank. Considering the facts of the case, I opine that the Defendants are^jointly and severalty tiable to pay the claim amount together with interest and costs. The Applicant-Bank in its apptication has ctaimed interest @10.05% p.a. with monthly rests. However, I feet it fair and reasonable to grant interest @10.00% p.a. simple pendentelite and future titl realization of the dues. The mortgaged properties are liabte to be sotd for recovery of amount due along with the personal properties and assets of the Defendants.

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The Originat Application is allowed and it is ordered as under-

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i) The Defendants do pay^jointly and severally Rs. 24,49,250.48 (Rupees Twenty Four Lac, Fourty Nine Thousand, Two Hundred Fifty and Paisa Fourty Eight onty) together with pendentelite and future interest

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oA409t22

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@1O.OO%^{per annumsimple from the dateof fiting of the OA, i.e.,23103122,} with costs tit[ its realization.

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ii) The Appticant Bank is entitled to selt^{the mortgagedas well as} personal properties and assets of the Defendants^{for realization of its dues.} The Defendants are hereby^{restrained by means of injunction from} depteting, transferring, encumbering,^{alienating or in any way dealingwith} their properties/assets without^{first paying the ctaim of the AppticantBank'}

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iii) A Recovery Certificate^{be issued uls 19(221 of Recovery of} Debts and Bankruptcy^{Act. The appticant bank may file a memoof cost} within 7 days for^{preparingRecoveryCertificate.}

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Judgment^{pronouncedin the open court on this 18sDay of December,2023'}

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tx .>7
(Ra m N sPatet) ,9
Presidine Officer

Punjab National Bank v. Mekalsuta Kisan Seva Kendra

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Mekalsuta Kisan Seva Kendra

Case brief

What is this about?

What did the court decide?

What the court decided

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