Allowed

Punjab National Bank v. Sonam Goyal

DRT8 Jun 2023OA/421/2022

Case brief

AI extract

What is this about?

The Tribunal allowed an application by Punjab National Bank for recovery of dues from Smt. Sonam Goya, who had defaulted on a term loan secured by an equitable mortgage. The Bank was awarded a modified interest rate and authorization to sell mortgaged and personal assets.

What did the court decide?

Recovery of Rs. 41,71,961.45 with interest at 11.50% p.a., issue of Recovery Certificate, and injunction against alienation of properties.

Punjab National Bank versus Sonam Goyal — 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'ble Shri Ram Niwas Patet)

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Original Application No. - 421122

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Punjab NationaI Bank, SASTRA Centre, Circle Office, Bhopat (M.P.)

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AppLicant

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Versus

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Smt. Sonam Goya[, R/o Shop No.-1 & 2, Upper Ground Floor, Uttimate Arcade, Sarvadharm, Kotar Road, Bhopat (M.P.); & A-21601 , Pacific Btue, Hoshangabad Road, (M.P.)

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Defendant

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Counsel for the Applicant : Shri M.D.N. Bajpai, Advocate Defendant : Ex-parte

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JUDGMENT

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(Dated : 08th June, 2023)

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The Appticant-Bank has fited the present Original Apptication u/s 19 of Recovery of Debts and Bankruptcy Act on Z5/03/ZZ against the Defendant for recovery of Rs.41 ,71,961 .45 (Rupees Fourty One Lac, Twenty One Thousand, Nine Hundred Sixty One and Paisa Fourty Five onty) along with interest and other reliefs as stated.

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The brief facts of the case are that on the request^of Defendant, the Appticant Bank sanctioned Term Loan of Rs.^{40 Lac for} purchase of Shop on 08104/19 and in consideration of the same, the Defendant in addition to execution of loan documents has atso created equitable mortgage over the immovable^property, i.e.,^ShopNo.-1 &^2, Khasra No.-110lkha, Upper Ground Ftoor, Uttimate Arcade, Sarvadharm, Kolar Road, Bhopat (M.P.), area 1042 sq.ft.^{The Defendantsavaitedthe} credit facitiy but faited to tiquidate the outstanding^{dues despiteissuance of} Recatt Notice on 12110/21 by the Appticant Bank. The^{Appticant-Bankhas} retied upon the documents at Ex. A-1 to A-9 which^{were proved by Shri Rohit} Kumar, Senior Manager.

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oA42v22

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Despite service of notice, the Defendant neither^appearednor fited written statement. She^{was proceeded ex-partevide order dated} 28107 122. There is therefore, no reason to^{disbetieve the contentionsof the} Bank. Considering the facts of the case,^{I opinethat the Defendant is liabte} to pay the ctaim amount together with interest^{and costs.The Applicant-} Bank'in its application has claimed interest @11.95y"^{p.a. with monthlyrests.} However, lfeet it fair and reasonab[e to^grant interest @1^{1.50%p.a. simpte} pendentelite and future tit[ realization of the dues. The mortgaged^property is tiabte to be sotd for recovery of amount due atong with the^personal properties and assets of the Defendant.

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The Origina[ Apptication is allowed and it is ordered as under-

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i) The Defendant do pay Rs. 41 ,2'l ,961 .45 (Rupees Fourty One Lac, Twenty One Thousand, Nine Hundred Sixty One and Paisa Fourty Five only) together with pendentetite and future interest @11.50% per annum simpte from the date of fiting of the OA, i.e.,25103122, with costs titl its realization.

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ii) The Appticant Bank is entitted to sell the mortgaged as welt as personal properties and assets of the Defendant for realization of its dues. The Defendant is hereby restrained by means of injunction from depleting, transferring, encumbering, atienating or in any way dealing with her properties/assets without first paying the ctaim of the Appticant Bank.

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iii) A Recovery Certificate be^'issued u/s 19(22) of Recovery of Debts and Bankruptcy Act. The applicant bank may fite a memo of cost within 7 days for preparing Recovery Certificate.

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Judgment pronounced in the open court on this Day of 08th J u e 2023.

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sD/--

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(Rfm Niwas Patet) Presi in Officer

Punjab National Bank v. Sonam Goyal

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Sonam Goyal

Case brief

What is this about?

What did the court decide?

What the court decided

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