Allowed

Indian Bank v. Surjeet Singh Khanuja

DRT22 Aug 2023OA/428/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's original application under Section 19 of the Recovery of Debts and Bankruptcy Act for recovery of dues of Rs. 50,92,536.00 along with interest at 12% p.a., costs, and directions to sell mortgaged and personal properties.

What did the court decide?

Recovery of Rs. 50,92,536.00 with 12% p.a. interest and costs; sale of mortgaged/personal properties; issuance of Recovery Certificate under Section 19(2) RDB Act.

Indian Bank versus Surjeet Singh Khanuja — Contract and Commercial Disputes | 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 patet)

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Originol Applicotion No. - 428/22

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lndian Bank,

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(erstwhile Atl.ahabad Bank)

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T.T. Nagar, Bhopat (M.P.)462003

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Applicant

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Versus

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01 ) Shri Surjeet Singh Khanuja, S/o Late A.K. Khanuja

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02l Smt. Pritam Kaur, W/o Surjeet Singh Khanuja

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1. Shri Paramjeet Singh Khanuja, S/o Surjeet Singh Khanuja

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1. Smt. Ravinder Kaur Khanuja, W/o Paramjeet Singh Khanuja

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(Att R/o 9 & 10, Khanuja Enclave, E-9, Arera Cotony, Bhopal, M.P. 482016)

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Defendants

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Counsel for the Appticant : Shri Rajendra Singh Parmar, Advocate Defendants : Ex-parte

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JUDGMENT

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(Dated : 22'd August, 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 23/03lZZ against the Defendants for recovery of Rs. 50,92,636.00 (Rupees Fifty Lac, Ninety Two Thousand, Six Hundred and Thirty Six onty) atong with interest and other reliefs as stated.

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2, The brief facts of the case are that on the request of Defendant No.-1 & 2, the erstwhite Attahabad Bank now merged with lndian Bank (hereinafter referred to as the Appticant Bank) vide Gazette Notification daled 04/03/20 sanctioned Overdraft Limit of Rs. 24.90 Lac on 05101 109. ln consideration of the sanction of credit facitity the^Defendant No.-1 & 2 as borrower and Defendant No.-3 & 4 as^{guarantorsin addition to} execution of loan and^guarantee documents^{have atso createdequitabte} mortgage over the immovabte^property, i.e.,^{Ptot No.-9,} Q.^{1/3, Khanuja} Enclave, E-9, Arera Colony,^{Bhopat; betonging to DefendantNo.'1' The}

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oA 428122

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Defendant No.-'l & 2 avaited the credit facitity and also executed Letter of Acknowledgment of Debt on 31 /03119. The account became irregutar and the Defendants faited to tiquidate the outstanding dues despite initiation of action under the Securitisation Act by the Appticant Bank. The Appticant' Bank has retied upon the documents at Ex. A-1 to A-18 which were^provedby Shri Akanksha Tiwari, Branch Manager,

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Despite service of notice, the Defendants neither appeared nor fited written statement. They were proceeded ex-parte vide order dated 14/17/22. There is therefore, no reason to disbelieve the contentions of the Bank. Considering the facts of the case, I opine that the Defendants are jointty and severally liabte to pay the claim amount together with interest and costs. The Appticant-Bank in its apptication has claimed interest @12% p.a. with monthty rests. However, I feet it fair and reasonable to grant interest @12% p.a. simple pendentetite and future titt realization of the dues. The mortgaged property is liabte to be sotd for recovery of amount due atong with the personal properties and assets of the Defendants.

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The Original Apptication is altowed and it is ordered as under-

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i) The Defendants do pay jointty and severally Rs. 50,92,536.00 (Rupees Fifty Lac, Ninety Two Thousand, Six Hundred and Thirty Six onty) together with pendentetite and future interest @12% per annum simpte from the date of fiting of the OA, i.e.,23/03127, with costs titt its reatization.

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ii) The Appticant Bank is entit[ed to sel[ the mortgaged as wetl as personal properties and assets of the Defendants for realization of its dues. The Defendants are hereby restrained by means of injunct.ion from depleting, transferring, encumbering, alienat.ing or in any way deating with their properties/assets without first paying the ctaim of the Appticant Bank.

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iii) A Recovery Certificate be issued uls 19(22) of Recovery of Debts and Bankruptcy Act. The appticant 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 22nd August, ZCj{..,_-

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( s'tv* (Ram Niwas Patet) Presidin e Officer

Indian Bank v. Surjeet Singh Khanuja

Case brief

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Indian Bank v. Surjeet Singh Khanuja

Case brief

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