Allowed

Punjab National Bank v. Om Sai Industries

DRT18 Dec 2023OA/430/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's original application for recovery of dues amounting to Rs. 30,12,219.00 with interest at 12% p.a., granted a recovery certificate, and imposed an injunction restraining the defendants from transferring their assets.

What did the court decide?

Payment of Rs. 30,12,219.00 with 12% p.a. interest; issuance of Recovery Certificate; injunction against transfer/sale of assets by defendants.

Punjab National Bank versus Om Sai Industries — 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 Patel)

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Original Applicotion No.^- 430122

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Punjab NationaI Bank, Circte SASTRA, Gwatior^(M.P.)

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Appticant

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Versus

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M/s Om Sai lndustries, Through its Partners, Vitlage-Rajman, Sagar TaI Chouraha, Jatatpur Road, Gwatior^(M.P.)

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Mamta Rathore,

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Major Colony, Birta Nagar, Gwatior (M.P.)

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1. Maharaj Kishan Raina, R/o A-8, Sadashiv Nagar, Gwatior (M.P.) Defendants

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Counsel for the Appticant :^{Shri Shreyas Dubey, Advocate} Defendants : Ex'Parte

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JUDGMENT

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lDated^{: 1 SrDecem ber, 20 2 3} )

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The Appticant'Bank has fited^{the present Originat Apptication} u/s 19 of Recovery of^{Debts andBankruptcyAct on 02103122againstthe} Defendants for recovery of^{Rs. 30,12,219.00 (RupeesThirtyLac, Twelve} Thousand, Two Hundred^{and Nineteenonty)atong with interestand other} reliefs as stated.

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The brief facts of the^{case are that on the requestof} Defendant No.-l through^{its Partners Defendant No.-2 & 3, the Appticant} Bank renewed/sanctioned^{the previoustyavaiting term loan of Rs. 10 Lacs} and cash credit limit of^{Rs. 40 LacaggregatingRs. 50 Lacon 03/06/14'ln} consideration of^{the said sanction the Defendantsexecutedrequisite loan} documents on o3lo6t14.^{TheDefendantNo.-l through its Partners availed} the credit facitities^{and also executedBatance and securityconfirmation} Letters. The Defendants^{faited to tiquidate the outstandingdues despite} issuance of Legat^{Noticeon 15104t21by the Appticant Bank' The Applicant-}

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oA430t22

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Bank has relied upon the documents at Ex. A-1 to A-11 which were^proved by Shri Sanjay Kumar Saxena, Senior lvlanager.

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Despite service of notice, the Defendants neither appeared nor filed written statement. They were proceeded ex-parte vide order dated 10104123. 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 tiabte to pay the claim amount together with interest and costs. The Appticant-8ank in its apptication has claimed interest at the contractual rate with monthty rests. However, I feet it fair and reasonable to grant interest @12% p.a. simpte pendentetite and future tilt realization of the dues. The personal properties and assets of the Defendants are [iable to be sold for recovery of amount due.

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

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i) The Defendants do pay jointly and severatty Rs. 30,12,219.00 (Rupees Thirty Lac, Twelve Thousand, Two Hundred and Nineteen only) together with pendentelite and future interest @12% per annum simple from the date of fiting of the OA, i.e.,02103122, with costs titl its realization.

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ii) The Appticant Bank is entitted to sell the personal properties and assets of the Defendants for realization of its dues. The Defendants are hereby restrained by means of injunction from depleting, transferring, encumbering, alienating or in any way dealing with their properties/assets without first paying the claim of the Appticant Bank.

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iii) A Recovery Certificate be issued uls 19(ZZl of Recovery of Debts and Bankruptcy Act. The appticant bank may file a memo of cost within 7 days for preparing Recovery Certificate.

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Judgment pronounced in the open court on this 18s Day of December,2023.

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Presidine Officer

Punjab National Bank v. Om Sai Industries

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Om Sai Industries

Case brief

What is this about?

What did the court decide?

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