The Debts Recovery Tribunal permitted Bank of India's application for recovery of Rs. 5,59,60,663.62 with interest, certified the debt, and directed the issuance of a recovery certificate based on evidence of loan advances and guarantees.
Allowed recovery of Rs. 5,59,60,663.62 with interest; issued recovery certificate; directed sale of mortgaged property.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
BEFORE: A S NARANG, PRESIDING OFFICER
OA No: 436/2022
Date of Institution: 03.03.2022
Date of Decision: 22.02.2023
Bank of India
Mall Road, Shimla
……..Applicant
Vs.
Village Jabli, P.O. Sharmbal Camp Tehsil Kumarsain, District Shimla 172029 (Himanchal Pradesh)
2nd Address:-
Village Jabli, PO Sharmbal Camp Tehsil Kumarsain, Distt. Shimla 172029 (HP).
……….Defendants
Advocates
Ms. Inderpreet Kaur, proxy Counsel for Sh. RS Badhran, counsel for the applicant bank. Defendants – ex parte
2
OA for the Recovery of Rs.5,59,60,663.62 with interest from 18.02.2022.
ORDER
3
| 5. I have perused the evidence on the record. I am of the considered view that the Bank has proved its case that it had advanced the Working Capital Limit of Rs.4,25,00,000/-, Bank Guarantee of Rs.20,00,000/-, Working Capital Demand Loan of Rs.42,50,000/- and loan under Covid- |
|---|
| 19 scheme of Rs.26,50,985.68 and on 17.02.2022, a sum of |
| Rs.5,59,60,663.62 was due. |
| 6. Accordingly, the application of the bank for the recovery of |
| Rs.5,59,60,663.62 (Rupees Five Crores Fifty-Nine Lacs Sixty Thousand |
| Six Hundred Sixty-Three And Paisa Sixty Two Only) with interest @10.35% per annum with half yearly rests from 18.02.2022, till the date of payment is hereby allowed with costs against defendants. The liability of all the defendants would be joint and several. Bank can recover its dues by sale of the mortgaged properties (fully detailed in para 3(A) of |
| the OA), as well as from the personal movable and immovable |
| property(ies) of defendants. |
| 7. Pending IAs, if any, stand disposed of. 8. Recovery Certificate be issued accordingly. |
| 9. Parties are directed to appear before Recovery Officer on |
| **29.03.2023,**who is directed to distribute the sale proceeds of the |
| mortgage properties as per the provisions of Section 19(20-AB) of the |
| Act**.** |
| 10. A Copy of this order along with Recovery Certificate be sent to |
| the Recovery Officer as well as the parties. |
| Pronounced in the open court. (A S Narang) Dated: 22.02.2023 Presiding Officer DRT-1, Chandigarh |
1 issue framed by the court
Whether the bank has established the outstanding dues against the defendants under the Act.
2 provisions across 1 enactments
Bank of India
M/s Tirupati Enterprises through its partner Mr. Sandeepni Bhardwaj
Sandeepni Bhardwaj
Ajay Kumar Bhardwaj
Mrs. Jyotsna Bhardwaj
Mrs. Bhumika
A S Narang
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
