Allowed

Punjab National Bank v. Jahir Mohammad Mansoori

DRT8 Jun 2023OA/450/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed original application filed by Punjab National Bank for recovery of dues amounting to approximately Rs. 38.92 lakh with interest against respondents who defaulted on housing and overdraft loans.

What did the court decide?

Directed payment of Rs. 38,92,914.92 plus interest at 9.50% p.a.; issued recovery certificate under Section 19(2); restrained defendants from altering assets.

Punjab National Bank versus Jahir Mohammad Mansoori — Execution and Attachment | 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. - 450/22

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

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Versus

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Shri Jahir Mohammad Mansoori,

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01 ) S/o Munshi Ahmad Khan

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1. Shri Khateel Mohammad Mansoori, S/o Munshi Ahmad Khan

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1. Shri Jamil Mohammad Khan, S/o Shri Munshi Ahmad Khan

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1. Shri Shakeel Mansoori, S/o Shri Munshi Ahmad Khan

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1. Shri Aafaq (Ajak) Mohammad Mansoori, 5/o Munshi Ahmad Khan

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(Att R/o Near Laxmi Apartment, Saat Bhai Ki Goth, Lakkad Khana, Gwalior, M.P.) Defendants

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Counsel for the Appticant : Shri Sanjeev Dubey, Advocate

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Defendants : Ex-parte

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The Appticant-Bank has fited the present Original Apptication u/s 19 of Recovery of Debts and Bankruptcy Act on 28/03/22 against the Defendants for recovery of Rs. 38,92,914.92 (Rupees Thirty Eight Lac, Ninety Two Thousand, Nine Hundred Fourteen and Paisa Ninety Two 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 No.-1 to 5, the Appticant Bank sanctioned Housing Loan of Rs. 25 Lac on 17 111/15 and Overdraft Limit of Rs. 15 Lac on 09/03/17. ln -consideration of the same, the Defendants in addition to execution of loan documents, have also created equitable mortgage over the immovabte property, i.e., H.No.-1337, Municipal Corporation House No.-15l529 (Otd) e 4511600 (New), situated at Saat Bhai Ki Goth Ki Gati, Lashkar, Gwalior (M.P.)

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oA450/22

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area 1333 sq.ft. The Defendants avaited the credit facilities and atso executed Batance & Security Confirmation Letter on 28/05171 , The accounts became irregutar and the Defendants faited to liquidate the outstanding dues despite issuance of 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-19 which were proved by Shri Sanjay Kumar Saxena, Senior 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 12/0'l /23. There is therefore, no reason to disbetieve the contentions of the Bank. Considering the facts of the case, I opine that the Defendants are jointty and severally tiabte to pay the ctaim amount together with interest and costs. The Appticant-Bank in its apptication has ctaimed interest at contractual rate. However, I feet it fair and reasonable to grant interest @9.50%^p.a. simpte^pendentetite and future tilt reatization of the dues. The mortgaged property is tiabte to be sotd for recovery of amount due along with the personal properties and assets of the Defendants.

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The Original Application is atlowed and it is ordered as underi) The Defendants do pay^jointty and severatty Rs. 38,92,914.92 (Rupees Thirty Eight Lac, Ninety Two Thousand, Nine Hundred Fourteen and Paisa Ninety Two onty) together with pendentetite and future interest @9.50%^per annum simpte from the date of fiting of the OA, i.e.,28103122, with costs titl its realization.

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ii) The Appticant Bank is entitted to setl the mortgaged as we[[ 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 dealing with their properties/assets without first paying the claim of the Applicant Bank.

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iii) A Recovery Certificate be issued uls 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 June, 2023.

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_sD1--

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(Rim Niwas Patet) Presidine Officer

Punjab National Bank v. Jahir Mohammad Mansoori

Case brief

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Punjab National Bank v. Jahir Mohammad Mansoori

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