Allowed

State Bank of India v. Karanvir Sharma

DRT17 Jul 2023OA/462/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's application for recovery of approximately Rs. 26 lakhs advanced as a term loan with interest against three respondents, who proceeded with ex parte order due to non-appearance.

What did the court decide?

Recovery of Rs. 26,14,059 with interest; issuance of Recovery Certificate; direction to sell mortgaged property and distribute proceeds.

State Bank of India versus Karanvir Sharma — Banking and Recovery | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH

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BEFORE: A S NARANG, PRESIDING OFFICER

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OA No: 462/2022 Date of Institution: 08.03.2022 Date of Decision: 17.07.2023

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State Bank of India,

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SARB, Shimla, Himachal Pradesh

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……..Applicant

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1. Karanvir Sharma, S/o Sh. Sh. Shyam Sunder, R/o. H. No. 130, Ward No.2, Inner Akhara Bazar, Teh and Distt. Kullu, Himachal Pradesh.

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Shyam Sunder, S/o Sh. Jiwan Lal Sharma, R/o H. No.130, Ward No.2, Inner Akhara Bazar, Teh and Distt. Kullu, Himachal Pradesh.

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Kulbir Sharma, S/o Sh. Jiwan Lal Sharma, R/o H. No.130, Ward No.2, Inner Akhara Bazar, The and Distt. Kullu, Himachal Pradesh. ……….Defendants

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Advocates

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Sh. Vivek Verma, Counsel for the applicant bank. Defendants- Ex parte .

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OA for the Recovery of Rs.26,14,059/- with interest @9.30% per annum with monthly rests from 06.03.2022. ORDER 1. State Bank of India (Applicant Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.26,14,059/- with interest against Karanvir Sharma and Others (defendants). 2. Bank’s case is that on 13.06.2013, it had granted a loan of Rs.20,23,169/- to defendant no.1 in the form of Term Loan for Education purpose. Defendant nos.2 and 3 stood as guarantors/mortgagors. To secure the loan, Defendant no.2 had mortgaged his immovable property,

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situated at Phati Dhalpur, Kothi Mahajan, Teh and Distt. Kullu, H. P. (fully detailed in para no.3(a) of the application). The loan was chargeable to interest @11.45% per annum with monthly rests. On 05.03.2022, a sum of Rs.26,14,059/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 25.03.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 16.01.2023, they were proceeded ex parte .

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In order to prove its case, the Bank has placed on record the affidavit of Mr. D. T. Kinner, Authorized Representative along with the loan and security documents and marked them as Exhibit A-1 to A-11.

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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 loan of Rs.20,23,169/- and on 05.03.2022, a sum of Rs.26,14,059/- was due.

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Accordingly, the application of the bank for the recovery of Rs.26,14,059/- (Rupees Twenty-Six Lacs Fourteen Thousand And Fifty Nine Only) with interest @9.30% per annum with monthly rests from 06.03.2022, till the date of payment is hereby allowed with costs. The liability of all the defendants would be joint and several. Bank can recover its dues by the sale of immovable property (fully detailed in para No.3(a) of the application) as well as from the personal movable and immovable property(ies) of the defendants.

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Pending IAs, if any, stand disposed of.

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Recovery Certificate be issued accordingly.

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Parties are directed to appear before Recovery Officer on 16.08.2023 , who is directed to distribute the sale proceeds of the mortgaged property 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: 17.07.2023 Presiding Officer DRT-1, Chandigarh

State Bank of India v. Karanvir Sharma

Case brief

What is this about?

What did the court decide?

State Bank of India v. Karanvir Sharma

Case brief

What is this about?

What did the court decide?

What the court decided

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