Allowed

Punjab National Bank v. Smt. Preeti Shrivastava

DRT4 Jul 2023OA/464/2022

Case brief

AI extract

What is this about?

Bank filed original application under Section 19 of RDB Act for recovery of dues including Housing Loan and Overdraft. Defendants defaulted despite notices. Court allowed application, ordered payment of principal, interest, and issued injunction.

What did the court decide?

Payment of Rs. 29,25,983.50 along with interest; Relief of Recovery Certificate and Injunction on defendants.

Punjab National Bank versus Smt. Preeti Shrivastava — 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'bte Shri Ram Niwas Patet)

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Original Application No. - 464122

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Punjab Nationat Bank, Circte SASTRA Centre, Babadia Katan, Bhopa[

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..... Appticant

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Versus

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Smt. Preeti Shrivastava, W/o Shri Prem Prakash Shrivastava

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Shri Prem Prakash Shrivastava

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(Both R/o House No.-8, Shri Krishna Society, Chuna Bhatti, Kotar Road, Bhopal, M.P. 462042) Defendants

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Counsel for the Appticant : Shri M.D.N. Eajpai, Advocate Defendants : Ex-parte

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JUDGMENT (oatetl ofFlutyJozl)

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The Appticant-Bank has fited the present Originat Apptication u/s 19 of Recovery of Debts and Bankruptcy Act on 24103122 against the Defendants for recovery of Rs. 29,25,983.50 (Rupees Twenty Nine Lac, Twenty Five Thousand, Nine Hundred Eighty Three and Paisa Fifty onty) atong with interest and other retiefs as stated.

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The brief facts of the case are that on the request of Defendants, the Appticant Bank sanctioned Housing Loan of Rs. 3.20 Lac on 05108117 and Overdraft facitity of Rs.23.50 Lac on 17 108117. ln consideration of the sanction of credit facitities the Defendants in addition to execution of loan documents, have also created equitable mortgage over the immovable property, i.e., Residential House Qtr No.-Jl43lE-6, situated at Asha Niketa Arera Cotony, Ward No.-49, Bhopat (M.P.), Ground Ftoor area 33.91 sq.mtr., First Floor area 33.91 sq.mtr. and second floor area 33.91 sq.mtr., total area 608.15 sq.ft. (56.52 sq.mtr.); betonging to Defendant No.-1. The Defendants availed the credit facilities and a[so executed irregular and the Defendants faited the outstanding dues despite -!.!r9uidate

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oA464122

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issuance of Recatt^{Notices tastty on 30l04t21 and initiation of actionunder} the Securitisation^{Act by the Appticant Bank.The Applicant-Bankhas retied} upon the documents^{at Ex. A-1 to A-21 which were provedby Shri Ajay} Parihar, Senior Manager'

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Despite service of notice,^{the Defendants neitherappeared nor} fited written statement.^{They were proceededex-partevideorderdated} 09to1t23. There^{is therefore,no reasonto disbetieve the contentionsof the} Bank. considering^{the facts of the case, I opine that the Defendantsare} jointty and severalty tiabLe to^pay the ctaim^{amount togetherwith interest} and costs. The^{Appticant-Bank in its appticationhas [email protected]%} p.a. with monthty rests. However,^{I feet it fair and reasonabte to grant} interest @8.25%^{p.a. simpte pendentelite and future tit[ reatizationof the} dues. The mortgaged Property^{is tiabte to be sotd for recoveryof amount} due atong with the^{personalpropertiesand assets of the Defendants'}

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The Originat Apptication^{is attowed and it is orderedas under-} i) The Defendants do^{pay jointtyand severallyRs. 29,25,983'50} (Rupees Twenty Nine Lac, Twenty^{Five Thousand, Nine Hundred Eighty Three} and Paisa Fifty onty)^{together with pendenteliteand future interest @8.25%} per annum simpte from the date of^{fiting of the OA, i.e.,24103127,with} costs ti[[ its realization.

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ii) The Appticant Bank^{is entitted to sett the mortgaged as wetlas} personal properties and assets^{of the Defendantsfor realizationof its dues.} The Defendants are^{hereby restrained by means of injunction from} depteting, transferring,^{encumbering, atienatingor in any way deating with} their properties/assets^{without first paying the claim of the AppticantBank.}

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iii) A Recovery Certificate^{be issued uls 19(22)of Recovery of} Debts and Bankruptcy^{Act. The appticantbank may fite a memo of cost} within 7 days for^{preparingRecoveryCertificate.}

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Judgment^{pronouncedin the oPen court on this Day of 04th Juty,2023.}

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(Ram Niwis Patet) Presidine Officer

Punjab National Bank v. Smt. Preeti Shrivastava

Case brief

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Punjab National Bank v. Smt. Preeti Shrivastava

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