Allowed

Punjab National Bank v. Suryakant R Biradar

DRT15 Nov 2023OA/499/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the loan recovery application filed by Punjab National Bank against the borrower, who failed to repay term and crop loans. The Tribunal granted the recovery amount, interest, and costs, with liberty to sell properties and issue a recovery certificate.

What did the court decide?

OA allowed with interest, costs, and liberty to sell schedule properties and issue recovery certificate.

Punjab National Bank versus Suryakant R Biradar — Banking and Recovery | DRT (2023)

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IN THE DEBTS RECOVERY^{TRIBUNAL- I, KARNATAKA}

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AT BENGALURU

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Dated this the 15th day of Novembet,2023

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Present: Sri IMTIAZ ALI

Presiding Officer

oANo.499l2022

BETWEEN:

Punjab National Bank Branch Office at: Bijapur

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Sri Siddeshwar Road

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Bijapur, Bijapur District Represented by its Chief Manager and Power of Attorney Holder

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..APPLICANT

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AND:

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l.Sri Suryakant R Biradar

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S/o Sri Rudrappa Aged Major Residing at: Post Tidagundi Bijapur Bijapur District- 586 119

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.. DEFENDANTS

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Counsels on record /aooeared for:

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Applicant : Sri Yogesh L Hiremath Defendants i Ex-parte

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FINAL ORDER

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The present OA has been filed by the Applicant Bank under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993, seeking recovery of money of Rs.37,49,854.58

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(Rupees thirty-seven lakhs forty-nine thousand eight hundred fifty-four and paise fifty-eight only) together with costs, interest, etc.

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\ \x-t \

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OA No.499/2022

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The case of^{the Applicant Bank is that'Defendant} being the^{Borrowerhad approachedthe Applicant Bank for} the facility^{of Term Loan for the Developmentof Grape Vine} Plantation.^{Accordingly,the Applicant Bank hassanctioned} the Term Loan^{of Rs 15,oo,ooo/- under Loan Account} No.OO5sOOAGOOO10968^{on37'f2'2OL5' Further' the} Defendant in^{needof financiatassistancehad approached the} Applicant^{Bankunder the Scheme of cash credit cropLoan} and the^{Applicant Bank sanctionedthe Crop Loanof} Rs.9,5O,OOO/-^{under Account No 0055008800027652on} 19.11.2016.^{Again,the Defendant in the additional need of} flnancial^{assistance had approachedthe Applicant Bank under} the Scheme-Term^{Loan and the ApplicantBankhas} sanctioned^{Term Loan of Rs 1'OO'OOO/- under Account} No.OO55OOAPOOO11092^{on 21'03 2017' in terms of the loan} Agreements.^{In orderto securethe loans'the Defendanthas} executed documents^{viz ,HypothecationAgreements'} Registered^{MortgageDeeds,Letter of Undertaking and Letter} of Consent^etc.,

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further^{submits that,} Further,^{the Applicant Bankhas} the defendant^{hasagreed to repay} the Term^Loanof \

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OA No.499/2022

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Rs.15,00,000/- with interest at the rate of 11olo^per annum and has to be repaid in^{yearly payment} of Rs.2,15,000/- and agreed to^pay additional interest at the rate of 2olo P.A. in case of default. The Cash Credit Crop Loan of Rs.9,50,000/with interest at the rate of 8.85o/o^per annum and has to be repaid within the 5 years and agreed to pay additional interest at the rate of 2o/o P.A. in case of default. The Term Loan of Rs.1,00,000/- with interest at the rate of 8.85o/o per annum and has to be repaid within the 5 years and agreed to pay additional interest at the rate of 2Vo P.A. in case of default.

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Further, the Defendant have agreed to repay the above loans with variable rate of interests, as applicable from time to time as per the directions of the Head Office/Central Office of the Applicant Bank and penal interest in case of default and keep the accounts regular by paying installments as and when due to the satisfaction of the Applicant Bank, as detailed in the OA by the Applicant Bank.

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The Defendant after utilising the said loan has failed to repay the^principal as well as interest thereon. In spite of repeated demands and requests made by the Applicant Bank,

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OA No.499/2022

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the Defendant^{has not regularizedhis loan account with the} Applicant^{Bank.The Defendant has not made the paymentas} agreed to by^{him towardsthe dischargeof loan' The} Defendant^{has not respondedto the demands made by the} Applicant^{Bankthrough theirvarious notices and demands'}

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In the light of^{thesefactors, it is contendedby the} Applicant^{Bank that Defendantis liable to pay a total sum of} Rs.37,4g,854.^{58 ( Rupeesthirty-sevenlakhs forty-nine} thousand eight^{hundredfifty-fourand paise fifty-eight} only).

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After filing^{this OA, Summons was sent and served to} the Defendant^{throughRPAD'When Defendantis calledout'} Defendant^{remained absent and hence, placedex parte'}

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To prove the^{case of the ApplicantBank' The Chief} Manager and^{P.A.Holder, Sri KuntappaM Hosamani'has filed} his affidavit by^{way of evidence the samewas consideredas} evidence of AW.1^{and marked at Ex'A1 and list of document} came to be^{marked at Ex.A2 and 20 documents came to be} marked at Ex.A3^{to A22.}

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No evidence^{on behalf of the Defendants'}

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oA No.499/2022

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10.^{Arguments of Learned Counselfor the Plaintiff/}

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Applicant Bank heard and^perused the records^{of the case.}

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Following^points arise for my consideration:

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1. Whether Plaintiff / Applicant Bank^proves its case as contended in the^plaint / application?

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1. What Order?

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t2. For the following reasons, I answer the abovereferred points in the following manner:

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REASONS

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The Chief Manager and P.A. Holder of the^Applicant Bank came to be examined as AW,1. His affidavit by way of evidence reiterated the facts^pleaded in the^plaint and^his affidavit is also corroborated by the above-referred^{Ex.A3 to} A22 which clearly establish the case of the^{ApplicantBank to} allow the^present OA. Added to this, the^{Defendant has} remained absent, hence it is to be construed that^Defendant has admitted the entire case^pleaded by^{the Applicant Bank in} the^present OA.

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OA No.499/2022

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L4. Therefore, for these^{reasons, present OA is to be} allowed with costs as sought^{by the ApplicantBank'}

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ORDER

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Present OA stands allowed as^prayed for^{with interest} and costs.

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In the event of failure of the Defendant to^{pay the said} OA amount, the Applicant Bank is at^liberty to^{sell the} Schedule^properties in accordance^{with law as sought by the} Applicant Bank in the OA.

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In spite of sale of the Schedule^{properties, if the OA} amount is not fully realised, then the^{Applicant Bank is at} liberty to proceed against the^persons and^{other properties of} the Defendant in accordance with law.

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Applicant Bank shall file latest Memo of Calculation^of OA amount together with interest, costs^etc., to^{be paid by} Defendant duly taking into account the amount/s, if any,^paid by the Defendant and/or amount realised by^sale of^assets, etc., during the intervening^period after filing the^{OA, to} enable the office to^prepare Recovery Certificate for^the amount to be^paid by the Defendant to the^{ApplicantBank.}

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oA No.499/2022

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Office is directed^{to issue RecoveryCertificate as sought} by the Applicant^{Bank in the OA and do the needfulas} required under^{the law forthwith.}

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The Office is^{directed to issue, as far as possible, free}

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copy of this^{orderto the parties concerned'}

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(Dictated to the Stenographer,^{after its transcription and necessarycorrections'signed and} ' p.onounced by ;e^{in theopen courton thisthe15thday ofl"lovember'2023)}

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(IMTiAZ ALI) PRESIDING OFFICER DRT-I, Bengaluru

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ANNEXURES

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witness Examined^{for the AoDlicant Bank:} AW-1 : Sri KuntaPPa^{M Hosamani} The Chief Manager^{andP.A. Holder} of the APPlicant^Bank Ex.A-1 : Affidavit of^AW-l Ex.A-2 : List of^{Docu ments}

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Ex.A-3 to^A-22 : 20 documents

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Witness Examined^{for the Defendant:}

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Nil-

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List of Document Exhibited for th - Nil

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'f"o' (IMTIAZ ALI) PRESIDING^OFFICER DRT-I, Bengaluru

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Punjab National Bank v. Suryakant R Biradar

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Suryakant R Biradar

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

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Case details

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