Allowed

Punjab National Bank v. Ankit Mishra

DRT22 Aug 2023OA/557/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal adjudicated an application by Punjab National Bank for recovery of Rs. 34.44 lakhs from borrowers who failed to repay a housing loan. The court declared the respondents jointly liable, granted interest at 10.25%, and ordered the sale of mortgaged and personal assets.

What did the court decide?

Declaration of joint liability, Order to pay Rs. 34.44 lakhs plus interest, Injunction on property transfer, Issue of Recovery Certificate.

Punjab National Bank versus Ankit Mishra — Insolvency and Bankruptcy | DRT (2023)

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DEBTS RECOVERY TRIBUNAL : JABALPUR (for the States olMadhya Pradesh and Chhattisgarh)

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(Prcsiding Olliccr - IIon'blc Shri l{am Niwas I)ate l)

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Original lpplicarion No. 557/2022

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Punjab National Bank (erstwhile United llank ol'lndia) Bilaspur (C.G) Applicant

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Versus

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I Shri Ankit Mishra, S/o Shri Ashok Mishra, R/o MIC 278116 Rajkishorc Nagar, Bilaspur (C.C) 495001

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Also at- Pari Iluildors Suppliers & Consultancy,, Usha Complex, infront of Ganesh Sweets, Rajkishore Nagar, Bilaspur (C.G) 495001

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2 Smt. Rinkey Upadhyal', W/o Shri Ashok Mishra, IVo MIG 278116 Rajkishore Nagar, Bilaspur (C.G) 495001 Dcl'endants

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Counsel for thc Applicant : Shri M.D.N. Bajpai, Advocate Defendants : Ex-partcEx-partc

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: Ex-partcEx-partc

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.IUI)GMENl(Datctl : 22"" Argr,.st, 2023;

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l. The Applicant-Bank has filcd the prescnr Origirral Application u/s l9 o|Rccovcry o|Dcbts and Bankruptc.\ nct r), 28104122 against the Defendants for recovery of lts. 34,44,895.64l- (Rupees Thir.ty Irour Lac, Forty Four^-l-housancl, Eight Hundred Nirrcty l:ive and Iraisa Sixty l;our onll ) al.rrg with interest and other reliefs as stated.

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)

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oA 557 2:

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The brief facts ol- thc casc are that on the rcqucst ol" Defendant No.l and 2, the Applicant Bank sanctioncd Unitcd Housing Loan of Rs.20 Lac on 28105110.ln consideration of the same the Defendants in addition to execution ol loan documcuts have also created equitable mortgage over the imrnovablc properry, i.e., Land & Building at Lingiadihi PO Sarkanda Bilaspur near Rajiv Vihar SIICL Campus & DPS School Plot No.227, Star 8 Khasra No.l5/874 Bilaspur (C.G) Arca 2ll5 Sq. Feet. The Defendants availed the United Housing Loan and also executed Balance Corrflrmation dated 20l0ll17. l'hc account became irregular and the Defendants failed to liquidate thc outstanding dues despite issuance of Demand/Recall Notice dated 05ll2ll7 and initiation o[ action under the Securitisation Act by the Applicant Bank. The Applicant-Bank has rclied upon the documents at Ex. A-1 to A-12 which were proved by Shri Harneet Singh Junc.ia, Branch I-lead.

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Dcspitc scn'icc ol ntlticc, thc Dcl'endants^tleitllcr appeared uor lllcd urittc'tr statentcttt.^{'[hcr ucre proccctlcclcr-} partc vidc ordcr datcd l9 l2 22. lltelc^is tltcrclirrc,^{llo Icasorll()} disbe lie'r'c the contcntions^{ol- thc Ilank. Consideringthc lircts ol'} the case. I oltine that^{the [)efentlants are.iointll'anilser'et'ltllr} liable to pa) thc claint^{lrntgtrnt tggcthcr \ith intercstllil(l crt'1.,} 'l hc Applicarrt-Llank in its application has clainrccl intc|cst frit 10.2596^{p.a. u'itlr rl1otrthlrrests. IIorr$er. I 1L'cl it lllir rlrrtl} rcasonable to^{graut intc|cst (, 10.259o11.a. sirnplc llcni'[crltclitr} and lulure till^{rcalizatiorr olthe dues' The morlgaged propcrtlis} tiable to be^{solcl lirr rccoYcry ol'att'totlttt cir.te along rrith thc} personal ptopcnics^{ttltcl asscls ol'thc I)elcnclallts'}

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()A 557 ll

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fhe- Oliginal Application is allou,ccl and it is ordcred as unclcr-

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i) 1'hc Dclcnclants do pay .iointly and sercralll lis. 34,4.1,895.64/- (Ilupccs^'Ihir11' Irour Lac. Irortl' Four'^-l'housancl, F.ight I{uncl'ccl Ninctl l:ivc and I)aisa Sixtr Irour onlr') togctlrcl' vvith pendentelite and lutr.rre interest Qi',,10.25% per annunl simple lrom the^(latc ol'liling ol'thc OA, i.c.. 28104'12, uith co5ts till it: r'cu lizltt iott.

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ii) The Applicant Bank is entitled to sell the moftgaged as well as personal propcrtics and assets of the Del-endants lbr realization of its ducs.^'t'he Defendants are hereby restlainecl br means of injunction from depleting, transferring, encumbering, alienating or in any uay dealing with their propcrtics/asscls without first paying thc claim of the Applicant lJank.

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iii) A Recovery Certificate be issuecJ u/s l()(22) of Recovery of Debts and llankruptcy Act.^'r'hc appricant ba,k nray, file a memo of cosl within 7 days for preparing Recovery Ceftificatc.

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Judgment pronounced in the open court on this 22,,d Dav olAugust, 2023.

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Sp rk< (ltam Ni u us l)atcl) Presidi llg Olliccr

Punjab National Bank v. Ankit Mishra

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Ankit Mishra

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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