The DRT adjudicated an OA filed by SBI for recovering dues of Rs.34.74 lacs against a proprietorship firm and its proprietor. The defendants appeared ex parte. The tribunal upheld the bank's evidence and allowed recovery from hypothecated and personal assets.
Recovery of Rs.34,74,549.11p with interest from 21.03.2022 allowed; Recovery Certificate issued;
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IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
BEFORE: A S NARANG, PRESIDING OFFICER
OA No: 558 of 2022 Date of Institution: 31.03.2022 Date of Decision: 20.10.2023
SBI, Sector 17, Chandigarh and having its Branch amongst other places at The Mall, Goniana Mandi, District Bathinda, Punjab.
……..Applicant
Vs.
……….Defendants
Advocates
Sh. Vivek Verma, Counsel for the applicant bank. Defendants- Ex parte .
OA for the Recovery of Rs.34,74,549.11p with interest from 21.03.2022.
ORDER
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detailed in para No.3(A) of the application). The said facilities were chargeable to interest @12.65% per annum with monthly rests. Defendant no.1 through its proprietor had executed the revival letters, on 02.02.2018 and 28.01.2021, in respect of the aforesaid credit facilities. On 20.03.2022, a sum of Rs.34,74,549.11p was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.
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detailed in para No.3(A) of the application) as well as from the personal movable and immovable property(ies) of the defendants. 7. Pending IAs, if any, stand disposed of. 8. Recovery Certificate be issued accordingly. 9. Parties are directed to appear before Recovery Officer on 22.11.2023 , who is directed to distribute the sale proceeds of the hypothecated machineries and other moveable assets 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: 20th October, 2023 Presiding Officer DRT-1, Chandigarh
2 issues framed by the court
Whether the applicant bank established the existence of dues under the loan agreements.
Whether the application for recovery of dues with interest is maintainable.
1 provisions across 1 enactments
SBI, Sector 17, Chandigarh
M/s Goniana Industries
Sh. Jagdeep Singh S/o Sh. Dalbara Singh
A S Narang
As recorded by the court registry
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