Allowed

Punjab National Bank v. Rajendra Maharana

DRT14 Dec 2023OA/602/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's original application. The court directed defendants to jointly and severally repay the claim amount with interest and authorized issuance of a recovery certificate and sale of mortgaged assets.

What did the court decide?

Defendants directed to pay Rs. 22,92,886.80 with interest and costs; recovery certificate to be issued; injunction on dealing with assets.

Punjab National Bank versus Rajendra Maharana — Banking and Recovery | DRT (2023)

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DEBTS RECOVERY TRIBUNAL : JABALPUR

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(for the States of fuladhya Pradesh and Chhattisgarh)

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(Presiding Officer - Hon'ble Shri Ram Niwas Patet)

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Original Applicotion No. - 602122

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Punjab NationaI Bank, (erstwhile United Bank of lndia) Bitaspur (C.G.)

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..... Appticant

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Versus

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Shri Rajendra Maharana

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Smt. Reena Maharana, W/o Shri Rajendra Maharana

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(Both C/o Shri P.K. Choudhary, R/o Opp. Ratan Kirana Store, Hemu Nagar, Near Overbridge, Bilaspur, C.G.495 001) Defendants

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

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JUDGIAENT lDated:TFDecember,zoz3l

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The Appticant-Bank has fited the Present Originat^Application u/s 19 of Recovery of Debts and Bankruptcy^{Act on 2UA4|2Zagainst the} Defendants for recovery of Rs. 22,92,886.80^{(RupeesTwenty Two Lac,} Ninety Two Thousand, Eight Hundred^{Eighty Six andPaisaEighty onty)along} with interest and other reliefs^as stated.

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The brief facts of the case are that^{on the request of} Defendant No.-l & 2, the erstwhite^{United Bank of lndia (Now Punjab} National Bank) sanctioned^{Housing Loan of Rs. 20 Lac. ln considerationof the} same the Defendants^{as borrowers and Defendant No.-2 in her individuat} capacity as^guarantor in^{additionto executionof loan and guarantee} documents have also^{created equitablemortgage over the immovabte} property, i.e., Residential House at^{PH No.'20,New 22, Khasra No.-151179,} Star No.-8, Mauzatingiadihi^{RajivViharRajkishoreNagar, Newar SECLoff} Bilaspur, Seepat Road,^{Block,Tehsit & Distt.-BitaspurC'G', area1400 sq'ft';} betonging to Defendant^{No.-1. The Defendantsavaited the credit facitityand} atso executed Batance^{ConfirmationLetter on 28112120, The Defendants} faited to tiquidate^{the outstandingdues despite initiationof action under the}

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oA602D2

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Securitization Act by the Appticant Bank. The^{Appticant-Bank has retied upon} the documents at Ex. A-1 to A-18^{which were proved by Shri ShriHarneet} Singh Juneja, Branch Head.

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Despite service of notice, the Defendants neither appeared^nor fited written statement. They were^{proceededex-partevide order dated} 24t08123. There is therefore, no reason to disbel,ieve^{the contentionsof the} Bank. Considering the facts of the case, I^opine that^{the Defendantsare} jointty and severatly tiabte to pay the ctaim amount together with interest and costs. The Appticant-Bank in its^{apptication has ctaimedinterest} @10.25%^{p.a. with monthtyrests.However, I feel it fair and reasonabteto} grant interest @10.25% p.a. simple pendentelite and future till reatization of the dues. The mortgaged^property is tiabte to^{be sold} for^{recovery of} amount due atong with the^{personalproPerties and assets of the Defendants'}

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4, The Original Application is allowed and it is ordered as^under'

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i) The Defendants do pay^jointty and severatty Rs. 22,92,886.80 (Rupees Twenty Two Lac, Ninety Two Thousand, Eight Hundred Eighty Six and Paisa Eighty onty) together with^pendentelite and future^interest @10.25%^per annum^{simptefrom the dateof fitingof the OA, i.e.,281M122,} with costs till its realization.

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ii) The Appticant Bank is entitted to sett the mortgaged as welt as personal properties and assets of the Defendants for realization of its dues. The Defendants are hereby restrained by means of injunction from depleting, transferring, encumbering, alienating or in any way dealing with their properties/assets without first^paying the claim of the Applicant Bank.

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iii) A Recovery Certificate be issued uls 19(22) of Recovery of Debts and Bankruptcy Act. The appticant bank may file a memo of cost within 7 days for preparing Recovery Certificate.

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Judgment pronounced in the open court on this 14th Day of December,2023.

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.>9
\2
1te'
(Ram Niwas Patet)
Presidin e Officer

Punjab National Bank v. Rajendra Maharana

Case brief

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Punjab National Bank v. Rajendra Maharana

Case brief

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