Allowed

Punjab National Bank v. M K Samundra

DRT4 Sept 2023OA/605/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an Original Application filed by Punjab National Bank against three defendants for recovery of a housing loan. The court ordered joint and several payment of dues with interest and directed the issuance of a Recovery Certificate.

What did the court decide?

The applicants were ordered to pay Rs. 31,70,720.00 with interest at 9.95% p.a. simple and a Recovery Certificate was directed to be issued.

Punjab National Bank versus M K Samundra — Specific Performance | DRT (2023)

¶1

DEBTS RECOVERY TRIBUNAL : JABALPUR

¶2

(for the States of Madhya pradesh and Chhattisgarh)

¶3

(Presiding Officer - Hon'bte Shri Ram Niwas patet)

¶4

Original Application No. _ 605122

¶5

Punjab NationaI Bank, Vyapar Vihar, Bitaspur (C.G.)

¶6

Appticant

¶7

Versus

¶8

M.K. Samundra,

¶9

S/o Ghasitaram Samundra

¶10

Uma Bai,

¶11

W/o M.K. Samundra

¶12

(1 & 2 R/o Quarter No.-532.1, RTS Cotony, Road No.-57, Bi[aspur, C.G.495 01^.l)

¶13

Kaushat Singh, S/o Ramtal Singh, R/o Opposite Agrawata Bhavan, Emtipara, Bus Stand,

¶14

Bitaspur (C.c.) 495 001 Defendants

¶15

Counsel for the Appticant : Shri Shreyas Dubey, Advocate Defendants : Ex-parte

¶16

JUDGMENT

¶17

(Dated : 04 September, 2023)

¶18

The Appticant-Bank has fited the present Originat Apptication u/s 19 of Recovery of Debts and Bankruptcy Act on O7|O5\ZZ against the Defendants for recovery of Rs. 31,70,720.00 (Rupees Th.irty One Lac, Seventy Thousand, Seven Hundred and Twenty onl.y) atong with interest and other reliefs as stated.

¶19

The brief facts of the case are that on the request of Defendant No.-1 & 2, the Appticant Bank (erstwhite United Bank of lndia) sanctioned Housing Loan of Rs. 20 Lac on72102/11 .ln consideration of the sanction of housing loan the Defendant No.-1 & 2 as borrower and Defendant No,-3 as guarantor in addition to execution of loan documents, have atso created equitabte mortgage over the immovabte property, i.e., Land and Buitding on diverted land of Mauja-Sirgitti, PH No.-23l29, Nagar PanchayatSirgitti, Maa Sharda Ward No.-14, R|C-Bitaspur, Devetopment Btock-Bitha, Tehsit &. District-Bitaspur (C.G.). The Defendants availed the credit facitities

¶20

¶21

oA 605122

¶22

but faited to tiquidate the outstanding dues despite initiation of action under the Securitisation Act by the Appticant Bank. The Appticant-Bank has relied upon the documents at Ex. A-1 to A- which were^proved by Shri Harneet Singh, Manager.

¶23

Despite service of notice, the Defendants neither appeared nor filed written statement. They were proceeded ex-parte vide order dated 10104123. There is therefore, no reason to disbelieve the contentions of the Bank. Considering the facts of the case, I opine that the Defendants are jointty and severatty tiabte to pay the ctaim amount together with interest and costs. The Appticant-Bank in its apptication has ctaimed interest @9.95% p.a, with monthty rests. However, I feet it fair and reasonabte to grant interest @9.95% p.a. simpte pendentetite and future tit[ realization of the dues. The mortgaged property is tiabte to be sold for recovery of amount due atong with the personal properties and assets of the Defendants.

¶24

The Original Application is attowed and it is ordered as underi) The Defendants do pay jointty and severalty Rs. 31,70,720.00 (Rupees Thirty One Lac, Seventy Thousand, Seven Hundred and Twenty onty) together with pendentelite and future interest @% per annum simpte from the date of fiting of the OA, i.e., 07 /05/22, with costs titt its realization.

¶25

ii) The Appticant Bank is entit[ed to sett the mortgaged as wetl as personal properties and assets of the Defendants for reatization of its dues. The Defendants are hereby restrained by means of injunction from depteting, transferring, encumbering, atienating or in any way deating with their properties/assets without first paying the ctaim of the Appticant Bank.

¶26

iii) A Recovery Certificate be issued u/s 19(ZZ) of Recovery of Debts and Bankruptcy Act. The appl.,icant bank may fite a memo of cost within 7 days for preparing Recovery Certificate.

¶27

Judgment pronounced in the open court on this Day of 04th september, 2023

¶28

I slp lRanf'Niwas eatet; Presidins Officer

Punjab National Bank v. M K Samundra

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. M K Samundra

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

Coram

Case details

Similar cases

Ramesh Pal versus Idfc First Bank Ltd.

M/s Nadir Constructions Prop. Mr. Mohsin Ali Khan Borrower versus Union Bank of India

Ravindra Rana and Ohters versus Punjab National Bank

Icici Bank Limited versus Badri Prasad Rai

State Bank of India versus M/S Agrawal and Comapany

Anil Kumar Pillai versus Canara Bank