Allowed

Punjab National Bank v. Chandan Kumar Dubey

DRT18 Dec 2023OA/606/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's original application for recovery of dues. The court dismissed the ex-parte defendant's default, noting failure to appear or file a statement. A recovery certificate was directed to be issued.

What did the court decide?

Payment of Rs. 31,13,497.44 with interest at 9.40% p.a., costs, injunction against alienating assets, and issuance of a Recovery Certificate.

Punjab National Bank versus Chandan Kumar Dubey — Banking and Recovery | DRT (2023)

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DEBTS RECOVERY TRIBUNAL : JABALPUR

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(for the States of Madhya Pradesh and Chhattisgarh)

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

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Original Application No. - 606122

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Punjab Nationat Bank, Recovery Centre at Circle SASTRA, Jabatpur (M.P.)

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..... Applicant

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Versus

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Shri Chandan Kumar Dubey, 5/o Shri Ramjanam Drarivedi, R/o LIG 8, Navjeevan Vihar, Ward No.-32, Singrouti M.P. 486885

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Defendant

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Counsel for the Applicant : Shri Adamya Bajpai, Advocate Defendant : Ex-Parte

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JUDGMENT (Dated: 18 December, 2023)

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The Appticant-Bank has fited the^present Originat^Apptication u/s'19 of Recovery of Debts and^{BankruptcyAct on 04/05/22against the} Defendant for recovery of Rs. 31,13,497.44^{(RuPeesThirty One Lac, Thirteen} Thousand, Four Hundred Ninety Seven and^{Paisa FourtyFour onty) along with} interest and other reliefs as stated.

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Z. The brief facts of the case are that on the^{request of} Defendant, the Appticant Bank sanctioned^{Term Loan of Rs. 25 Lac on} 11 l11t19 under CGTi1SE Scheme^and in^{considerationof the samethe} Defendant executed requisite loan documents.^{The Defendant availed the} term loan and executed Balance Confirmation^{Letter on 24106121 but faited} to tiquidate the outstanding^{dues despiteissuance of Recatt Notice [astty on} 22t12t21 by the Appticant Bank. The^{Appticant-Bankhas relied upon the} documents at Ex. A-1 to A-12^{whichwere proved by Shri AbhishekTiwari,Sr.} Manager.

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DesPite service of notice, the^{Defendantneither appearednor} fited written statement. He^{wasproceeded ex'parte vide orderdated} O4lOglZ3. There is therefore,^{no reasonto disbetieve the contentionsof the} Bank. Considering the facts of the^{case, I opinethat the Defendantis tiabte} to pay the claim amount^{togetherwith interest and costs.The Appticant-}

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oA606t22

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Bank in its application has claimed interest @9.40% p.a. with monthty rests. However, I feet it fair and reasonable to grant interest @9.4%^p.a. simpte pendentelite and future ti[[ realization of the dues. The personal properties and assets of the Defendant are tiabte to be sold foi recovery of amount due.

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The Originat Apptication is allowed and it is ordered as under-

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i) The Defendant do pay Rs. 31 ,13,497 .4 (Rupees Thirty One Lac, Thirteen Thousand, Four Hundred Ninety Seven and Paisa Fourty Four onty) together with pendentelite and future interest @9.40% per annum simple from the date of fiting of the OA, i.e.,04105122. with costs titl its realization.

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ii) The Appticant Bank is entitted to sell the personal properties and assets of the Defendant for realization of its dues. The Defendant is hereby restrained by means of injunction from depleting, transferring, encumbering, alienating or in any way dealing with his properties/assets without first paying the claim of the Appticant Bank.

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iii) A Recovery Certificate be issued uls 19(221 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 18s Day of December,2023.

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:"9
P
1?.'
(Ram Niwas Patel)
Presidine Officer

Punjab National Bank v. Chandan Kumar Dubey

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Chandan Kumar Dubey

Case brief

What is this about?

What did the court decide?

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