Allowed

Punjab National Bank v. Jaswant Rao Gurungalkar

DRT24 Apr 2023OA/639/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the banks application for recovery of dues of Rs. 26,36,007.25 along with interest at 12% p.a., costs, and issued a Recovery Certificate. The court also granted an injunction restraining the defendants from dealing with their assets.

What did the court decide?

Order to pay Rs. 26,36,007.25 with interest at 12% p.a., issuance of Recovery Certificate, and injunction against dealing with assets.

Punjab National Bank versus Jaswant Rao Gurungalkar — Contract and Commercial Disputes | 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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Originol Applicotion No. - 639122

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Punjab National Bank, Arvind Viyar Branch, Bhopat (M.P.)

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Appticant

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Versus

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Jaswant Rao Gurungatkar, S/o Shri Suresh Rao Gurungalkar Rlo HIG-212, Bag Mugatia, Laharpur, Bhopat (M.P.) 462043; A[so at: LlGl1l158, Bag Mugatia Road, Near Katara Hitts, Bhopat (M.P.) 462043; Also at: Shop No.-9, Land Mark BHEL, Bag Mugatia, Bhopat (M.P.) 462043

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Suresh Rao Gurungatkar, R/o LIG-158, Bag Mugatia, Laharpur, Bhopat (M.P.) 462043 Defendants

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Counsel for the Appticant : Shri Kapit Duggat, Advocate

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Defendants : Ex-parte

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JUDGMENT ri t, zo z I I 1^{oatea :} zarlp

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The Appticant-Bank has fited the present Originat Apptication u/s 19 of Recovery of Debts and Bankruptcy Act on 21105122 against the Defendants for recovery of Rs. 26,36,007.25^(Rupees Twenty Six Lac, Thirty Six Thousand Seven and Paisa Twenty Five onty) atong 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.-1, the Appticant Bank sanctioned Term Loan of^Rs. 25 Lac^on 12109116,|n consideration of the same the Defendant No.-1 as borrower^and Defendant No.-2 as guarantor executed requisite loan and^guarantee documents. The Defendant No.-l avaited the term toan but did not^{paid over} dues. The Defendants atso faited to liquidate the outstanding dues despite issuance of Legat Notice on 03102121 by the Appticant Bank. The AppticantBank has retied upon the documents at Ex. A-1 to A-9 which were^{proved by} Shri Rohit Kumar, Senior Manager.

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oA639/22

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Despite service of notice, the^{Defendants neitherappeared nor} fited written statement.^{They wereproceededex-parte vide order dated} 13lO'l t23. There is therefore,^{no reason to disbetieve the contentionsof the} Bank. Considering the facts of^{the case, I opine that the Defendantsare} jointty and severalty l,iable to pay the claim amount together^{with interest} and costs. The Appticant-Bank^{in its apptication has ctaimedinterest} @12.35%^{p.a. with monthty rests. However,lfeel it fair and reasonabteto} grant interest @12% p.a. simple^pendentelite and^{future titl rea[ization of} the dues. The^{personalpropertiesand assets of the Defendantsare liabteto} be sotd for recovery of amount^due.

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The Originat Apptication is altowed and it^{is orderedas under-}

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i) The Defendants do^{pay jointty} and severally^{Rs. 26,36,007.25} (Rupees Twenty Six Lac, Thirty Six Thousand Seven and^{Paisa TwentyFive} onty) together with^pendentetite and future^interest @12%^{per annum simpte.} from the date of fiting of the OA, i.e.,21^{/05122, with costs} titl^its reatization.

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ii) The Appticant Bank is entitled to sett the^{personal properties} and assets of the Defendants for realization of its dues.^{The Defendantsare} hereby restrained by means of injunction from depleting, transferring, encumbering, atienating or in any way dealing with their^{properties/assets} without first^paying the claim of the Appticant^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 Day of^24th Aprit, 2023.

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,h'^* (Ram N asPate r) Presidine Officer

Punjab National Bank v. Jaswant Rao Gurungalkar

Case brief

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Punjab National Bank v. Jaswant Rao Gurungalkar

Case brief

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