The Tribunal allowed the applicant bank's original application for recovery of Rs.38,78,005.54 from defendants who failed to repay a sanctioned business loan. The Tribunal ordered payment with simple interest at 8% per annum.
Recovery Certificate issued for Rs.38,78,005.54 with simple interest at 8% per annum from 06.04.2023.
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DEBTS RECOVERY TRIBUNAL-2, CHANDIGARH, PRESIDED OVER BY M.M. DHONCHAK
ORIGINAL APPLICATION NO.648/2023
DATE OF INSTITUTION: 06.04.2023
DATE OF DECISION: 14th DAY OF DECEMBER, 2023
Punjab National Bank , a body corporate, constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, having its Head Office at Plot No. 4, Sector 10, Dwarka, New Delhi-110075 and its Branch at Punjab National Bank, Hailey-Mandi, District Gurgaon-122503, through its Authorised Represntative, Sh. Parveen Kumar Sammi, Chief Manager
…..Applicant
Versus
…..Defendants
OA/648/2023 PUNJAB NATIONAL BANK Vs M/S VIVA D MOHIT INTERNATIONAL AND OTHERS
2
Argued by: Sh. Rehan Chaudhary, Advocate for the applicant Bank (through VC) Defendants ex parte vide order dated 14.12.2023
FINAL ORDER
Present Original Application was instituted by the applicant bank under Section 19(1) of the Recovery of Debts and Bankruptcy Act, 1993 (hereinafter referred to as ‘the Act’ for brevity), against the defendants for recovery of Rs.38,78,005.54/- (Rupees Thirty Eight Lac Seventy Eight Thousand Five and Fifty Four Paisa Only) . It has been filed through Sh. Parveen Kumar Sammi, Chief Manager of the applicant bank stated to be competent to institute the Original Application vide General Power of Attorney dated 12.03.1998, Annexure-A1 (copy).
OA/648/2023 PUNJAB NATIONAL BANK Vs M/S VIVA D MOHIT INTERNATIONAL AND OTHERS 3
No. E-228, measuring 61.295 Square Yards situated at Sushant Lok, Phase-I, Gurugram, Haryana, fully detailed in para No. 5(vi) of the Original Application. Registered sale deed dated 16.02.2018 is Annexure-A6 (copy).
It is further the case of the applicant bank that after adjusting debit and credit entries in the loan account, a sum of Rs.38,78,005.54/- (Rupees Thirty Eight Lac Seventy Eight Thousand Five and Fifty Four Paisa Only) , is recoverable against the defendants as per statement of account, certified under Bankers’ Books Evidence Act, 1891, Annexure-A11 (copy).
Since the defendants did not repay the outstanding amount, therefore, the applicant bank preferred the present Original Application for issuance of Recovery Certificate.
OA/648/2023 PUNJAB NATIONAL BANK Vs M/S VIVA D MOHIT INTERNATIONAL AND OTHERS 4
Seventy Eight Thousand Five and Fifty Four Paisa Only) from the defendants.
OA/648/2023 PUNJAB NATIONAL BANK Vs M/S VIVA D MOHIT INTERNATIONAL AND OTHERS 5
Annexure-A3 (copy), rate of interest has been mentioned @10.25% per annum.
This Tribunal is of the considered opinion that sometimes in appropriate cases the prerogatives of mercy and magnanimity are the brightest jewels in the crown of the Judge. Keeping in view the facts and circumstances of the instant case including the Pandemic Covid-19 affecting businesses, nature of the mortgaged property, purpose of loan, i.e. business , quantum of loan, prevalent market rates of interest which have gone drastically downhill in yesteryears and defendant Nos. 2 and 4 being females, while exercising the discretion vested in this Tribunal, this Tribunal deems it just and appropriate to grant uniform simple interest @8% per annum from the date of filing of the OA till realisation of the amount ordered vide this order. It is ordered accordingly.
OA/648/2023 PUNJAB NATIONAL BANK Vs M/S VIVA D MOHIT INTERNATIONAL AND OTHERS 6
remain unsatisfied, the applicant bank shall be at liberty to recover the same by attachment and sale of personal assets of the defendants.
However, the applicant bank is at liberty to enforce the claim through due process of law.
the official website of this Tribunal.
Pronounced in the open Tribunal (M.M. Dhonchak) Presiding Officer DRT-2, Chandigarh
2 issues framed by the court
Whether the applicant bank is entitled to recover the outstanding loan amount from the defendants.
What rate of interest should be granted for the recovery of the debt.
3 provisions across 3 enactments
Punjab National Bank
M/s Viva D Mohit International
Smt. Ruchi Dawar
Sh. Mohit Kumar Arora
Smt. Amita Arora
M.M. DHONCHAK
As recorded by the court registry
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