Allowed

Punjab National Bank v. Sahid Khan

DRT13 Feb 2023OA/681/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the bank's application for recovery of dues from defendants who defaulted on housing loan and overdraft accounts, ordering joint and several liability and granting a recovery certificate.

What did the court decide?

Order directed Defendants 1-3 to pay ₹19,13,896.00 and Defendant 1 to pay ₹4,48,411.21 with interest at 9% p.a. simple. Issued an injunction against alienating properties and directed issuance of Reco

Punjab National Bank versus Sahid Khan — Specific Performance | 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 Patel)

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Originol Applicotion No. - 681 122

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Punjab National Bank, 5.5. Medicat Cottege, Rewa (M.P.)

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Appticant

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Versus

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Sahid Khan, S/o Mirjadakh Khan

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Shabana Bee, W/o Sahid Khan

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Bhote Khan, S/o Abbas Khan

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(Vittage-5aman, Tehsit-Huzoor, District-Rewa, M.P. 486001)

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..... Defendants

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Counse[ for the Appticant : Shri Arun K. Pandey, Advocate Defendants : Ex-parte

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JUDGMENT

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(Dated : 13tn February, 20231

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The Appticant-Bank has filed the^{present Originat Apptication} u/s 19 of Recovery of Debts and Bankruptcy^{Act on 18105122against the} Defendants for recovery of Rs. 23,62,307.21^{(RupeesTwenty ThreeLac,} Sixty Two Thousand, Three Hundred^{Seven and Paisa TwentyOne onty) atong} with interest and other retiefs^as stated.

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The brief facts of the case are^{that on the request of} Defendant No.-1 and 2, the^{Appticant Bank sanctionedHousing Loanof Rs'} 12 Lac on 31105114 and on^{the requestof Defendant No.-1the Appticant-} Bank further sanctioned^{OverdraftLimit of Rs' 4 Lac on 031'11114'ln} consideration of the^{sanctionof credit facilitiesthe DefendantNo.'1 as} borrower for both^{the credit facitities,DefendantNo.'2 as co'borrower for} housing loan and Defendant^{No.-3as guarantorfor housingloan in addition} to execution of^{toan and guarantee documents have also created equitable} mortgage over^{the immovabteproperty, i'e', ResidentiatPropertybearing} KhasraNo.-689l5Khat7,J.No.-5S0,PatwariHatkaNo'-Saman32'WardNo'26 Shesh, Circte^{and Ward-Rewa, admeasuringland area 1260 sq'ft' situated}

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oA68il22

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at Mauza-Saman, Btock-Rewa, Tehsil-Huzur, District'Rewa^(M.P. );^bel'onging to Defendant No.-1. The Defendant No.-1 also executed^Balance Confirmation Letters on 08106117 and on⁰¹ /06/20.^The accounts^became irregular and the Defendants faited to [iquidate the outstanding dues despite issuance of Legat Notice on 27 104/22 and initiation of action^{under the} Securitisation Act by the Appticant Bank. The Appticant-Bank^{has retied upon} the documents at Ex. A-1 to 4-26 which were^proved by Shri^Abhishek Tiwari, Senior Manager.

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Perusal of record reveals that Counsel Shri Ram Jee Shukta, Advocate, appeared on behalf of att the three Defendants who fited^his Vakalatnama on 07109122. However, in the later^proceedings none appeared for the Defendants nor filed written statement, Att the Defendants were proceeded ex-parte vide order daled 12110122. There^is therefore, no reason to disbetieve the contentions of the Bank. Admittedly, Defendant No.-2 is co-borrower only for housing loan and has not executed any loan document with regard to 0verdraft limit sanctioned to Defendant No.-1. Simitarty Defendant No.-3 had executed guarantee to secure the housing loan onty. Considering the facts of the case, I opine that the Defendants are^jointty and severally tiabte to pay the claim amount together with interest and costs. The tiabitity of Defendant No.-2 and 3 is however restricted to the dues in the housing toan account only, i.e,, Rs. 19,'13,896.00, together with pendentetite and future interest. The Appticant-Bank in its apptication has ctaimed interest @8.5% p.a. with monthty rests for housing loan account and interest @9% p.a. with monthty rests for overdraft toan account. However, I feet it fair and reasonabte to grant interest @09% p.a. simple pendentelite and future common for both the accounts titl realization of the dues. The mortgaged property is tiabte to be sotd for recovery of amount due atong with the persona[ properties and assets of the Defendants.

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

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i) The Defendant No.-1 to 3 do pay jointty and severa[y Rs. 19,13,896.00 (Rupees Nineteen Lac, Thirteen Thousand, Eight Hundred and Ninety Six onty) due in housing loan account and Defendant No.-1 do further pay Rs. 4,48,411.21 (Rupees Four Lac, Fourty Eight Thousand, Four Hundred Eteven and Paisa Twenty One onty) due in overdraft loan account together

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oA681122

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with pendentelite and future interest @09% per annum simple from the date of fiting of the OA, i.e.,18/05122, with costs till its realization.

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ii) The Appticant Bank is entitted to selt the mortgaged as weU as persona[ properties and assets of the Defendants for realization 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 respective ctaim 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 13s February, 2023.

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mNrwas Patdr) tb
Presidinq Officer

Punjab National Bank v. Sahid Khan

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Sahid Khan

Case brief

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What did the court decide?

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