Allowed

Punjab National Bank v. M/S Vardan Garments

DRT19 Jul 2023OA/714/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Applicant-Bank's original application for recovery of a defaulted overdraft facility. The court decreed payment of the principal amount with interest and costs, mandated the sale of mortgaged and personal properties, and directed the issuance of a recovery certificate.

What did the court decide?

Decree for Rs. 38,47,624/- plus interest and costs; power to sell mortgaged and personal properties; issuance of Recovery Certificate; injunction against alienating assets.

Punjab National Bank versus M/S Vardan Garments — Banking and Recovery | DRT (2023)

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DEBTS RECOVERY TRIBUNAL : JABALPUR

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(lbr thc Statcs ol'NIaclhl a l,r'adcsh and Chhattisgarh)

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(Presiding Ollrccr - Ilon'blc Shri Ram Nirvas Patel)

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Originol .lpltlic'utitttr \o. 7 l1/2022

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Punjab National Bank, Ilhopal(M.t')

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Applicarrt

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Versus

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M/s Vardan Garntcnts, 'l'hrough i ts l)r'opricttrr'-

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Smt. Komal Wadhuani,

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W/o Shri Rajcsh Wadhrvani

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R/o Shop No.02, Classic Apaflnrcnt, Azad Markct, llhopal (M.1,)46200I

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2 Komal Wadhrvani. W/o Shri lLa.iesh \'adhuani

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J Nidhi \I'adhu ani, D/o Shri [{ajesh Wadhwani

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(Def-endant No.2 arrd 3 I{/o II.No.15, Manik Nirvas l)ali l]rzur llold. ldgah l.lills, Ilhopal M.t, .t6200l) Dclcndants

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Counsel fbr thc Applicant : Shri Kapil DLrggal, Advocarc

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DclL'ndants :l:r-ltaltc

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IIJI)(;MENT

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(l)atctl : l9'r',luh,,r23)

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l. The Applicant-l]ank has lllcd the present Original Application u/s l9 ol'Rccovcrv ol'l)cbts and Bankruptcl, Act on 21105122 against thc [)cll'ndanl.s lirr recovcr] ol'l{s. 3U,47,624l-

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oA7l4t))

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(Rupees'l-hirry' l:ight l.ac,^{lrot'ty' Scr'ctt I l'rousand,Six} I Iundred and Twenty^{l:our only) along with interest and othcr} relieli as stated.

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'l'hc bricl'lacts o['thc casc arc that on thc rcclucst o[' I)elendant No.l^{throLrghits I)ropIictort)cl'cndantNo.2, thc} Applicant []ank^{sancti0ncclovcrdlalil'acilitl ol' tts.20 l.ac on} 3ol0gll4 and in^{considcrati()n ol' the same the DefendantNo.l} through its^{prtlprictoras bort'ttucrand [)clcndant No'2 and 3 in} their indiviclual^{capacity as guararltotsirr addition to excctttion of} loan and^{guarantee documentshave also created ccluitablc} morlgagc ovcr^{thc ilrltllorablc} llropc|t)',^{i'e', (lodorvn btrilt in} basenretrt ol' Classic^{npalr(lllcllt (cottstrltctedon pafl ol- l)lot} No.7),GallaBazar.ltwara(insiclelronrl{oad),NearAttasuja Khan.^{'l'chsil-lluzur', tlhopal(M.l)) aclmcasuring350'00sc1' lt';} belonging t0^{l)e lcndarrtN().3.',l lrc I)clcndirntNo.l ancl 2 availcd} the Overdrall^{Facilitl'but did not ntaintaitr flnancial discipline'} 'l'he account bccaurc irrcgular uncl thc Dclcnclants lailed to liquidate the^{outstautlingducs clcspitc issttancc ol'[lccallNoticc} on l7110/15^{by the Applicant tlank. 'lhc Applicant-llankhits} re licd trpotl thc^{cloctttllcnts at l:r"'- lto A- l 7 rt'hichrYcrc} proved bi Shri Ilarish^{Kttnrat'Agtarrlrl.Senior Manager'}

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l)cspitc sclr icc^{ol' tlol'icc,thc t)clcndants ncithcr} appeared^{nor trled lvritten statelnent'I'hey were proceeded ex-} parte viile ordcr^{datccl8.103123. ,l-hcrc is tlrercfbrc, no lcasollt0} disbclicvc thc^{contcnti0nstll. thc llarlli. ('otrsideling thc lircts ol'} the oase, I opine^{that the [)cl'enclantsare jointly and severally'}

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oA 7 t.ll]l

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liable to pai'tlrc clairu antount tclgcthcr u,ith intcrest arrd costs. 'l'hc Applicant-lJank in irs applicarion has claimcd inrcrcst 8f^{12% p.a. rvith monthlv rcsts.I lowever,} I^f'eel it lhir ancl rcasonablc to grant intcrcs( ir l2t'.,'o p.a. siurplc pcnclcntclitc and luture till rcalization ol' Ilrc tlLrcs. lhc rrrortuagcd propcrty, is Iiable to be sold for recovcry ol' amount due along with the pcrsonal propcrtics and asscts ol'thc I)clcntlants.

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1.^'l-hc Original Applicatiorr is allolr,ccl and it is ordered as rundcr-

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i) 'l'hc Dclcndants do pa1' .iointly and scvcrally Rs. 38,47,624i- (llupccs lhiltr l:ight l.uc, I:ortr S*cn^'l'hotrsand, Six Ilundrcd and^-lrrcr.rtv lrour on11,) togcthcl llith pcndcntclitc and luturc int.crest fti:l2oh pcr annunr simple fiom the datc ol' li ling of thc OA. i.c., 2 l 0-) '12, rr ith custs till its rcalization.

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ii)^'lhc Applicunt Ilirnk is cntitlccl to scll thc nrortgugecl as ucll as pcrsonal plopcltics Lrncl asscts ()l'thc [)clcndants lbr realization ol its dLres.^'l'he t)cl'endanl.s arc heretry restrained by means ol' injtrnction lionr clcplcting, Lranslerrins, cncurnbcring. alicnating ol in an1' u 11, dcaling rr ith thcir propcrtics/asscts rvithout f irst paying the claim ol'the Applicant Bank.

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iii) n l{ecovcry ('cltillcatc bc issucd u/s l9(22) olllecovery ol'l)cbts arrd llankruptcl' Act. lhc applicant bank m aY

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01\ 7 l.l/ll

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llle a memo ol' cost u,ithirr 7 da,r s Ibr prcparing Rccovery Certificatc.

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Judgmcnt ;llor.rouncctl irr thc oltcn court on this lt)rl' [)av ol' Ju|y,2023.

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^s I^D Ir (l{am Niwas l,atcl) Presid in OI'llcer

Punjab National Bank v. M/S Vardan Garments

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. M/S Vardan Garments

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

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