Allowed

Punjab National Bank v. Satish Kumar Shrivastava

DRT13 Jan 2023OA/715/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an original application filed by a bank for recovery of loan dues amounting to approximately Rs. 25.86 lakhs. The court reduced the claimed interest rate from 9.20% to 9% simple per annum and issued a recovery certificate.

What did the court decide?

Defendants directed to pay Rs. 25,86,218 with 9% simple interest; injunction against disposing properties; Recovery Certificate issued under S. 19(2).

Punjab National Bank versus Satish Kumar Shrivastava — 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'ble Shri Ram Niwas Patet)

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Original Application No. - 715122

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Punjab Nationat Bank, Hamidia Road, Bhopat (M.P.)

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..... Appticant

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Versus

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Satish Kumar Shrivastava @ Satish Shrivastava,

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01 ) S/o Shri Santosh Kumar Shrivastava @ Santosh Shrivastava, R/o Gati No.-7, Dwarka Nagar, Coach Factory Road, Bhopal (M.P.) 462010

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Devendra Kumar Diwan, S/o Shri Laxman Singh Diwan, R/o H.No.-RB 11228111, CRWS Cotony, Near Coach Factory, Nishatpura, Bhopat (M.P.) 462010

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..... Defendants

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Counse[ for the Appticant : Shri Kapit Duggat, Advocate Defendants : Ex-parte

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JUDGMENT

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(oateal t ls .tanuary zOZl)

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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. 25,86,218.00 (Rupees Twenty Five Lac, Eighty Six Thousand, Two Hundred and Eighteen 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, the Appticant Bank sanctioned Housing Loan of Rs. 20 Lac on 18110117. ln consideration of the same, the Defendant No.-l as borrower and Defendant No.-2 as guarantor in addition to execution of loan and guarantee documents, have atso created equitabte mortgage over the immovable property, i.e., Flat No.-104, First Floor,^,Shubh Alis', Sarvajan Katyan Grih Nirman Sahakari Sanstha Maryadit, Behind Jain lvlandir, constructed on Plot No.-2l12 t Zl13 which is part of Khasra No.-75, g2, 8611 11, 8611 12 and 6212, Vitlage-Akbarpur, Tehsit-Huzur, District-Bhopat (M.P.), admeasuring about 900 sq.ft.; betonging to Defendant No.-1. The Defendant No.-1 availed the credit facitity but did not make requisite

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oA7t5/22

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payment of monthly instal[ments. The account became irregular and the Defendants faited to tiquidate the outstanding dues despite issuance of Recall Notice on 11105120 and initiation of action under the Securitisation Act by the Applicant Bank. The Appticant-Bank has retied upon the documents at Ex. A-1 to A-'16 which were proved by Shri Harish Kumar Aganarat, Senior Manager.

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Despite service of notice, the Defendants neither appeared nor filed written statement. They were proceeded ex-parte vide order dated 07111122. There is therefore, no reason to disbelieve the contentions of the Bank. Considering the facts of the case, I opine that the Defendants are jointty and severally liabte to pay the claim amount together with interest and costs. The Appticant-Bank in its application has ctaimed interest @9.20% p.a. with monthty rests. However, I feet it fair and reasonabte to grant interest @ 09% p.a. simple pendentelite and future titl reatization of the dues. The mortgaged property is tiabte to be sold for recovery of amount due along with the personal 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 Defendants do pay jointty and severally Rs. 25,86,218.00 (Rupees Twenty Five Lac,.Eighty Six Thousand, Two Hundred and Eighteen onty) together with pendentelite and future interest @ 09% per annum simple from the date of fiting of the OA, i.e.,21105122, with costs ti[[ its reatization.

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ii) The Appticant Bank is entitled to sett the mortgaged as we[[ as personal properties and assets of the Defendants for reatization of its dues. The Defendants are hereby restrained by means of injunction from depleting, transferring, encumbering, alienating or in any way dealing with their properties/assets without first paying the ctaim 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 applicant 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 13sJanuary, 2023.}

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*
<br>b
(Ram Niwas Patet)
Presidine Officer

Punjab National Bank v. Satish Kumar Shrivastava

Case brief

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Punjab National Bank v. Satish Kumar Shrivastava

Case brief

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