Allowed

Punjab National Bank v. M/S Singrauli Embroidery and Garments

DRT7 Feb 2023OA/788/2022

Case brief

AI extract

What is this about?

The Applicant Bank filed an Original Application for recovery of dues amounting to Rs. 32,56,161.06 with interest from a loan facility extended to the Defe... The Defendant failed to appear or file a written statement. The Tribunal allowed the application and awarded recovery with interest and an injunction on assets.

What did the court decide?

Defendant to pay Rs. 32,56,161.06 with interest; injunction on properties; Recovery Certificate to be issued.

Punjab National Bank versus M/S Singrauli Embroidery and… — Insolvency and Bankruptcy | 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 Patel)

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Originol Applicotion No.^- 788122

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Punjab NationaI Bank, (erstwhite Oriental Bank of Commerce) Recovery Centre at Circle Sastra, Jabatpur (M.P.)

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Appticant

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Versus

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M/s Singrauli Embroidery & Garments, Proprietor-Mrs Sushma Pandey, W/o Shri Jayprakash Pandey, R/o DAV Road, Waidhan, Singrouli (M.P.) 462023

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Defendant

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Counsel for the Appticant : Shri M.D.N. Bajpai, Advocate Defendant : Ex-parte

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JUDGMENT

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(oateO J OT6TeUruary, ZOZS)

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The Appticant-Bank has fited the^present Originat Apptication uls 19 of Recovery of Debts and Bankruptcy^Act on^{11105122 againstthe} Defendant for recovery of Rs. 32,56,161 .06^{(Rupees ThirtyTwo Lac, FiftySix} Thousand, One Hundred Sixty One and Paisa Six onty) atong^{withinterestand} other retiefs as stated.

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The brief facts of the case are that on the^{request of} Defendant, the Appticant Bank sanctioned Term^{Loanof Rs. 8,72,813'00on} 21105t19, CC Limit of Rs. 15 Lac on 25106119 and^{TermLoan under GECL} scheme of Rs. 3,56,364.00. ln consideration of the^{same the Defendant} executed requisite loan documents from time^{to time. The Defendant} avaited the credit facitities but^faited to^{tiquidatethe outstandingdues} despite issuance of Recatl^{Notice on 18103171by the AppticantBank. The} Appticant-Bank has retied^{upon the documentsat Ex.A-1 to A-21which were} proved by Shri Abhishek Tiwari, Senior l,lanager.

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Despite service of notice,^{the Defendantneither appearednor} fited written statement.^{She was proceeded ex-partevide order dated} 25t11t22, There is therefore,^{no reasonto disbeLievethe contentionsof the} Bank. considering the^{facts of the case, I opine that the Defendant is tiabte}

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oA788122

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to pay the claim amount together with interest and costs. The Defendant is further tiabte to pay interest @8.35% p.a. for Term Loan account of Rs. E.72 Lac, interest @9.55% p.a. for CC account and interest @7.5% p.a. for GECL account simpte pendentetite and future till realization of the dues, The personal properties and assets of the Defendant are tiabte to be sold for recovery of amount due.

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

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i) The Defendant do pay Rs. 32,56,161.06 (Rupees Thirty Two Lac, Fifty Six thousand, One Hundred Sixty One and Paisa Six onty) together with pendentetite and future interest @08.35% p.a. for Term Loan account of Rs. 8.72 Lac, interest @09.55% p.a. for CC account and interest @07.5% p.a. for GECL account simpte from the date of fiting of the OA, i.e., 11 105122, with costs ti[[ its realization.

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ii) The Appticant Bank is entitled to sell the personal properties and assets of the Defendant for reatization of its dues. The Defendant is hereby restrained by means of injunction from depteting, transferring, encumbering, alienating or in any way deating with its properties/assets without first paying the claim 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 fite 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 07th February , 2023.

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*
( iwas Pa
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Punjab National Bank v. M/S Singrauli Embroidery and Garments

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. M/S Singrauli Embroidery and Garments

Case brief

What is this about?

What did the court decide?

What the court decided

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