Debts Recovery Tribunal allowed an original application strictly. The court directed joint and several payment of dues with reduced interest rates and ordered issuance of a recovery certificate under Section 19(2) RDB Act.
Payment of Rs. 49,77,784.79 and issuance of a recovery certificate under Section 19(2) RDB Act. Injunction against dealing with properties.
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DEBTS RECOVERY TRIBUNAL : JABALPUR
(for the States of Madhya Pradesh and Chhattisgarh)
(Presiding Officer - Hon'bte Shri Ram Niwas Patet)
Original Application No. - 930/22
Punjab Nationa[ Bank, Recovery Centre at Circte SASTRA Jabalpur
Appticant
Versus
M/s Vinayak Motors, 01 ) Through its ProprietorShri Gyanendra Tiwari, NH-7, Urrahat, Tehsit-Huzu, District-Rewa
(2 &. 3 R/o Behind Uppat Motor Workshop, Bara, Thana, Civil Lines, Tehsit-Huzu, District-Rewa, M. P. )
Defendants
Counsel for the Applicant : Shri Kapit Duggat, Advocate Defendants : Ex-parte
JUDGMENT loateat-z@zozl;
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2 as borrower andDefendant No.-3 as guarantorin additionto executionot loan andguarantee documents haveatsocreatedequitablemortgageover the immovabteproperty,i.e.,Freehold residentiat Ptot bearing Ptot No'-15, Btock No.-4, Zone No.-2,Ward No.-13, Atp Aya VergaSociety Cotony, Mauja Saman, PH No.-19, SamanBtock& Rev. Circle Rewa,Tehsit-Huzur, District" Rewa, admeasuring 4800 sq.ft.;betonging to Defendant No.-3.The Defendant No.-1 & 2 avaitedthe credit facilitiesand atso executed Balance and Security ConfirmationLetter on30101 /20.The accountsbecame irregular and the Defendants faited to tiquidatethe outstandingdues despite issuance of Recall Notice on 29/06/21 by theAppticantBank. The Appticant- Bank has retied upon the documents at Ex. A-1 toA-3'1 whichwere provedby Shri Ajai Kumar Bajpai, Chief Manager.
i) The Defendants do payjointty and severatty Rs. 49,77,784.79 (Rupees Fourty Nine Lac, Seventy Seven Thousand, Seven Hundred Eighty Four and Paisa Seventy Nine onty) together with pendentetite and future interest @8.40% p.a. simpte for FITL account and interest @12% p.a. simpte for other loan accounts of the Defendant No.-1 & 2 from the date of fiting of the OA, i.e., 15/07 /27, with costs titl its realization.
ii) The Appticant Bank is entitted 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 ^,Y
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depteting, transferring, encumbering, atienating or in any way dealing with their properties/ assets without first paying the ctaim of the Applicant Bank.
iii) A Recovery Certificate be issued uls 19(221 of Recovery of Debts and Bankruptcy Act. The appticant bank may fite a memo of cost within 7 days for preparing Recovery Certificate.
Judgment pronounced in the open court on this Day of 24th August, 2023.
t/, SDf,Y'j*
(Ram Niwas Patet) Presidi ne Officer
3 issues framed by the court
Whether the appellant bank was entitled to recover dues from the respondents jointly and severally.
Whether the mortgaged property was liable to be sold for recovery of the outstanding amount.
What rate of interest was to be charged pending during litigation.
2 provisions across 1 enactments
Punjab National Bank, Recovery Centre at Circuit SASTRA Jabalpur
M/s Vinayak Motors
Gyanendra Tiwari
Shashi Tiwari
Ram Niwas Patet
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
