Allowed

Punjab National Bank v. M/S Vishwas Automobiles

DRT21 Aug 2023OA/983/2022

Case brief

AI extract

What is this about?

Applicant Bank filed an application under Section 19 of RDB Act for recovery of dues totaling approx. Rs. 33.65 lakhs along with interest. Defendants did not appear. Debts Recovery Tribunal allowed the application, granted interest at 8.50% p.a., and directed sale of mortgaged and personal properties.

What did the court decide?

Payment of Rs. 33,65,382.88 with interest at 8.50% p.a.; recovery certificate under S. 19(2A); injunction against alienation of assets.

Punjab National Bank versus M/S Vishwas Automobiles — 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'bte Shri Ram Niwas Patet)

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Original Application No. - 983122

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Punjab Nationa[ Bank, (erstwhite OrientaI Bank of Commerce) Circte SASTRA Centre, Gwatior (M.P.)

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Applicant

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Versus

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M/s Vishwas Automobiles,

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01 )

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Prop.-Shri Brij Kumar Kushwah

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1. Shri Brij Kumar Kushwah, S/o Shri Bahart Singh

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('l & 2 at H.No.-Al19, Vijay Nagar, Aamkho, Gwatior, M.P. 474009)

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1. Mrs. Khushboo Kushwah, W/o Late Satyendra Singh Kushwah, R/o H.No.-422 N-2C Sector,

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Berkhera, Bhopat (M.P.) 462099 Defendants

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Counsel for the Appticant : Shri M.D.N. Bajpai, Advocate

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Defendants : Ex-parte

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JUDGMENT

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(Dated : 21't August, 2023)

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The Appticant-Bank has fited the present Original Application u/s 19 of Recovery of Debts and Bankruptcy Act on 30107 122 against the Defendants for recovery of Rs. 33,65,382.88 (Rupees Thirty Three Lac, Sixty Five Thousand, Three Hundred Eighty Two and Paisa Eighty Eight onty) atong with interest and other reliefs as stated.

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The brief facts of the case are that on the request of Defendant No.-1 through its Proprietor Defendant No.-2, the Applicant Bank sanctioned CC Limit of Rs. t0 Lac on26112106 which subsequently enhanced to Rs. 30 tac on 10/05/13 and was also renewed from time to time lastty on 3'l/17119. ln consideration of the said sanction the Defendant No.-1^&. 2^as borrower and Defendant No.-3 as^guarantor in addition to execution of [oan and guarantee documents have atso created equitable mortgage over the immovabte property, i.e., Residential situated at Min No.'5611234,^New Ward No.-56, Vijay Nagar Amkho, Laskar, Gwatior^(M.P.), area^{2605 D-3;}

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oA983122

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betonging to Defendant No.-3. The Defendant No.-1 &. 2 availed the credit facitity and atso executed Debit Batance Confirmation Letter lastly on 30112119, The account became irregular and the Defendants faited to tiquidate the outstanding dues despite issuance of initiation of action under the Securitisation Act by the Appticant Bank, The Appticant-Bank has retied upon the documents at Ex. A-1 to A-37 which were proved by Shri Gurpreet Singh, Deputy Manager.

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Despite service of notice, the Defendants neither appeared nor fited written statement. They were proceeded ex-parte vide order dated 20112/22. There is therefore, no reason to disbetieve the contentions of the Bank, Considering the facts of the case, I opine that the Defendants are jointty and severatly tiabte to pay the claim amount together with interest and costs. The Appticant-Bank in its app[ication has ctaimed interest @8.70% p.a. with monthty rests. However, I feet it fair and reasonable to grant 'interest @8.50% p.a. simpte pendentetite and future ti[[ realization of the dues. The mortgaged property is liabte to be sotd for recovery of amount due atong with the personal properties and assets of the Defendants.

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The Originat Application is attowed and it is ordered as underi) The Defendants do pay^jointty and severalty Rs. 33,65,382.88 (Rupees Thirty Three Lac, Sixty Five Thousand, Three Hundred Eighty Two and Paisa Eighty Eight only) together with pendentetite and future interest @8.50%^per annum simple from the date of fiting of the OA, i.e.,30107^122, with costs tit[ its reatization.

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ii) The Appticant Bank is entitted to sett the mortgaged as wetl as personal properties and assets of the Defendants for realization of its dues. The Defendants are hereby restrained by means of injunction from depleting, transferring, encumbering, alienating or in any way deating with their properties/assets without first paying the claim 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 21't August,

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9o^/*<<

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lnam^{Niwas P"atet;} Presidine Officer

Punjab National Bank v. M/S Vishwas Automobiles

Case brief

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Punjab National Bank v. M/S Vishwas Automobiles

Case brief

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