Allowed

Jammu and Kashmir Bank Limited v. Abdul Rashid Mattoo

DRT20 Sept 2023TA/22/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's application for recovery of Rs. 38,55,878 with interest, confirming the loan advance and directing the issuance of a Recovery Certificate and distribution of mortgage sale proceeds.

What did the court decide?

Application allowed; Recovery Certificate issued; Recovery Officer directed to distribute sale proceeds of mortgaged property per Section 19(20-AB).

Jammu and Kashmir Bank Limited versus Abdul Rashid… — Contract and Commercial Disputes | DRT (2023)

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IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH

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BEFORE: A S NARANG, PRESIDING OFFICER

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TA No: 22/2023

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Date of Institution: 23.04.2014 Date of Decision: 20.09.2023

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The Jammu and Kashmir Bank Ltd., Branch Office Zainakadal, Srinagar.

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……..Applicant

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Vs.

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Abdul Rashid Mattoo, S/o Late Mohammad Shaban Mattoo, R/o Koker Masjid Nawakadal, Srinagar (sole proprietor of M/s Abdul Rashid Matoo).

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……….Defendant

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Advocates

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Sh. RK Jindal, Counsel for the applicant bank. None for defendants.

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TA for the Recovery of Rs.38,55,878/- with interest @11.50% per annum with monthly rests from 21.04.2014.

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ORDER

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On 23.04.2014, The Jammu and Kashmir Bank Ltd., had filed a suit for the Recovery of Rs.38,55,878/- with interest against Abdul Rashid Mattoo (defendant) in the Civil Court, Jammu. However, vide order dated 27.12.2022 this suit was transferred by the Court of Additional District Judge, (Bank Cases), Srinagar, to DRT-I, Chandigarh.

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Bank’s case is that in the year 2005, it had granted a loan of Rs.5.00 Lacs to defendant in the form of C.C Limit for business purpose. At the request of defendant the limit was duly enhanced from time to time and the last enhancement was made on 11.04.2008 from Rs.14.00 Lacs to Rs.20.00 Lacs. To secure the loan, Defendant had mortgaged his immoveable property by way of equitable mortgage of residential house alongwith land (fully detailed in para No.6 of the application). The loan

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was chargeable to interest @11.50% per annum with monthly rests. On 21.04.2014, a sum of Rs.38,55,878/- was due from the defendant. Despite repeated requests, defendant did not make the repayment. Hence, this application.

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However, Civil Court, sent Summons to the defendant by registered post, which was duly served. However, defendant did not put in appearance, before Civil Court, he was proceeded ex parte . 4. In order to prove its case, the Bank has placed on record the affidavit of Mr. Ajaz Bazaz, Assistant Vice President Law along with the loan and security documents.

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I have perused the evidence on the record. I am of the considered view that the Bank has proved its case that it had advanced the loan of Rs.20.00 Lacs and on 21.04.2014, a sum of Rs.38,55,878/- was due.

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Accordingly, the case of the bank for the recovery of Rs.38,55,878/- (Rupees Thirty Eight Lacs Fifty Five Thousand Eight Hundred and Seventy Eight Only) with interest @11.50% per annum with monthly rests from 21.04.2014, till the date of payment is hereby allowed with costs. Bank can recover its dues by the sale of mortgaged residential house alongwith land fully detailed in para No.6 of the application as well as from the personal movable and immovable property(ies) of the defendant.

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Pending IAs, if any, stand disposed of. 8. Recovery Certificate be issued accordingly. 9. Parties are directed to appear before Recovery Officer on 20.10.2023, who is directed to distribute the sale proceeds of the mortgage property as per the provisions of Section 19(20-AB) of the Act .

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A Copy of this order along with Recovery Certificate be sent to the Recovery Officer as well as the parties. Pronounced in the open court. (A S Narang) Dated: 20.09.2023 Presiding Officer DRT-1, Chandigarh Pankaj

Jammu and Kashmir Bank Limited v. Abdul Rashid Mattoo

Case brief

What is this about?

What did the court decide?

Jammu and Kashmir Bank Limited v. Abdul Rashid Mattoo

Case brief

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What did the court decide?

What the court decided

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