Allowed

Jammu and Kashmir Bank Limited v. Firdous Ahmad Dar, Prop. M/S Saqlain Building Materials

DRT21 Sept 2023TA/92/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's case for recovery of outstanding dues of Rs.41,30,786.05p with interest, upheld the validity of mortgage and hypothecation, and directed issuance of a recovery certificate.

What did the court decide?

Recovery of Rs.41,30,786.05p with interest; Recovery Certificate issued; Dues to be recovered from mortgaged and hypothecated properties.

Jammu and Kashmir Bank Limited versus Firdous Ahmad Dar… — Company and Corporate | 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: 92/2023

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Date of Institution: 26.10.2016 Date of Decision: 21.09.2023

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Jammu and Kashmir Bank Ltd., B/u: Zaina Kote, Srinagar.

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……..Applicant

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Vs.

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Firdous Ahmad Dar, Prop. M/s Saqlain Building Materials S/o Lal Mohammad dar R/o Khushipora HMT, Zinakote, Srinagar.

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……….Defendant

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Advocates

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Sh. KPS Dhillon, Counsel for the applicant bank.

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None for defendant.

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TA for the Recovery of Rs.41,30,786.05p with interest @14.50% per annum with monthly rests from 01.02.2016.

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ORDER

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On 26.10.2016, Jammu and Kashmir Bank Ltd., had filed a suit for the recovery of Rs.41,30,786.05p with interest against Firdous Ahmad Dar (defendant) in the Civil Court Jammu. However, vide order dated 16.02.2023, 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 2007, 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 in the year 2014 from Rs.10,50,000/- to Rs.34,00,000/-. To secure the loan, Defendant had mortgaged his land (fully detailed in para No.3 of the application) and hypothecated stocks, plant and machinery. The loan was chargeable to interest @14.50% per annum with monthly rests. On 01.02.2016, a sum of Rs.41,30,786.05p was due from the defendant. Despite repeated requests, defendant did not make the repayment. Hence, the suit.

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The, Civil Court, sent summons to the defendant by registered post, which was duly served. Defendant did not put in appearance, before Civil Court, which proceeded ex parte against the defendant. 4. In order to prove its case, the Bank has placed on record the affidavit of Mr. Mohammad Muzaffar Mufti, Executive Manager Law, along with the loan and security documents. 5. 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.34.00 Lacs and on 01.02.2016, a sum of Rs.41,30,786.05p was due. 6. Accordingly, the case of the bank for the recovery of Rs.41,30,786.05p (Rupees Forty One Lacs Thirty Thousand Seven Hundred Eighty Six and Paisa Five Only) with interest @14.50% per annum with monthly rests from 01.02.2016, till the date of payment is hereby allowed with costs. Bank can recover its dues by the sale of mortgaged land fully detailed in para No.3 of the application and hypothecated stocks, plant and machinery as well as from the personal movable and immovable property(ies) of the defendant. 7. Pending IAs, if any, stand disposed of. 8. Recovery Certificate be issued accordingly. 9. Parties are directed to appear before Recovery Officer on 25.10.2023, who is directed to distribute the sale proceeds of the mortgage land and hypothecated stocks, plant and machinery as per the provisions of Section 19(20-AB) of the Act . 10. 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: 21.09.2023 Presiding Officer DRT-1, Chandigarh Pankaj

Jammu and Kashmir Bank Limited v. Firdous Ahmad Dar, Prop. M/S Saqlain Building Materials

Case brief

What is this about?

What did the court decide?

Jammu and Kashmir Bank Limited v. Firdous Ahmad Dar, Prop. M/S Saqlain Building Materials

Case brief

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What did the court decide?

What the court decided

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