Allowed

Punjab National Bank v. Delip Kumar Jain S/O Babulal Jain

DRT3 Jun 2024OA/1024/2022

Case brief

AI extract

What is this about?

The Tribunal allowed the recovery application filed by the bank against the defaulting borrowers. The court directed payment of the principal amount with interest, issued a recovery certificate, and granted an injunction restraining the transfer of mortgaged properties.

What did the court decide?

Payment of Rs. 40,67,245.00 with interest at 11% p.a., issuance of recovery certificate under Section 19(2), and an injunction against transferring properties.

Punjab National Bank versus Delip Kumar Jain S/O Babulal Jain — Banking and Recovery | DRT (2024)

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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 Applicotion No. - 1024122

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Punjab NationaI Bank, Circte SASTRA Centre, Sagar (M.P.)

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..... Appticant

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Versus

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Ditip Kumar Jain, S/o Babutal Jain 02) Neetima Jain, W/o Ditip Kumar Jain (Both R/o Shanti Nagar, Housing Board Cotony, Ashoknagar, M.P.)

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..... Defendants

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Counset for the Appticant : Shri Shreyas Dubey, Advocate Defendants : Ex-parte

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JUDGMENT loatea^{I oJ-lune;oza;}

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The Appticant-Bank has fited the present Originat Apptication u/s 19 of Recovery of Debts and Bankruptcy Act on 20/08122 against the Defendants for recovery of Rs. 40,67,245.00 (Rupees Fourty Lac, Sixty Seven Thousand, Two Hundred and Fourty Five onty) atong with interest and other retiefs as stated.

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The brief facts of the case are that on the request of Defendant No.-1 & 2, the Appticant Bank sanctioned Term^Loan of^{Rs. 20 Lac} under Devetopment of Commercial Horticutture on^{24107117and in} consideration of the same the Defendantsⁱⁿ addition^{to execution of loan} documents have also created charge under the^{provisions of M.P. Krishi} Udhar Pravartan Tatha Prakriyan Upbandh^{(Bank) Adhiniyam 1972 over the} immovabte^properties, i.e.,

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i) Agricutture Land Khasra No.-747,^{748 (totat 2 Khasras),} admeasuring 4.191 hect., situated^{at Vittage-BarudiyaTumen, PH No.-60,} Tehsit & District-Ashoknagar;^{betongingto Defendant No.-1;}

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ii) Agricutture Land Khasra^{No.-36211Ka,362/3,36214, 381, 382,} 397 (totat 6 Khasras), admeasuring^{5.477hect., situatedat Vittage-Barudiya}

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oA 1024122

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Tumen, PH^{No.-60,Tehsit & District-Ashoknagar; betongingto Defendant} No.^-2.

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TheDefendantsavailedthecreditfacititYbutfaitedtotiquidatethe outstanding^{dues despiteissuanceof LegatNoticeon 17106122by the} Appticant^{Bank. The Appticant-Bank has retied upon the documents at Ex A'1} to A-9 which^{were proved by Shri RajeshKumar Thakur,chief Manager'}

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Despite service^{of notice,the Defendants neitherappeared nor} fited written^{statement. Theywere proceededex-parte vide order dated} 12101124.^{There is therefore, no reason to disbetieve the contentionsof the} Bank. Considering^{the facts of the case, I opine that the Defendantsare} jointty and severatty tiabte to^{pay the ctaim amount togetherwith interest} and costs.^{The Appticant-Bank in its apptication has ctaimedinterestat the} contractual rate^{with monthty rests. However,I feet it fair andreasonabte} to grant interest^{@11yo p.a. simpte pendentetite and future titl reatization of} the dues. The^{mortgagedproperties are liabte to be sotd for recovery of} amount due^{atongwith the personalpropertiesand assets of the Defendants'}

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The originat Apptication^{is attowed and it is orderedas under-}

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i) The Defendants do^{pay jointty and severattyRs. 40,67,245.00} (Rupees Fourty Lac, Sixty^{Seven Thousand, Two Hundredand FourtyFive} onty) together^{with pendentetite and future interest@11%per annum simpte} from the date of^{fiting of the OA, i.e., 20108122,with costs titt its} reatization.

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ii) The Appticant Bank^{is entitted to setl the mortgagedas wetl as} personal properties and^{assetsof the Defendantsfor reatization of its dues.} The Defendants are^{hereby restrained by means of injunctionfrom} depteting, transferring,^{encumbering,atienating or in any way deating with} their properties/assets^{without first paying the ctaim of the AppticantBank.}

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iii) A Recovery Certificate^{be issued u/s 19(22) of Recovery of} Debts and Bankruptcy^{Act. The appticant bank may fite a memo of cost} within 7 days for^{preparingRecovery Certificate.}

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Judgment^{pronouncedin the open court on this 03'd Day of June,7024.}

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Ot2 ( m Niwas Patet) Presidine Officer

Punjab National Bank v. Delip Kumar Jain S/O Babulal Jain

Case brief

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Punjab National Bank v. Delip Kumar Jain S/O Babulal Jain

Case brief

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