Allowed

Punjab National Bank v. M/S Raghav Wires

DRT6 Feb 2024OA/1182/2022

Case brief

AI extract

What is this about?

Bank applicant sought recovery of Rs. 4,96,12,248.79 including interest from defendants. Court allowed application, directed defendants to pay dues with interest, set off property against personal assets, and issued Recovery Certificate.

What did the court decide?

Defendants to pay Rs. 4,96,12,248.79 with interest; mortgaged and personal properties to be set off; Recovery Certificate to be issued under Section 19(22).

Punjab National Bank versus M/S Raghav Wires — Contract and Commercial Disputes | DRT (2024)

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DEBTS RECOVERY TRIBUNAL : JABALPUR

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(for the States of il\adhya Pradesh and Chhattisgarh)

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(Presiding Officer - Hon'ble Shri Ram Niwas Patet)

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Original Application No. - 1182122

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Punjab NationaI Bank, Circte SASTRA Centre, Raipur (C.G.)

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Applicant

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Versus

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M/s Raghav Wires

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Shri Satish Kumar Sharma, S/o Shri Mahaveer Prasad Sharma

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Smt. Rekha Sharma,

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W/o Shri Kamlesh Sharma

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(Alt at A3/3, Sector-1, Udya Society, Near Ayyappa Mandir, Tatibandh, Raipur, Chhattishgarh, 492001) Defendants

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Counsel for the Applicant : Shri Adamya Bajpai, Advocate Defendants : Ex-parte

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JUDGMENT (Dated,O6-Februar)12024)

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The Appticant-Bank has filed the present Originat Apptication u/s 19 of Recovery of Debts and Bankruptcy Act on 12109122 against the Defendants for recovery ol Rs.4,96,12,248.79 (Rupees Four Crore, Ninety Six Lac, Twelve Thousand, Two Hundred Fourty Eight and Paisa Seventy Nine onty) along 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.-l through its Partners Defendant No.-2 & 3, the Applicant Bank sanctioned Fresh Fund Based Working Capital under Cash Credit (Hyp.) Limit of Rs. 400 Lac on 30/05/20 which was subsequently renewed on 19110120 and renewed on 30103121. ln consideration of the sanction of credit facility the Defendant No.-l through its Partners as borrower and Defendant No.-2 & 3 in their individuat capacity as guarantor in addition to execution of [oan and guarantee documents have also created equitabte mortgage over the immovabte property, i.e,, All the part & parcel loand & buitding Ptat & Machinery situated at Khasra No.-749 (0.26 hect.), 750/20 (New Kh. No.-750, 0.02 hec.), 751 (.0.02 Hec.l, 75211 (0.03 hec.), 75212

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oA tt82l22

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(0.(X hec.),753 (0.13 hec.),754^{(0.18 hect.), at PatwariHalkaNo.-13118,} admeasuring a totat^{of 0.680 hect' Or say 73,194.6sq.ft. at RNMDurg-Ol,} Aktordih, Ward No.-02,^{Charoda,Durg(C.G.)490025;betongingto Defendant} No.-2. The Defendants availed the^{credit facitities but did not make} repayment of toan instattments.^{Theaccount became irregular and the} Defendants faited to tiquidate the^{outstanding duesdespiteissuanceof} Recatt Notice tastty on^{19lO3l2'l and initiation of action under the} Securitisation Act by the^{AppticantBank. The Appticant-Bankhas relied upon} the documents at Ex.^{A-1 to A-26whichwereproved by Shri Sachin Kumar,} Chief lvlanager.

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Despite service of notice, the Defendants^{neitherappeared nor} filed written statement. They^{were proceededex-Parte vide order dated} 18108123. There is therefore,^{no reasonto disbetieve the contentionsof the} Bank. Considering the facts of^{the case, I opine that the Defendantsare} jointty and severally tiabte to pay the claim amount together with interest and costs. The Appticant-Bank in its^{application has ctaimedinterest} @10.45%^{p.a. with monthly rests. However, I feel it fair and reasonabteto} grant interest @10.45% p.a. simple^pendentelite and^future titl^{reatizationof} the dues. The mortgaged^{propertyis tiabte to be sold for recovery of} amount due atong u/ith the^{persona[propertiesand assets of the Defendants.}

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The Originat Application^{is allowedand it is orderedas under-}

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i) The Defendants do^{pay jointty} and^{severaltyRs. 4,96,12'248.79} (Rupees Four Crore, Ninety Six Lac, Twelve^{Thousand,TwoHundred Fourty} Eight and Paisa Seventy^{Nineonty) togetherwith pendentetite and future} interest @10.45%^per annum^{simple from the dateof fil'ing of the OA, i.e.,} 12109122, with costs till^{its realization'}

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ii) The Appticant Bank is entitted^{to setl the mortgagedas wettas} personal properties and asrts of the Defendants^{for realizationof its dues.} The Defendants are^{hereby restrained by means of injunctionfrom} depteting, transferring,^{encumbering, atienatingor in anyway deating with} their properties/assets^{without first paying the claim of the ApplicantBank'}

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oA 1182122

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iii) A Recovery Certificate be^issued uls^{19(22) of Recoveryof} Debts and Bankruptcy Act. The applicant^{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 066 Day of February, 2024.}

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A
?
b'
Ram Niwas Patel)
Presidi ne Officer

Punjab National Bank v. M/S Raghav Wires

Case brief

What is this about?

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Punjab National Bank v. M/S Raghav Wires

Case brief

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