Allowed

Messrs Pegasus Assets Reconstruction Pvt. Ltd. v. Messrs Pursharthi Dhaba and Others

DRT22 Dec 2024OA/1236/2023

Case brief

AI extract

What is this about?

The Tribunal allowed the applicant's application for recovery of Rs. 61,61,547.61 p claimed by an assignee of IndusInd Bank against defaulting borrowers. The debt arose from a secured term loan facility. The Tribunal granted permission to recover the principal amount along with a uniform simple interest of 8% per annum instead of the claimed rate.

What did the court decide?

Recovery of Rs. 61,61,547.61 p jointly and severally with current and future simple interest @08.00%p.a. and issue of Recovery Certificate.

Messrs Pegasus Assets Reconstruction Pvt. Ltd. versus Messrs… — Dowry and Cruelty | DRT (2024)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.1236/2023

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PRESIDED OVER BY MRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 25.10.2023

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DATE OF DECISION: 22.01.2025

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M/s Pegasus Assets Reconstructions Pvt. Ltd., a company incorporated under The Companies Act, 1956 and registered as A Securitization and Asset Reconstructions Company pursuant to Section 3 of the SARFAESI Act, 2002 having its registered Office at, 55-56, 5^th Floor, Free Press House, Nariman Point, Mumbai-400021 and one of its representative Office at 106, Best Business Park, Opp. Fun Cinema, Netaji Subhash Place, Pitampura, New Delhi-110034 and as its own/acting in its capacity as Trustee of Pegasus Group One Trust 32 (Assignee Company of Indusind Bank Limited) through its Authorised Person Mr. Ramakant Pandey.

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……..Applicant Versus

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M/s Pursharthi Dhaba, a Proprietorship Firm, at Near Railway Crossing, Pakhowal Road, Ludhiana (Punjab 141001) through its proprietor Sh. Vikas Abbot.

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Also at : B-18-379/56A/1, Pursharthi Dhaba, Janta Colony, Pakhowal Road, Ludhiana Vakia Rakba Jawadi, Hadbast No.160, Abadi Janta, Ludhiana-141001

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Mr. Vikas Abbot S/o Sh. Om Prakash Abbot, sole proprietor of M/s Pursharthi Dhaba, a Proprietorship Firm, at Near Railway Crossing, Pakhowal Road, Ludhiana (Punjab 141001)

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Also at : B-18-379/56A/1, Pursharthi Dhaba, Janta Colony, Pakhowal Road, Ludhiana Vakia Rakba Jawadi, Hadbast No.160, Abadi Janta, Ludhiana-141001

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Also at : House No. 186, New Model Town, Ludhiana-141002 (Punjab)

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Ms. Kanchan Abbot W/o Mr. Vikas Abbot, B-18-379/56A/1, Pursharthi Dhaba, Janta Colony, Pakhowal Road, Ludhiana Vakia Rakba Jawadi, Hadbast No.160, Abadi Janta, Ludhiana-141001 Also at : House No. 186, New Model Town, Ludhiana-141002 (Punjab)

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Also at : 130, Lajpat Nagar, Near Bus Stand, Ward No.50, Ludhiana-141002 (Punjab)

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….……Defendants

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Advocates:

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Argued by Sh. S.C. Prajapati, Advocate proxy for Sh. Nitin Grover, Advocate for the applicant Defendants are ex-parte

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FINAL ORDER

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Present Original Application was instituted by the applicant under Section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, against the defendants for recovery of Rs.61,61,547.61p (Rupees Sixty One Lacs Sixty One Thousand Five Hundred Forty Seven and Sixty One Paise only). The Original Application has been filed through Mr. Ramakant Pandey, Authorised Officer of the applicant, who is competent to institute the Original Application vide Board Resolution/Authorization dated 02.08.2018, which is Annexure A1 to this OA.

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The brief facts of the OA are that the defendants had approached the IndusInd Bank Limited for the grant of Term Loan of Rs.34,82,488.00 vide Loan application dated 22.09.2016, which are Annexures A2 & A3 to this OA.

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The IndusInd Bank Limited sanctioned the Term Loan of Rs.34,82,488.00 vide Sanction Letter dated 25.10.2016 filed in compliance of order dated 16.08.2024 vide diary no.13847 dated 05.09.2024 and the terms and conditions were duly accepted by the defendants. The above said loan has been assign to applicant for recovery.

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Defendant No.2 had mortgaged his immovable properties i.e., All piece and parcel of shop bearing property No. B-18-3791/56A/1, measuring 46.30 Sq. Yards, Pursharthi Dhaba, Janta Colony, Pakhowal Road, Vakia Rakba Jawadi, Hadbast No.160, Abadi Janta Colony, Ludhiana-141001 vide Title Deed bearing vasika No.12427 dated 26.08.2004 along with its Translation and Copy of Mortgage Declaration cum undertaking dated 02.11.2016, which are Annexures A8 & A9 to this OA.

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Documents executed:- Copy of Agreement, Copy of Demand Promissory Note, Copy of Letter of Continuity and Copy of Letter of General Lien and Set-Off all dated 24.10.2016, which are Annexures A4 to A7 to this OA; Copy of Acknowledgment of Debt dated 12.12.2020, which is Annexure A10 to this OA; Copy of Assignment Deed dated 14.03.2019, which is Annexure A11 to this OA; Copy of Demand Notice dated 27.09.2018, which is Annexure A12 to this OA; and Copy of Statement of Accounts along with certificate, which are Annexures A13 & A14 of this OA.

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The loan account became irregular and was classified as NPA and after adjusting debit and credit entries in loan account there was a debit of Rs.61,61,547.61p, which is recoverable and the defendants were served recall notices but they did not repay the outstanding amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly. 6. The defendants were served notices to appear before this Tribunal but no one appeared on behalf of defendants and they were proceeded ex-parte on 03.06.2024. 7. In support of the OA, affidavit of Mr. Ramakant Pandey , Authorised Officer , M/s Pegasus Assets Reconstructions Pvt. Ltd., h as been filed. 8. Heard arguments and perused record.

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It was argued by learned proxy counsel that in view of the documentary evidence brought on record which had gone unrebutted, the applicant had proved its case. From the perusal of all the Annexures A1 to A14 to this OA, it is proved that the defendants approached applicant for availing of the loan facility which was granted to them and for that they had executed all the relevant documents in favour of the applicant. The defendants failed to pay back the loan as per terms and conditions of the agreement between the parties. Subsequently, account of the defendants was classified as NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.61,61,547.61p (Rupees Sixty One Lacs Sixty Six Thousand Five Hundred Forty Seven and Sixty One Paise only) along with interest from the defendants, jointly and severally, from the date of filing of the present Original Application till realization of the account.

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In so far as pendent elite and future rate of interest is concerned, the applicant in relief clause has claimed interest @11.50%p.a. with monthly rests from 14.09.2023 till the realization.

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The Tribunal is of the considered opinion that sometimes in appropriate cases the prerogative of mercy is the brightest jewel in the crown of the Judge. Keeping in view the facts and circumstances of the instant case including nature of the mortgaged property, undertaking of the defendants, quantum of loan and prevalent market rates of interest which have gone drastically downhill in yester years, while exercising the discretion vested in this Tribunal, this Tribunal deems it just and appropriate to grant uniform simple interest @08.00%p.a. in the loan account from the date of filing of the OA till realization of the amount ordered vide this final order. It is ordered accordingly. 11. In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of Rs.61,61,547.61p (Rupees Sixty One Lacs Sixty Six Thousand Five

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Hundred Forty Seven and Sixty One Paise only) jointly and severally, with costs, current and future simple interest @08.00%p.a. in the loan account from the date of filing of OA till the date of realization of the amount. Accordingly, the applicant shall be entitled to recover aforesaid amount from the sale of hypothecated/mortgaged properties of the defendants in execution proceedings if not sold earlier under the provisions of the SARFAESI Act, 2002. If the dues of the applicant still remain unsatisfied, it shall be entitled to recover the same by attachment and sale of personal assets of the defendants. The applicant is at liberty to enforce the claim through due process of law. 12. Any other application pending stands disposed of.

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Issue Recovery Certificate accordingly.

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Parties to appear before Learned Recovery Officer of this Tribunal on 04.03.2025.

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Copy of this order be given dasti to the applicant and be sent to defendants through registered/speed post and this order be also uploaded on the official website of this Tribunal and record be consigned.

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Pronounced by me in the open Tribunal. Dated: 22.01.2025

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(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh

Messrs Pegasus Assets Reconstruction Pvt. Ltd. v. Messrs Pursharthi Dhaba and Others

Case brief

What is this about?

What did the court decide?

Messrs Pegasus Assets Reconstruction Pvt. Ltd. v. Messrs Pursharthi Dhaba and Others

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

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