Allowed

Punjab National Bank v. M/S Surya Pipe Industries

DRT22 Jul 2024OA/1347/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Originl Application filed by Punjab National Bank against the defendants for recovery of dues amounting to Rs. 96,78,721.76 along with interest and costs, pursuant to Section 19 of the RDB Act.

What did the court decide?

Payment of Rs. 96,78,721.76 with 12% p.a. interest, recovery certificate issuance, and injunction against alienating assets.

Punjab National Bank versus M/S Surya Pipe Industries — 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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cAt P couRT AT RATPUR (C.G.)

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

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Original Application No. - 1347/22

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

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..... Applicant

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Versus

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M/s Surya Pipe lndustries, 01 ) Through its Proprietor-Shri Sanjeev Mishra

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Shri Sanjeev Mishra, S/o Late R.P. Mishra

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(Both at Shantipur, Post-Boridkhurd,

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District-Dhamtari, C.G. )

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Defendants

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Counsel for the Appticant : Shri Alok Mishra, Advocate Defendants : Ex-parte

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JUDGMENT

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(Dated : 27"d July,2024)

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The Appticant-Bank has fited the present Originat Apptication u/s 19 of Recovery of Debts and Bankruptcy Act on 17/10/22 against the Defendants for recovery of Rs.96,28,721 .76 (Rupees Ninety Six Lac, Twenty Eight Thousand, Seven Hundred Twenty One and Paisa Seventy Six onty) atong 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.-1 through its Proprietor Defendant No.-2, the Appticant^Bank sanctioned Term Loan of Rs. 37.50 Lac and Cash^{Credit (Hypothecation)} Limit of Rs. 30 Lac which was subsequentty enhanced to^{Rs. 40 Lacand in} consideration of the same the Defendants^{in addition to execution of loan} documents have also created equitabte^{mortgage over the immovabte} property, i.e., Land and Buitding situated at Khasra No.-36,^{P'H. No.-19,} area measuring 0.01 t hect., Vitlage-Boridkhurd,^{Tehsit & District'Dhamtari} (C.G.). The Defendants avaited the credit facilities^{and also executed} Batance and security confirmation^{Letters lastty on 09/03/21but faited to} tiquidate the outstand.ing dues^{despite issuanceof Notice on01 /10/18and}

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oA 1347122

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initiation of action under^{the securitisationAct by the AppticantBank.The} Appticant-Bank has^{retieduponthe documentsat Ex.A-1 to A-15whichwere} proved by Shri Sachin Kumar,^{ChiefManager.}

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Despite service of notice,^{the Defendants neitherappeared nor} fited written statement.^{They wereproceededex-partevide order dated} 17 l01 124. There is^{therefore, no reasonto disbetieve the contentionsof the} Bank. considering^{the facts of the case, I opine that the Defendantsare} jointty and severatly tiabte to pay the ctaim amount^{togetherwith interest} and costs. The^{Appticant-Bank in its apptication has claimedinterest} @'1750%^{p.a. in cash creditaccount and interest@12/o p'a' in termtoan} account with monthty^{rests. However, I feet it fair and reasonableto grant} interest @17%^p.a, simpte^{pendentetite and future for both the accountstitl} reatization of the dues.^{The mortgagedproperty is tiabte to be sotdfor} recovery of amount^{due along withthe personalproperties and 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 jointtyand severalty Rs. 96,78,721} '76 (Rupees Ninety Six Lac, Twenty Eight^{Thousand, Seven HundredTwenty One} and Paisa seventy six onty)^{togetherwith pendentelite and future interest} @12%^{per annum simptefrom the date of fiting of the OA, i.e., 17 110122,} with costs tilt its reatization.

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ii) The Appticant Bank is entitted^{to se[[ the mortgagedas we[[ as} personal properties and assets of the Defendants^{for reatization of its dues.} The Defendants are hereby^{restrained by means of injunctionfrom} depteting, transferring, encumbering,^{atienatingor 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 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 22ndDay of Juty, 2024 al} Camp Court Raipur.

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:) (Ram N twas Patet) Presidine Officer

Punjab National Bank v. M/S Surya Pipe Industries

Case brief

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Punjab National Bank v. M/S Surya Pipe Industries

Case brief

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