Allowed

Punjab National Bank v. Vikas Kohli

DRT14 May 2024OA/137/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed a bank's application for recovery of Rs. 48,30,701.87 with interest under Section 19 of the RDB Act. The court validated the bank's evidence regarding loans and mortgage and ordered a sale of mortgaged property to satisfy the debt.

What did the court decide?

Application for recovery of Rs. 48,30,701.87 with interest allowed; Recovery Certificate issued; Order for sale of mortgaged property.

Punjab National Bank versus Vikas Kohli — Banking and Recovery | DRT (2024)

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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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OA No: 137 of 2022 Date of Institution: 19.01.2022 Date of Decision: 14.05.2024

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Punab National Bank, one of its Branch Office at Akshay Branch Kotlanala, District Solan, Himachal Pradesh.

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……..Applicant

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Vs.

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Vikas Kohli S/o Madan Lal Kohli, R/o Near Govt. Sen Sec School, Tank Road, Ward Number 9, Tehsil Solan, H.P.

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Prabha Kohli W/o Vikash Kohli, R/o R/o Near Govt. Sen Sec School, Tank Road, Ward Number 9, Tehsil Solan, H.P.

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……….Defendants

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Advocates

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Ms. Harpreet Kaur, Counsel for the applicant bank. Defendants- Ex parte.

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OA for the Recovery of Rs.48,30,701.87p with interest from 19.01.2022.

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ORDER

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Punjab National Bank (Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.48,30,701.87p with interest against Vikas Kohli And Another (defendants).

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Bank’s case is that on 23.04.2018, it had granted Housing Loan of Rs.15.60 lacs to defendant nos.1 and 2. To secure the loan, Defendant had mortgaged their immovable property (fully detailed in para No.3A of the application). Again, on 14.06.2018, at the request of defendant nos.1 and 2, bank had granted Pardhan Mantri Mudra Loan facility of Rs.5.00 lacs to defendant nos.1 and 2. Thereafter, on 12.08.2018, at the request of defendant nos.1 and 2, bank had granted overdraft facility of Rs.25.00 lacs to defendant nos.1 and 2. Lastly, on 13.05.2020, at the request of defendant nos.1 and 2, bank had granted Covid-19 emergency credit

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facility of Rs.50,000/- to the defendants. The said loan facilities were chargeable to different rate of interest. On 30.11.2021, a sum of Rs.48,30,701.87p was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 29.03.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 02.08.2023, they were proceeded ex parte .

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In order to prove its case, the Bank has placed on record the affidavit of Mr. Rajesh Kumar, Branch Manager along with the loan and security documents and marked them as Exhibit A-1 to A-25.

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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 different loan facilities and on 30.11.2021, a sum of Rs.48,30,701.87p was due.

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Accordingly, the application of the bank for the recovery of Rs.48,30,701.87p (Rupees Forty Eight Lacs Thirty Thousand Seven Hundred One And Paisa Eighty Seven Only) with interest @8.55% per annum with monthly rests from the date of filing the present application i.e. 19.01.2022, till the date of payment is hereby allowed with costs. The liability of all the defendants would be joint and several. Bank can recover its dues by the sale of mortgaged property, fully detailed in para No.3(A) of the application as well as from the personal movable and immovable property(ies) of the defendants.

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Pending IAs, if any, stand disposed of.

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Recovery Certificate be issued accordingly.

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Parties are directed to appear before Recovery Officer on 18.06.2024 , who is directed to distribute the sale proceeds of the mortgage property, 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: 14.05.2024 Presiding Officer DRT-1, Chandigarh

Punjab National Bank v. Vikas Kohli

Case brief

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What did the court decide?

Punjab National Bank v. Vikas Kohli

Case brief

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