Allowed

Punjab National Bank v. Manish Sharma

DRT8 Feb 2024OA/1510/2022

Case brief

AI extract

What is this about?

The tribunal upheld the bank's original application for recovery of approximately Rs. 1.07 crore sanctioned loans. It declared defendants jointly liable, granted interest at 12% p.a., and issued a recovery certificate against mortgaged and personal assets.

What did the court decide?

Payment of Rs. 1,07,65,643.31 with interest at 12% p.a. simpliciter; issuance of Recovery Certificate; injunction against alienation of properties.

Punjab National Bank versus Manish Sharma — Execution and Attachment | 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'ble Shri Ram Niwas Patet)

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Originol Applicotion No. - 1510122

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Punjab National Bank, RAB Branch, Gwatior (M.P.)

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..... Applicant

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Versus

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Manish Sharma, S/o Shri Madan Gopa[ Sharma

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Smt. Prabha Sharma, W/o Shri Madan Gopal Sharma

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(1 & 2 R/o Dhoti Bua Ka Pu[t, Swarna Rekha Road, Near Taragnaj, Gwalior 474 001)

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Madan Gopal Sharma, S/o Shri Tutsee Ram Sharma, R/o Harijan Basti, Nadi Kinara, Dhoti Bua Ka Putt, Lashkar, Gwatior 474 001 Defendants

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Counsel for the Appticant : Shri Kappit Duggat, Advocate Defendants : Ex-parte

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JUDGMENT

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(Dated : 086 February,2024)

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The Appticant-Bank has fited the present Originat Apptication uls 19 of Recovery of Debts and Bankruptcy Act on 19112172 against the Defendants for recovery of Rs, 1,07,65,643.31 (Rupees One Crore, Seven Lac, Sixty Five Thousand, Six Hundred Fourty Three and Paisa Thirty One 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 Applicant Bank sanctioned loan against mortgage of lP (OD facitity/Limit) of Rs. 93 Lac on 02102118 and FITL facitity of Rs. 17,65,519/- on 10/06121 which was accepted by the Defendants on 11 106/21 .ln consideration of the sanction of OD Limit the Defendant No.-1 &.2 as borrowers and Defendant No.-3 as guarantors in addition to execution of loan documents, have also created equitabte mortgage over the immovabte properties, i.e.,

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oA1sr0/22

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i) House situated at Harijan Basti, Nadi Kinara, Dhoti Bua Ka Pu[t, Lashkar, Tehsit & District-Gwatior, having Municipal House No.-281368 Otd (New No.-431847), area of [and on which house is situated is 104.07 sq.mt.; belonging to Defendant No.-3;

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ii) Ptot No.-265, Jiwaji Nagar, Gandhi Road, Scheme No.-2, Gandhi Road, Thatipur, Murar, Gwalior, bearing Municipal HouseNo.-24l1088 Otd (New House No.-91 ), area of land on which house is situated is 2400 sq.ft.; betonging to Defendant No.-1.

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The Defendants availed the credit facitities but faited to tiquidate the outstanding dues despite issuance of Recall Notice on 3OlO6/22 and initiation of action under the Securitisation Act by the Appticant Bank. The Appticant-Bank has relied upon the documents at Ex. A-1 to A-20 which were proved by Shri Sanjay Kumar Saxena, Senior Manager.

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Despite service of notice, the Defendants neither appeared nor fited written statement. They were proceeded ex-parte vide order dated 17 107 123. There is therefore, no reason to disbelieve the contentions of the Bank. Considering the facts of the case, I opine that the Defendants are jointty and severatly tiabte to pay the ctaim amount together with interest and costs. The Applicant-Bank in its apptication has claimed interest @12% p.a. with monthly rests. However, I feet it fair and reasonabte to grant interest @12% p.a, simpte pendentelite and future ti[[ reatization of the dues. The mortgaged property is liabte to be sold for recovery of amount due atong with the persona[ properties and assets of the Defendants.

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The Originat Apptication is altowed and it is ordered as under-

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i) The Defendants do pay jointty and severalty Rs. 1,07,65,643.31 (Rupees One Crore, Seven Lac, Sixty Five Thousand, Six Hundred Fourty Three and Paisa Thirty One onty) together with pendentetite and future interest @12% per annum simpte from the date of fiting of the OA, i.e., 19112172, with costs till its reatization.

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ii) The Appticant Bank is entitled to setl the mortgaged as wetl as personal properties and assets of the Defendants for realization of its dues. The Defendants are hereby restrained by means of injunction from depteting, transferring, encumbering, alienating or in any way dealing with their properties/assets without first^paying the claim of the^{AppticantBank.}

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oA 1510122

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iii) A Recovery Certificate be issued uls 19(22) of Recovery of Debts and Bankruptcy Act. The applicant bank may fite a memo of cost within 7 days for preparing Recovery Certificate,

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Judgment pronounced in the open court on this 08th Day of February, 2024.

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(Ram
PreFi4ine Officer

Punjab National Bank v. Manish Sharma

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Manish Sharma

Case brief

What is this about?

What did the court decide?

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