Allowed

Jammu and Kashmir Bank Limited v. Mrs. Sanjana Katoch

DRT26 Sept 2024OA/1540/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's application under Section 19 of the RDB Act for recovery of a loan of Rs.21,96,684 along with interest. The court directed the issue of a recovery certificate and distribution of sale proceeds from the mortgaged property.

What did the court decide?

Recovery of Rs.21,96,684 with interest and costs; directed issuance of Recovery Certificate.

Jammu and Kashmir Bank Limited versus Mrs. Sanjana… — Contract and Commercial Disputes | 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: 1540 of 2022 Date of Institution: 27.05.2022 Date of Decision: 26.09.2024 Jammu and Kashmir Bank Ltd., branch situated at Town Hall, Jammu and Kashmir-192211. ……..Applicant Vs. 1. Mrs. Sanjana Katoch W/o Balbir Singh, R/o H. No.45, Sector B, Sainik Colony, Jammu. 2. Mr. Balbir Singh S/o Sohan Singh, R/o H. No.45, Sector B, Sainik Colony, Jammu 3. Mr. Neelam Singh Chib S/o Mr. Bhag Singh, R/o Kangrel Rakh Baran, Domana, Jammu 4. Jai Dev Singh S/o Late Thakur Pritam Singh, R/o Vijaypur Reasi District, Jammu. ……….Defendants Advocates Sh. Gaurav Thakur, Counsel for the applicant bank. Defendants- Ex parte. OA for the Recovery of Rs.21,96,684/- with interest @18% per annum with monthly rests from 01.05.2022. ORDER 1. Jammu and Kashmir 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.21,96,684/- with interest against Mrs. Sanjana Katoch And Others (defendants). 2. Bank’s case is that on 30.11.2017, it had granted Term Loan Facility of Rs.17.00 lacs to defendant nos.1 and 2 for business purpose. Defendant nos.3 and 4 stood as guarantors. To secure the loan, Defendant no.1 had mortgaged her immovable property i.e. residential

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property situated over a plot (admeasuring 2700 sq. ft.) at H. No.45-B, Sainik Colony, Jammu (fully detailed in para No.3A of the application). The loan was chargeable to interest @11.80% per annum with monthly rests. On 30.04.2022, a sum of Rs.21,96,684/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 17.08.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 18.04.2023, 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. Umesh Sharma, Authorized Representative along with the loan and security documents and marked them as Exhibit A-1 to A-8. 5. 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 loan of Rs.17.00 lacs and on 30.04.2022, a sum of Rs.21,96,684/- was due.

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Accordingly, the application of the bank for the recovery of Rs.21,96,684/- (Rupees Twenty One Lacs Ninety Six Thousand Six Hundred Eighty Four Only) with interest @18% per annum with monthly rests from 01.05.2022, 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 i.e. residential property situated over a plot (admeasuring 2700 sq. ft.) at H. No.45-B, Sainik Colony, Jammu (fully detailed in para No.3A 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. 9. Parties are directed to appear before Recovery Officer on 28.10.2024 , 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: 26.09.2024 Presiding Officer DRT-1, Chandigarh

Jammu and Kashmir Bank Limited v. Mrs. Sanjana Katoch

Case brief

What is this about?

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Jammu and Kashmir Bank Limited v. Mrs. Sanjana Katoch

Case brief

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What did the court decide?

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