Allowed

Punjab National Bank v. Amit Sharma

DRT22 Oct 2024OA/163/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an Original Application filed by Punjab National Bank against a defendant for recovery of a term loan amounting to Rs. 22,55,134. The court directed the payment of the claim with interest at 11.75% p.a. simple and authorized the sale of mortgaged and personal assets.

What did the court decide?

Payment of Rs. 22,55,134 with 11.75% interest; sale of mortgaged and personal properties; injunction barring transfer of assets; issuance of Recovery Certificate. Defendant restrained from dealing wit

Punjab National Bank versus Amit Sharma — 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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(Presiding Officer - Hon'bte Shri Ram Niwas patet)

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Original Applicotion No. - 163122

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Punjab NationaI Bank, Circte SASTRA Centre, Bhopat (M.P.)

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Appticant

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Versus

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Shri Amit Sharma, S/o Shri Akhi(esh Sharma, R/o House No.-'101 , Near Church, Priyanka Nagar, Gheukheda, Kolar Road, Bhopat (M.P.) 462042

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Defendant

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Counse[ for the Appticant : Shri M.D.N. Bajpai, Advocate

Defendant

: Ex-parte

JUDGMENT

(Dated : 22"d October,2024)

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The Appticant-Bank has fited the present Original Apptication u/s 19 of Recovery of Debts and Bankruptcy Act on 29/01 /22 against the Defendant for recovery of Rs. 22,55,134.00 (Rupees Twenty Two Lac, Fifty Five Thousand, One Hundred and Thirty Four onty) along with interest and other retiefs as stated.

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2, The brief facts of the case are that on the request of Defendant, the Appticant Bank sanctioned Term Loan of Rs. 16 Lac on 20109114 and in consideration of the same the Defendant in addition to execution of loan documents has atso created equitabte mortgage over the immovable property, i.e., Residential Ftat No.-9, Abdut Mujeeb Comptex, Mohatta Kabeetpura Sahajanabad, Bhopat (M.P.). The Defendant availed the credit facitity and atso executed Batance & Security Confirmation Letter [astly on 23/04120 but faited to tiquidate the outstand'ing dues despite issuance of Recall Notice lastly on 02/06/16 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-12 which were proved by Shri Sanjit Kumar Singh, Sr. Manager.

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Despite service of notice, the Defendant neither appeared nor fited written statement. He was proceeded ex-parte vide order dated

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oA 163t22

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25/07 /23. There is therefore, no reason to disbetieve the contentions of the Bank. Considering the facts of the case, I opine that the Defendant is liable to pay the ctaim amount together with interest and costs. The AppticantBank in its apptication has ctaimed interest @11.75y" p.a. with monthty rests. However, I feel it fair and reasonable to grant interest @11.75y. p.a. simpte pendentetite and future ti[[ reatization of the dues. The mortgaged property is tiabte to be sold for recovery of amount due along with the personal properties and assets of the Defendant.

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4. The OriginaI Apptication is a[towed and it is ordered as under-

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i) The Defendant do pay Rs. 22,55,134.00 (Rupees Twenty Two Lac, Fifty Five Thousand, One Hundred and Thirty Four only) together with pendentelite and future interest @11 .75% per annum simpte from the date of fiting of the 0A, i.e.,29101/22, with costs tit[ its realization.

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ii) The Applicant Bank is entitled to setl the mortgaged as we[[ as personal properties and assets of the Defendant for realization of its dues. The Defendant is are hereby restrained by means of injunction from depteting, transferring, encumbering, atienating or in any way dealing with his properties/assets without first paying the claim of the Appticant Bank.

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iii) A Recovery Certificate be issued uls 19(22) of Recovery of Debts and Bankruptcy Act. The appticant 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 22nd Day of October, 2024.

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2-<br>\0.

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Ram as tet) Presidine Officer

Punjab National Bank v. Amit Sharma

Case brief

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Punjab National Bank v. Amit Sharma

Case brief

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