Allowed

Punjab National Bank v. Hi Tech Satluj Motors Pvt. Ltd.

DRT22 Aug 2024OA/1947/2022

Case brief

AI extract

What is this about?

The DRT-I Chandigarh allowed the applicant bank's application for recovery of Rs.6.72 crores as dues from the defendants, who were granted OD facilities. The Presiding Officer confirmed the bank proved its case and directed the issuance of a Recovery Certificate.

What did the court decide?

Recovery of Rs.6,72,11,762.80 p with interest @11% p.a. and issuance of Recovery Certificate.

Punjab National Bank versus Hi Tech Satluj Motors Pvt. Ltd. — 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: 1947 of 2022 Date of Institution: 08.07.2022 Date of Decision: 22.08.2024

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The Punjab National Bank, having its Head Office at Plot No.4, Sector10, New Delhi-110075

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……..Applicant

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Hi Tech Satluj Motors Pvt. Ltd., Village Lunapani, PO Bhangrotu, Tehsil Balh, District Mandi (HP)-175021.

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Narender Guleria S/o Sh. Dharam Chand, R/o Village Lunapani, PO Bhangrotu, Tehsil Balh, District Mandi (HP)-175021.

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Babli Guleria W/o Sh. Narender Guleira, R/o Village Lunapani, PO Bhangrotu, Tehsil Balh, District Mandi (HP)-175021.

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……….Defendants

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Advocates

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Sh. Arvind Rajotia, Counsel for the applicant bank. Defendants- Ex pate vide order dated 07.05.2024 .

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OA for the Recovery of Rs.6,72,11,762.80p with interest @11% per annum with monthly rests from the date of filing the present suit i.e. 08.07.2022.

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ORDER

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The 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.6,72,11,762.80p with interest against Hi Tech Satluj Motors Pvt. Ltd. And Others (defendants).

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Bank’s case is that on 13.09.2017, it had granted OD facility (Enhancement) of Rs.500.00 lacs and ODTS facility (Fresh) of Rs.236.00 lacs, totaling Rs.736.00 lacs, to defendant no.1 through its Directors defendant nos.2 and 3 for business purpose. Defendant nos.2 and 3 stood as guarantors. It is worthwhile to mention that on the request

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of defendant no.1, the documents pertaining to Rs.440.00 lacs were executed instead of Rs.500.00 lacs. To secure the said loan facilities, defendant nos.2 and 3 had mortgaged their immovable properties (fully detailed in para no.3A of the application). The said loan facilities were chargeable to different rate of interest. On 30.05.2022, a sum of Rs.6,72,11,762.80p was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 11.10.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 07.05.2024, 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. Abhishek Kumar, Authorized Representative along with the loan and security documents and marked them as Exhibit A-1 to A- 18. 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 OD facility (Enhancement) of Rs.500.00 lacs and ODTS facility (Fresh) of Rs.236.00 lacs, totaling Rs.736.00 lacs and on 30.05.2022, a sum of Rs.6,72,11,762.80p was due. 6. Accordingly, the application of the bank for the recovery of Rs.6,72,11,762.80p (Rupees Six Crore Seventy Two Lacs Eleven Thousand Seven Hundred Sixty Two And Paisa Eighty Only) with interest @11% per annum with monthly rests from the date of filing the present application i.e. 08.07.2022, 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 properties,

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fully detailed in para No.3A of the application as well as from the personal movable and immovable property(ies) of the defendants. 7. Pending IAs, if any, stand disposed of. 8. Recovery Certificate be issued accordingly. 9. Parties are directed to appear before Recovery Officer on 25.09.2024 , who is directed to distribute the sale proceeds of the mortgage properties and hypothecated goods/stocks 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: 22.08.2024 Presiding Officer DRT-1, Chandigarh

Punjab National Bank v. Hi Tech Satluj Motors Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Hi Tech Satluj Motors Pvt. Ltd.

Case brief

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What did the court decide?

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