Allowed

Punjab National Bank v. Sanman Overseas

DRT19 Mar 2024OA/1970/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed Punjab National Bank's application for recovery of Rs. 1.56 crores and interest against defaulting borrowers and guarantors. The court issued a recovery certificate and directed the Recovery Officer to sell mortgaged and hypothecated assets for payment.

What did the court decide?

Recovery of Rs. 1,56,52,103/- with interest allowed, liability declared joint and several, Recovery Certificate issued, and recovery proceedings directed to Recovery Officer.

Punjab National Bank versus Sanman Overseas — Company and Corporate | 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: 1970 of 2022 Date of Institution: 28.09.2022 Date of Decision: 19.03.2024

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Punjab National Bank, Mid Corporate Centre, Ferozepur Road, First Floor, Main Branch, Fazilka, Punjab-152026.

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……..Applicant

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Vs.

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Sanman Overseas, Sadar Wala Muktsar, Punjab-152026, through its partner Jagnandun Singh S/o Sh. Chand Singh.

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Jagnandan Singh S/o Sh. Chand Singh, R/o Village Chak Sohle Wala, Ladhu Wala Utar Fazilka, Punjab-152024.

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Sh. Vardev Singh Maan S/o Sh. Jora Singh Maan, R/o Village Chak Sohle Wala, Ladhu Wala Utar Fazilka, Punjab-152024.

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Sh. Harpinder Singh Maan S/o Sh. Vardev Singh, R/o Village Chak Sohle Wala, Ladhu Wala Utar Fazilka, Punjab-152024.

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Sh. Gursevak Singh Maan S/o Sh. Jagnandan Singh, R/o Village Chak Sohle Wala, Ladhu Wala Utar Fazilka, Punjab-152024.

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Sh. Himmat Singh S/o Jagnandan Singh, R/o Village Chak Sohle Wala, Ladhu Wala Utar Fazilka, Punjab-152024.

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Smt. Manpreet Kaur W/o Sh. Nardev Singh Maan, R/o Village Chak Sohle Wala, Ladhu Wala Utar Fazilka, Punjab-152024.

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Sh. Nardev Singh Maan S/o Sh. Zora Singh Maan, R/o Village Chak Sohle Wala, Ladhu Wala Utar Fazilka, Punjab-152024.

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……….Defendants

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Advocates

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Sh. Bhushan Bhatia, Counsel for the applicant bank. Defendants- Ex parte.

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OA for the Recovery of Rs.1,56,52,103/- with interest @13% per annum with monthly rests in Cash Credit and @9% per annum with monthly rests in GECL from 01.09.2022.

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ORDER

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Punjab National Bank (Bank) has filed this application under

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Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB

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Act) for the recovery of Rs.1,56,52,103/- with interest against Sanman Overseas And Others (defendants).

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Bank’s case is that on 06.10.2013, it had granted Cash Credit Hyp Limit of Rs.125.00 lacs to defendant no.1 through its partners defendant nos.2 and 3 for business purpose. Thereafter, at the request of defendant no.1 through its partners defendant nos.2 and 3, on 03.01.2015, the said limits were enhanced from Rs.125.00 lacs to Rs.400.00 lacs (Cash Credit Limit of Rs.125.00 lacs and WHR of Rs.275.00 lacs). Since, WHR facility of Rs.275.00 lacs was adjusted. Defendant nos.2 to 8 stood as guarantors to the said credit facilities (Annexure A-4/6 to A-4/12).

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2(a). On 30.10.2020, at the request of defendant no.1 through its partners defendant nos.2 and 3, bank had granted WCTL under GECL of Rs.25.00 lacs. To secure the loan, Defendant nos.2 to 8 had mortgaged their immovable properties (fully detailed in para No.5.6 of the application). The said facilities were chargeable to different rate of interest. On 31.08.2022, a sum of Rs.1,56,52,103/-was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 13.10.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 03.05.2023, they were proceeded ex parte . 4. In order to prove its case, the Bank has placed on record the affidavit of Mr. Kuldeep Kumar, Chief Manager along with the loan and security documents and marked them as Exhibit A-1 to A-9. 5. During the course of arguments, ld. Counsel for the applicant bank has made a statement at the bar that he does not press the IA filed

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for attachment before judgment at this stage and he would file separate application before the Recovery Officer.

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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 loan facilities of Rs.125.00 lacs in CC and Rs.25.00 lacs in GECL, totaling Rs.150.00 lacs and on 31.08.2022, a sum of Rs.1,56,52,103/-was due out of which a sum of Rs.1,34,00,213/- in C.C. Limit and Rs.22,51,890/- in GECL Limit.

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Accordingly, the application of the bank for the recovery of Rs.1,56,52,103/- (Rupees One Crore Fifty Six Lacs Fifty Two Thousand One Hundred Three Only) with interest @13% per annum with monthly rests in Cash Credit Facility and @9% per annum with monthly rests in GECL from 01.09.2022, 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. 8. Pending IAs, if any, stand disposed of. 9. Recovery Certificate be issued accordingly. 10. Parties are directed to appear before Recovery Officer on 19.04.2024 , who is directed to distribute the sale proceeds of the mortgage properties and hypothecated assets, as per the provisions of Section 19(20-AB) of the Act . 11. 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: 19.03.2024 Presiding Officer DRT-1, Chandigarh

Punjab National Bank v. Sanman Overseas

Case brief

What is this about?

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Punjab National Bank v. Sanman Overseas

Case brief

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