Allowed

Punjab National Bank v. Gambhir

DRT20 Sept 2024OA/200/2023

Case brief

AI extract

What is this about?

In an Original Application under Section 19 of the RDBFI Act, the Debts Recovery Tribunal allowed the Bank's claim for recovery of Rs. 99 lakhs plus interest. The respondent failed to appear. The Tribunal accepted the bank's documentary evidence and directed payment from cash or asset sale.

What did the court decide?

Direct respondent to pay Rs.99,87,974.82 with interest within 30 days; recovery from sale of mortgaged/hypothecated property or personal assets upon default; issuance of Recovery Certificate.

Punjab National Bank versus Gambhir — Contract and Commercial Disputes | DRT (2024)

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Before SUSHIL KUMAR RASTOGI, Presiding Officer Debts Recovery Tribunal-Il, Delhi

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OA No.200 OF 2023

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PUNJAB NATIONAL BANK Vs MR. GAMBHIR

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Reserued on : 08.08.2024

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Pronounced on : 2O.O9.2O24

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Punjab National Bank Vs. Mr. Gambhir

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-^{Applicant bank}

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Defendant

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Present: Mr. Ved Prakash, Counsel appears for applicant bank. None for defendant.

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FINAL ORDER

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This original application has been filed by the applicant bank, on 06.03.2023 through Shri Edmund Pradeep Aind, Manager of the applicant bank, under Section 19 of the Recovery of Debts Due to Banks and Financial Institution Act, 1993 against the sole defendant for recovery of a sum of Rs.99,87,974.82 together with cost, charges and pendentellite and future interest @ of 7.75o/o p.a. for Term Loan-l, 9.50o/o p.a. for Term Loan-2 , and 7.75o/o p.a. for Term Loan-3 from date of filing of this O.A. till the realization in full.

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The brief facts of the case are that at the request of the sole defendant the applicant bank sanctioned, on 11.04.2018, a Term Loan-l (vehicle) of Rs.20,00,000/- for purchasing a vehicle namely Jaguar XE 2.01 Diesel (Model 2018) having engine no.161216W0Wr204Df , chassis no. e)

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no. SAIAMAN6HL995752 and registration DL9CAQ0770 which is hypothecated with the applicant bank. In order to avail the said loan facility the sole defendant has executed loaning documents dated 11.04.2018,12.04.20f8 & 19.05.2018. The sole defendant again approached the applicant bank for sanctioning of a Term Loan-2 under Oriental Mortgage Loan Scheme (OMLS) of Rs.53,00,000/-. Applicant bank considered his request and subsequently sanctioned the Term Loan-2 of Rs.53 Lakhs on 24.04.2018 to the defendant and relevant documents have been executed on 25.04.2018 by the sole defendant. In order to secure the Term Loan-2, sole defendant created an equitable mortgage in respect of the property situated at Lower Ground floor without roof rights portion of freehold built up property bearing no.58, Block F, built on land area measuring 265 sq. yards (221.57 sq. meters) situated in the area of village Basai Darapur, Colony known as Rajouri Garden, Delhi-110027 by way of deposit of the title deeds. The sole defendant again approached the applicant bank for sanctioning of a Term Loan-3 (vehicle) of Rs.20,00,000/- for purchasing of Innova vehicle namely Toyota Innova Crysta 2.8G Diesel (Model 2018) having Engine no.1GDA245726, Chassis no.MNJJABEM500516858 & Registration no. DL3CCP8902. The applicant bank considered this request and subsequently sanctioned the Term Loan-3 on 22.t0.2018 of Rs.20 Lakhs to the defendant and relevant documents have been executed on 22.10.2018 and 25.10.2018 by the sole defendant. The sole defendant also hypothecated the above said vehicle in favour of the applicantbyk

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It is further submitted that the sole defendant enjoyed and utilized the Loan facilities, but failed to maintain the financial discipline and failed to repay the due amounts. The applicant bank requested the sole defendant to regularize the loan account by visits and letters, but there was no response from the sole defendant, hence the accounts were classified as NPA on 02.05.2021. Therefore, the applicant bank served a legal demand notice dated 02.07.2021& 03.07.2021 to the sole defendant, demanding the amount due as on that date, but failed to recover the same. Thus, the^present O.A. is^preferred by the applicant bank to recover its dues.

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On notice by this Tribunal, sole defendant failed to put appearance at all, despite service and accordingly sole defendant uras^{proceeded against} expafte on01.02.2024.

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The documentary evidence filed by^{way of the} affidavit of tr{r. Ecimund Pradeep Aind,^Managerof applicant bank as Annexure-Al to^{Annexure-A29have} gone unchallenged and un-rebutted. Hence, the case of the applicant bank stands fully^{esbblishedagainst} the sole defendant with respect to non^{payment of} EMI/ outstanding amount.

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After^perusing the^{records, this Tribunalis of the} view that the applicant bank has^{provedits case} beyond reasonable doubts. The documents^and evidence filed by the applicant bank^{not rebuttedby} the sole defendant bV no1 ela:ygany^evldenceand

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OA NO. 200 of 2023

there is no question of disbelieving the evidence filed .by the applicant bank based upon the written/ printed documents.

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In the light of the above discussions, the Original Application deserues to be allowed against sole defendant.

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ORDER

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I hereby allow this O.A. of the Applicant Bank and direct the sole defendant to^pay to the applicant bank within 30 days from today, a sum of Rs.99,87,974.82 along with cost, expenses and interest @ 7.75o/o from the date of filing of this O.A. till the date of realization.

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In case of failure to deposit the above amount within the stipulated^period, the same shall be recovered from the sale of the mortgaged^property bearing lower^ground floor without roof rights^portion of freehold built up^property bearing^no.S8, Block F, built on land area measuring 265 sq.^yards (22L.57 sq. meters) situated in the area of village Basai Darapur, Colony known as Rajouri^Garden, Delhi-110027 and hypothecated vehicle^{namely Jaguar} XE 2.01 Diesel (Model 2018) having engine^no. t61216W0065204DT,chassis no. SAJAMAN6HL995752 and registration no. DL9CAQ0770 &^{Toyota Innova} Crysta 2.BG Diesel^(Model 2018)^havingEngine no.1GDA245726, Chassis no. MNJJA8EM500516858^and Registration no. DL3CCP8902.In ca>of short^{fall, the}

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same shall be recovered from the sale of personal movable and immovable assets of the sole defendant.

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Recovery Certificate be issued forthwith and be sent to Recovery Officer, Debts Recovery Tribunal-Il, Delhi.

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The registry of this Tribunal is hereby directed to issue free copy of the order and send the same to both the parties.

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Parties are directed to appear before the Ld. Recovery Officer, DRT-II, Delhi on 20.LL.2024. Pending IAs, if any, stand disposed of.

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File be consigned to records.

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S"\

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Date:20.09.2024

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(susHrl KUMAR RASTOGT) PRESIDING OFFICER DRT-II, Delhi

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This judgement has been signed, dated and pronounced in open couft.

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Date : 20.09.2024

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.,. (SUSHIL KUMAR RASTOGI) PRESIDING OFFICER DRT-II, Delhi

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Punjab National Bank v. Gambhir

Case brief

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Punjab National Bank v. Gambhir

Case brief

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