Allowed

Punjab National Bank v. Ashok Kumar Tarachandani

DRT17 Jan 2024OA/268/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the applicant Bank's original application for recovery of an outstanding housing loan of approximately Rs. 24 Lakhs. The court ordered payment of the principal amount with 12% p.a. interest and empowered the bank to sell the mortgaged property or issue a recovery certificate, restraining the defendant from alienating assets.

What did the court decide?

Payment of Rs. 24,06,649.64 with 12% p.a. interest; sale of mortgaged and personal properties; issue of Recovery Certificate; restraint on alienating assets.

Punjab National Bank versus Ashok Kumar Tarachandani — Execution and Attachment | 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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Originol Applicotion No. - 268122

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Punjab NationaI Bank, Bairagarh, Bhopat (M.P.)

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..... Appticant

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Versus

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Ashok Kumar Tarachandani, 5/o Shri Bulchand Tarachandani, R/o H.No. LIG-43 Extension, Housing Board, Laharpur, Bhopat (M.P.) 462043

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Defendant

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Counse[ for the Appticant : Shri Kapit Duggat, Advocate Defendant : Ex-parte

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JUDGMENT

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(oateAllF .tanuary', ZOzl)

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The Appticant-Bank has filed the present Originat Apptication u/s 19 of Recovery of Debts and Bankruptcy Act on 17102122 against the Defendant for recovery of Rs. 24,06,649.64 (Rupees Twenty Four Lac, Six Thousand, Six Hundred Fourty Nine and Paisa Sixty Four onty) atong with interest and other reliefs as stated.

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The brief facts of the case are that on the request of Defendant, the Applicant Bank sanctioned Housing Loan of Rs. 17 Lac on Z0l1Ol14 and in consideration of the same the Defendant in addition to execution of [oan documents, have also created equitabte mortgage over the immovabte property, i.e., Ftat No. FR-03, 4h Ftoor, Abdut Mujeeb Complex, Ptot No.-09, Mohatta Kabeetpura, Shahjahanabad, Tehsit-Huzur, Ward No.-9, Bhopa[, admeasuring about 750 sq.ft. The Defendant availed the home loan and also executed Balance and Security. Confirmation Letters lastly on 23107 120 but faited to tiquidate the outstanding dues despite issuance of Recatl Notice on Ml01l20 by the Appticant Bank. The Appticant-Bank has relied upon the documents at Ex. A-1 to A-14 which were proved by Shri Rohit Kumar, Senior lv\anager.

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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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22107 122. There is therefore, no reason to disbelieve the contentions of the Bank. considering the facts of the case, I opine that the Defendant is liabte to pay the claim amount together with interest and costs. The AppticantBank in its application has claimed interest @12.25% p.a. with monthly rests. However, I feet it fair and reasonable to grant interest @12% p.a. simpte pendentelite and future titl 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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The Originat Apptication is attowed and it is ordered as under-

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i) The Defendant do pay Rs. 24,06,649.64 (Rupees Twenty Four Lac, Six Thousand, Six Hundred Fourty Nine and paisa Sixty Four only) together with pendentelite and future interest @12% per annum simpte from the date of filing of the OA, i.e.,17t07122, with costs ti[ its reatization.

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ii) The Applicant Bank is entitled to sett the mortgaged as wetl as persona[ properties and assets of the Defendant for realization of its dues. The Defendant is hereby restrained by means of injunction from depteting, transferring, encumbering, alienating or in any way dealing with his propertlcr/assets without first paying the ctaim of the Appticant Bank.

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I) A Rrovery Certificate be issued uts 19(22) of Recovery of DeE lrd tmkruptsy Act. The appticant bank may file a memo of cost udthln 7 h fr preparing Recovery Certificate.

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Jt{l;arl prurannced in the open court on this 17s Day of January, 2024.

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2- h
. '
iwas Patel)
Presidinc Officer

Punjab National Bank v. Ashok Kumar Tarachandani

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Ashok Kumar Tarachandani

Case brief

What is this about?

What did the court decide?

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