The Tribunal allowed the applicant bank's application for recovery of Rs. 31,82,086.60 with interest against the defendants, who failed to repay OD, term loans, and auto/home loans, declaring them jointly liable.
Recovery of Rs. 31,82,086.60 with interest directed along with issuance of Recovery Certificate and sale of mortgaged/hypothecated properties.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
BEFORE: A S NARANG, PRESIDING OFFICER
OA No: 290 of 2022 Date of Institution: 07.02.2022 Date of Decision: 26.09.2024
Bank of Baroda (erstwhile Vijaya Bank), having one it’s a branch office situated at Village Nari Chintpurni Branch, Tehsil Amb, District Una, Himachal Pradesh-177110.
……..Applicant
Vs.
Advocates
Sh. P. K. Rohilla, Counsel for the applicant bank. Defendants- Ex parte.
ORDER
application under Section 19 of the Recovery of Debts and Bankruptcy
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Act, 1993 (RDB Act) for the recovery of Rs.31,82,086.60p with interest against M/s Raj Motors And Others (defendants). 2. Bank’s case is that on 23.03.2018, it had granted OD Limit (working Capital) facility of Rs.15.00 lacs to defendant no.1 through its proprietor defendant no.2 for business purpose. Defendant nos.3 and 4 stood as guarantors. To secure the loan, Defendant no.4 had mortgaged his immovable property bearing Khata No.280, Khatauni No.439, bearing Khasra No.2057/803, 2059/810, Area 70-40 Sq. Mtr, Share 1/1 share i.e. area admeasuring 70-40 Sq., Mts as per jamabandi for the year 2010-11 (fully detailed in para No.5.6/ 3A of the application). Defendant no.1 through its proprietor defendant no.2 had also created hypothecation of plant and machinery (fully detailed in para No.3A of the application). The loan was chargeable to interest @11.25% per annum with monthly rests. 2(a). Thereafter, on 10.08.2018, at the request of defendant no.2, bank had granted Term Loan/Auto Loan of Rs.3.00 lacs for purchase of new Car Datsun Redi go bearing Registration No. HP36-D-4777. Defendant no.5 stood as guarantor to the said Term Loan/Auto Loan vide executed letter of guarantee dated 10.08.2018 (Annexure A-25 and A-26). The said Term Loan/Auto loan was chargeable to interest @8.55% per annum with monthly rests. 2(b). Again, on 29.03.2018, at the request of defendant no.1 through its proprietor defendant no.2, bank had granted Term Loan (V Wheels) of Rs.10.00 lacs for purchase of New TATA Hexa Car bearing Registration No. HP36-E-4777. Defendant no.6 stood as guarantor to the said Term Loan (V Wheels) vide executed letter of guarantee dated 29.03.2018 (Annexure A-41 and A-42). The said Term Loan (V Wheels) was chargeable to interest @9.30% per annum with monthly rests.
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2(c). On 05.07.2018, at the request of defendant nos.2 and 3, bank had granted Term Loan (Home Loan) of Rs.20.00 lacs. Defendant no.5 stood as guarantor to the said Term Loan (Home Loan) vide executed letter of guarantee dated 05.07.2018 (Annexure A-63 and A-64). To secure the loan, Defendant no.3 had mortgaged her immovable property bearing Khata No.11 min., Khatauni No.20 min, Khasra Kitas 2350/37/1, Area 140 Sq. Mtrs., in jamabandi for the year 2011-12 situated at UP Mohal Amarpali, Mauza and Tehsil Dehra Gopipur, District Kangra, Himachal Pradesh (fully detailed in para No.5.29/ 3A of the application). The said Term Loan (Home Loan) was chargeable to interest @8.75% per annum with monthly rests. On 28.12.2021, a sum of Rs.31,82,086.60p was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.
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| 7. | Pending IAs, if any, stand disposed of. |
|---|---|
| 8. | Recovery Certificate be issued accordingly. |
| 9. | Parties are directed to appear before Recovery Officer on |
| 28.1 | 0.2024, who is directed to distribute the sale proceeds of the |
| mort | gage property and hypothecated stocks and goods, as per the |
| prov | isions of Section 19(20-AB) of the Act**.** |
| 10. | A Copy of this order along with Recovery Certificate be sent to |
| the R | ecovery Officer as well as the parties. |
| Pron Date |
ounced in the open court. (A S Narang) d: 26.09.2024 Presiding Officer DRT-1, Chandigarh |
1 issue framed by the court
Whether the bank is entitled to recover the outstanding dues including interest from the borrowers and guarantors.
1 provisions across 1 enactments
Bank of Baroda (erstwhile Vijaya Bank)
M/s Raj Motors
Pankaj Kumar
Natasha Walia
Sunil Kumar
Prem Lata Walia
A S Narang
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
