Allowed

Punjab National Bank v. Santosh Kumar Jha

DRT25 Jul 2024OA/317/2023

Case brief

AI extract

What is this about?

The Tribunal allowed an applicant's application for recovery of outstanding dues totaling approximately Rs. 29.65 lakhs. The court directed the respondent to pay the sum with interest and authorized the sale of mortgaged and hypothecated assets for recovery.

What did the court decide?

Ordered payment of Rs. 29,65,421.06 with interest; directed sale of mortgaged property and hypothecated vehicle allowed recovery; Recovery Certificate to be issued.

Punjab National Bank versus Santosh Kumar Jha — Insolvency and Bankruptcy | DRT (2024)

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DEBTS RECOVERY^{TRIBUNAL : JABALPUR} (fortheStatesofMadhyaPradeshandChhattisgarh)

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CAtvtP COURT^{AT RATPUR(C'G')}

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(Presiding officer^{- Hon'bte shri Ram Niwas Patet)}

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Originot APPticotion^{No. - 317123}

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Punjab National^Bank, Circte SASTRA^{cuniiu, Raipur (c.G.)}

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""'^Appticant

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Versus

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Shri Santosh^{Kumar Jha,} S/o Shri Vitait^Jha, R/o Ftat No. G-6l2,^{Junwan'iRoad,} Chouhan Township,^{Bhitai,Distt'-Durg (C'G')}

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Defendant

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CounselfortheAppticant:ShriAtokMishra,Advocate Defendant : Ex'Parte

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JUDGMENT

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(Dated : 25'n^{JulY, 20241}

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l,TheAppl,icant-BankhasfitedthepresentoriginatApptication u/s 19 of^{Recovery of Debtsand BankruptcyAct on 15t03123 against the} DefendantforrecoveryofRs.28,65,427.06(RupeesTwentyEightLac,Sixty Five Thousand,^{Four Hundred Twentysevenand Paisa six onty) atong with} interest^{and otherretiefsas stated'}

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The brief^{facts of the case are that on the request of} Defendant,^{the erstwhite Orientat Bank of Commerce now Appl'icantPunjab} Nationat^{Banksancti oned TermLoan of Rs' 8 Lac in the shape of vehicteloan} Loan of^{Rs. 19 Lac on 06101116and in} on 16103t15^{and Housing} consideration^{of the same the Defendant in addition to executionof loan} documents^{has atso created equitabtemortgageover the immovabte} property,^{i.e., ResidentialFtat No' -24,Chowhan Green VatLey' Btock No' H-} 2, PC^{No.-15121,Wqard No.-1,Mouja Junwani, Area measuring 840 sq'ft''} District-Durg^{(C'G')' The Defendant atso hypothecated Scorpio-(Mahindra)} Vehicte^{bearing RegistrationNo'-CG07 AW/0238 in favourof Appticant-Bank'} The Defendant^{avaitedthe credit facitities and atso executed Batance&} 12t03tZ1^{but faited to tiquidate the} Security^{ConfirmationLetter lasttyon} Notice^{on 17109122 and initiationof} outstanding^{duesdespiteissuanceof} action^{under the Securitisation Act bytheAppticant Bank' TheAPPLicant-}

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oA317t23

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Bank has retied upon the documents at Ex. A-1 to A-17 which were proved by Shri Sachin Kumar, Chief Manager.

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Despite service of notice, the Defendant neither appeared nor fited written statement. He was proceeded ex-parte vide order dated 07/11/23. There is therefore, no reason to disbetieve the contentions of the Bank. Considering the facts of the case, I opine that the Defendant is tiabte to pay the claim amount together with interest and costs. The AppticantBank in its apptication has ctaimed interest @9.60% p.a. with monthty rests. However, lfeel it fair and reasonabte to grant interest @g.60% p.a. simpte pendentetite and future titl reatization of the dues. The mortgaged property and the hypothecated Scorpio (Mahindra) Vehicte bearing Registration No.CG07AW/0238 are tiabte to be sotd for recovery of amount due atong 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. 29,65,421.06 (Rupees Twenty Eight Lac, Sixty Five Thousand, Four Hundred Twenty seven and paisa six onty) together with pendentetite and future interest @g.60% per annum simpte from the date of fiting of the oA, i.e., 15103/23, with costs titt its reatization.

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ii) The Appticant Bank is entitted to se[[ the mortgaged property and the hypothecated Scorpio (Mahindra) Vehicte bearing Registration No.cG07Aw/0238 as wetl as personal properties and assets of the Defendant for reatization of its dues. The Defendant is hereby restrained by means of injunction from depleting, transferring, encumbering, atienating or in any way deating with his properties/assets without first paying the ctaim of the Appticant Bank.

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iii) A Recovery Certificate be issued u/s 19(22) of Recove ry of Debts and Bankruptcy Act. The appticant bank may fite a memo of cost within 7 days for preparing Recovery Certificate.

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Judgment pronounced in the open court on this 25th Day of Juty, 2024 at Camp Court Raipur.

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Punjab National Bank v. Santosh Kumar Jha

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Santosh Kumar Jha

Case brief

What is this about?

What did the court decide?

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