Allowed

Jammu and Kashmir Bank Limited v. M/S Manan Traders

DRT3 Apr 2024OA/329/2022

Case brief

AI extract

What is this about?

The DRT allowed the bank's application under Section 19 of the RDB Act for recovery of a defaulted TOD Facility loan of Rs. 75,24,999.32 plus interest, ordering the Recovery Officer to execute the certificate against the defendants' property.

What did the court decide?

Recovery of Rs. 75,24,999.32 with interest at 15.50% p.a. from 01.12.2021, release of Recovery Certificate for enforcement against defendants' property.

Jammu and Kashmir Bank Limited versus M/S Manan Traders — Banking and Recovery | 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: 329 of 2022 Date of Institution: 27.12.2021 Date of Decision: 03.04.2024

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Jammu And Kashmir Bank Ltd., Corporate Office at Corporate Headquarters M A Road, Srinagar, Jammu And Kashmir-190001 and branches at various places in India, including a branch situated at Amira Kadal, Srinagar, Jammu and Kashmir.

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……..Applicant

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M/s Manan Traders, R/o Near MET School Rawalpora Baghat Barzulla, Srinagar.

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Mehraj U Din Yatoo S/o Mohammad Shaban, R/o 115 Bhagat Barzulla, Sanat Nagar, Srinagar, Jammu And Kashmir-190005.

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……….Defendants

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Advocates

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Sh. Gaurav Thakur, Counsel for the applicant bank. Defendants- Ex parte.

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OA for the Recovery of Rs.75,24,999.32p with interest @15.50% per annum with monthly rests from 01.12.2021.

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ORDER

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Jammu And Kashmir Bank Ltd. (Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.75,24,999.32p with interest against M/s Manan Traders And Another (defendants).

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Bank’s case is that on 02.02.2019, it had granted Temporary Overdraft Facility (TOD Facility) of Rs.50.00 lacs to defendant no.1 through its sole proprietor defendant no.2 for business purpose. The loan was chargeable to interest @15.50% per annum with monthly rests. On 30.11.2021, a sum of Rs.75,24,999.32p was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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3. On 09.03.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance.Vide_order dated 02.02.2023, they were proceeded_ex parte.
4. In order to prove its case, the Bank has placed on record the
affidavit of Mr. Jatinder Gupta, Authorized Representative along with the loan and security documents and marked them as Exhibit A-1 to A-4.
5. 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 of
Rs.50.00 lacs and on 30.11.2021, a sum of Rs.75,24,999.32p was due.
6. Accordingly, the application of the bank for the recovery of
Rs.75,24,999.32p (Rupees Seventy Five Lacs Twenty Four Thousand
Nine Hundred Ninety Nine And Paisa Thirty Two Only) with interest @15.50% per annum with monthly rests from 01.12.2021, 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 the personal movable and immovable property(ies) of the defendants. 7. Pending IAs, if any, stand disposed of.
8. Recovery Certificate be issued accordingly.
9. Parties are directed to appear before Recovery Officer on
03.05.2024.
10. 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: 03.04.2024 Presiding Officer DRT-1, Chandigarh

Jammu and Kashmir Bank Limited v. M/S Manan Traders

Case brief

What is this about?

What did the court decide?

Jammu and Kashmir Bank Limited v. M/S Manan Traders

Case brief

What is this about?

What did the court decide?

What the court decided

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