Allowed

Union Bank of India v. Nitin Jain

DRT23 Jul 2024OA/349/2022

Case brief

AI extract

What is this about?

This court allowed an Original Application filed by Union Bank of India (erstwhile Andhra Bank) for recovery of dues from a housing loan default. Proceeding ex parte due to the respondent's non-appearance, the order mandated payment of principal and interest, enforced realization against mortgaged and personal assets, and directed the issuance of a Recovery Certificate.

What did the court decide?

Recovery of principal along with interest at 8.45% p.a. pending and future; realization against mortgaged and personal properties; issuance of Recovery Certificate.

Union Bank of India versus Nitin Jain — Banking and Recovery | 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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cAttP couRT AT RATPUR (C.G.)

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(Presiding Officer - Hon'bte Shri Ram Niwas Patet)

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Original Application No, - 349122

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Union Bank of lndia, (erstwhite Andhra Bank) Station Road, Durg, CG 491001

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Appticant

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Versus

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Mr. Nitin Jain, S/o Mr. Rajendra Kataria, R/o S-29 Rishabh South City, Potiakata, Durg (C.G.) 491001

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Defendant

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Counsel for the Appticant : Shri Rajendra Singh Parmar, Advocate Defendant : Ex-parteEx-parte

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: Ex-parteEx-parte

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JUDGMENT loate@oza;

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The erstwhite Andhra Bank who has sanctioned the credit facilities to the Defendants got amatgamated with the Union Bank of lndia (hereinafter referred to as The Appticant-Bank) vide Gazette Notification dated 04/03120. The Appticant-Bank has fited the present OriginaI Apptication u/s 19 of Recovery of Debts and Bankruptcy Act on 09103122 against the Defendant for recovery of Rs. 26,09,023.00 (Rupees Twenty Six Lac, Nine Thousand and Twenty Three onty) atong with interest and other retiefs as stated.

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The brief facts of the case are that on the request of Defendant, the Appticant Bank sanctioned Housing Loan of Rs. 25 Lac on 14110119 and in consideration of the same the Defendant in addition to execution of loan documents has atso created equitabte mortgage over the immovabte property, i.€., Part of Khasra No.-721512, PH No.-14119, Ftat No.-301, 3'd Ftoor, Unit No.-2, Near Krishna Marriage Patace, Shakuntata Apartment, Vaishali Nagar, Ward No.'15, Kohka, Bhitai (C.G.). The Defendant avaited the credit facitity but faited to tiquidate the outstanding dues despite issuance of Notice dated 28106/21 under the Securitisation Act by the Appticant Bank. The App licant-Bank has retied u pon the documents at

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oA349122

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Ex. A-1 to A-25^{which were proved by shri soumyamayaMohapatra,Branch} Manager.

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Despite service of notice,^{the Defendantneither appearednor} fited written statement.^{He was proceeded ex'partevide'orderdated} 10l05l23. There^{is therefore, no reason to disbetieve the contentionsof the} Bank. Considering^{the facts of the case, I opinethat the Defendant is tiabte} to pay the ctaim^{amount togetherwith interest and costs.The Appticant-} Bank in its apptication^{has [email protected]% p.a. with monthtyrests.} However, I feet it^{fair and reasonableto grant [email protected]%p.a.simpte} pendentetite and future titt reatization^{of the dues. The mortgaged property} is tiabte to be sotd^{for recovery of amountdue atong with the personal} properties and assets of the^Defendant.

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The Originat Apptication^{is attowed and it is orderedas under-} i) The Defendant do^{pay Rs. 26,09,023.00 (Rupees TwentySix} Lac, Nine Thousand^{and Twenty Three onty) together with pendentetiteand} future interest @8.45%^{per annum simpte from the date of fiting of the OA,} i.e., 09/03122, with^{costs titt its reatization.}

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ii) The Appticant Bank is^{entitted to sett the mortgagedas wetl as} personal properties and^{assets of the Defendantfor reatizationof its dues.} The Defendant is^{hereby restrained by means of injunction from depteting,} transferring, encumbering,^{atienating or in any way deatingwith his} properties/assets without first^{paying the ctaim of the AppticantBank'}

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iii) A Recovery Certificate^{be issued u/s 19(27) of Recovery of} Debts and Bankruptcy^{Act. The appticant bank may fite a memo of cost} within 7 days for^{preparingRecovery Certificate.}

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Judgment^p ronounced^{in the open court on this 23'd Day of Juty, 2024at} Camp Court RaiPur.

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2^{>t^} (Ram rwas Patet) Presidine Officer

Union Bank of India v. Nitin Jain

Case brief

What is this about?

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Union Bank of India v. Nitin Jain

Case brief

What is this about?

What did the court decide?

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