The DRT allowed the bank's application under Section 19 RDDBFI Act. The Defendants were declared liable to pay the outstanding debt with moderated simple interest. A Recovery Certificate was issued.
Recovery of Rs.48,48,183.00 with 8% simple interest; Order for Recovery Certificate; Enforceable against hypothecated/mortgaged assets.
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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO.35/2024 PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 09.10.2023
| DATE OF DECISION: 03.09.2024 Punjab National Bank, a body corporate under Banking Companies |
|---|
| (Acquisition and Transfer of Undertaking), Act 1970 having its Head Office at Plot No. 4, Sector 10, Dwarka, New Delhi-110075 and having its branch office at different places including one at Nihal Singh Wala |
| District Moga through its Attorney Holder and Officer Sh. Rajesh Sachdeva, Manager, Circle Sastra, Moga Circle. ……..Applicant Versus |
| 1. Ms. Harmeet Kaur D/o Sh. Gurdial Singh R/o VPO Saidoke, Tehsil Nihal Singh Wala, District Moga (Punjab) Borrower/Defendant |
| 2. Sh. Rattanbir S/o Sh. Mukhtiar Singh R/o VPO Burj Hamira, Tehsil Nihal Singh Wala, District Moga (Punjab) |
| 3. Sh. Vinoj Kumar S/o Sh. Virender Kumar (Commission Agent), Grain Market, Nihal Singh Wala, District Moga, (Punjab) Guarantor/Defendant ….……Defendants |
| Advocates: Present Sh. Kamal Dev Sharma, counsel proxy for Sh. Satpal Sharma, counsel for the applicant Defendants are ex-parte FINAL ORDER |
| 1. Present Original Application was instituted by the applicant bank under Section 19 of the Recovery of Debts Due to Banks and Financial |
| Institutions Act, 1993, against the defendants for recovery of |
| Rs.48,48,183.00 (Rupees Forty Eight Lacs Forty Eight Thousand One |
| Hundred and Eighty Three only). The Original Application has been filed throughSh. Rajesh Sachdeva, Managerof the applicant bank, |
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who is competent to institute the Original Application vide Power of Attorney dated 09.06.2017, which is Annexure A1 to this OA.
Documents executed:- Hypothecation agreement and Agreement of Guarantee both dated 15.11.2011, which are Annexures A4 & A5 (colly.) to this OA; Balance and Security Confirmation Letter dated 10.11.2014, 15.09.2016, 27.11.2018 and 31.08.2021 which is Annexure A9 (Colly.) to this OA; Bank Statement/ Memorandum of account with certificate dated 22.09.2023, which is Annexure A10 (colly.) to this OA and Legal Notice dated 23.06.2015, 08.03.2022, 29.10.2022, 13.12.2022 and 29.08.2023 with their translations, which is Annexure A11 (Colly.) to this OA.
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the loan account from the date of filing of the OA till realization of the amount ordered vide this final order. It is ordered accordingly. 11. In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of Rs.48,48,183.00 (Rupees Forty Eight Lacs Forty Eight Thousand One Hundred and Eighty Three only) jointly and severally, with costs, current and future simple interest @8.00%p.a. in the loan account from the date of filing of OA till the date of realization of the amount. Accordingly, the applicant bank shall be entitled to recover aforesaid amount from the sale of hypothecated/mortgaged properties of the defendants in execution proceedings if not sold earlier under the provisions of the SARFAESI Act, 2002. If the dues of the bank still remain unsatisfied, it shall be entitled to recover the same by attachment and sale of personal assets of the defendants. The applicant is at liberty to enforce the claim through due process of law. 12. Any other application pending stands disposed of. 13. Issue Recovery Certificate accordingly. 14. Parties to appear before Learned Recovery Officer of this Tribunal on 26.09.2024. 15. Copy of this order be given dasti to the applicant bank and be sent to defendants through registered/speed post and this order be also uploaded on the official website of this Tribunal and record be consigned. Pronounced by me in the open Tribunal . Dated: 03.09.2024
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
2 issues framed by the court
Whether the applicant bank is entitled to recovery of the outstanding sum along with interest from the borrowers and guarantors.
Whether to grant the applicant bank's claim for interest at the claimed rate or a moderated rate.
1 provisions across 1 enactments
Punjab National Bank
Ms. Harmeet Kaur
Sh. Rattanbir
Sh. Vinoj Kumar
Mridulesh Kumar Singh
As recorded by the court registry
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