Allowed

Punjab National Bank v. Shri Vinod

DRT24 Jul 2024OA/399/2023

Case brief

AI extract

What is this about?

The Tribunal allowed the applicant bank's original application for recovery of dues against non-appearance of respondents. The order directed payment of the principal amount with interest and authorized the sale of mortgaged properties.

What did the court decide?

Directed joint and several payment of Rs. 29,74,777.00 with 12% p.a. interest and costs. Directed sale of mortgaged and personal properties. Issued Recovery Certificate.

Punjab National Bank versus Shri Vinod — Banking and Recovery | DRT (2024)

¶1

DEBTS RECOVERY TRIBUNAL : JABALPUR

¶2

(for the States of Madhya Pradesh and Chhattisgarh)

¶3

cAtAP COURT AT RATPUR (C.G.)

¶4

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

¶5

Originol Application No. - 399123

¶6

Punjab National Bank, Circte SASTRA Centre, Raipur (C.G.) 492001

¶7

..... Appticant

¶8

Versus

¶9

Shri Vinod Motwani, S/o Shri Kishore Motwani

¶10

1. Smt. Vanshika Motwani, W/o Shri Vinod Motwani

¶11

Shri Shankar La[ Pamnani S/o Shri Bhagwandas Pamnani

¶12

(1 to 3 R/o B-15, Third Ftoor, Jeevan Apartment, Shankar Nagar, Raipur, C.G.)

¶13

Smt. Sunita Lutta, W/o Shri Khubchand Lutta, R/o B-11, Ashiyana Phase-ll, Avanti Vihar, Raipur 492001 (C.G.)

¶14

Smt. Padma Vadwa, W/o Shri Brahmanand Wadha, Ri o 157, Titda Camp, Ward No.-13, Titda Neora (C.G.) 493114

¶15

.,... Defendants

¶16

Counsel for the Appticant : Shri Atok Mishra, Advocate

¶17

Defendants : Ex-parte

¶18

JUDGMENT

¶19

(Dated z Zltr Juty 3OZl)

¶20

The Appticant-Bank has fited the present Originat Apptication u/s 19 of Recovery of Debts and Bankruptcy Act on 28/03123 against the Defendants for recovery of Rs. 79,74,777.00 (Rupees Twenty Nine Lac, seventy Four Thousand, Seven Hundred and seventy seven onty) atong with interest and other retiefs as stated.

¶21

The brief facts of the case are that on the request of Defendant No.-1 & 2, the Appticant Bank sanctioned Overdraft Limit of Rs.

¶22

¶23

oA399123

¶24

25 Lac on 01 /12117. ln consideration^{of the sanction of credit facitity the} Defendant No.-1 & 2 as borrowers^{and Defendant No.-3 to 5 as guarantors in} addition to execution of toan and^{guarantee documents have atso created} equitabte mortgage over the^{immovabte propertY,i.e., Land and buitding} bearing Ptot No.-285l1 and^{77911, Kh No.-574153 (part), P.H. No.-20,} Thakur Dev Nagar, Ward No.-47,^{Sarkanda,District-Bitaspur(C.G.), area} measuring 3000 sq.ft.; betonging to^{Defendant No.-3 to 5. The Defendant} No.-1 and 2 avaited the credit^{facitities but did not adhereto the financial} disciptine. The account became^{NPA and the Defendantsfaited to liquidate} the outstanding dues despite issuance of^{Recatl Notice on 05/08121 and} initiation of action under the Securitisation^{Act by the Appticant Bank. The} Appticant-Bank has retied upon the^{documentsat Ex. A-1 to A-12 whichwere} proved by Shri Sachin Kumar, Chief Manager.

¶25

Despite service of notice, the Defendants^{neitherappeared nor} fited written statement. They were^{proceededex-parte vide order dated} 03111/23. There is therefore,^{no reason to disbetieve the contentionsof the} Bank. Considering the facts of the case,^{I opine that the Defendantsare} jointty and severatty tiabte to pay the ctaim amount together^{with interest} and costs. The Appticant-Bank^{in its appticationhas claimed interest @12%} p.a. with monthty rests. However, I feel it fair^{and reasonabte to grant} interest @17%^p.a. simpte^{pendentetite and future titl reatization of the} dues. The mortgaged^{propertyis tiabte to be sotd for recoveryof amount} due atong with the^{personalpropertiesand assets of the Defendants.}

¶26

The Originat Apptication^is attowed^{and it is orderedas under-}

¶27

i) The Defendants do^{pay jointty} and^{severatty Rs. 29,74,777.00} (Rupees Twenty Nine Lac, Seventy Four^{Thousand, Seven Hundredand} Seventy Seven onty) together^{with pendentetiteand future interest@12%per} annum simple from the date^{of fiting of the OA, i.e.,28103123,with costs} titt its reatization.

¶28

ii) The Appticant Bank is entitted^{to setl the mortgagedas wetl as} personal properties and assets of the^{Defendantsfor reatization of its dues.} The Defendants are hereby^{restrained by means of injunctionfrom} depteting, transferring,^{encumbering,atienating or in any way deating with} their properties/assets^{without first paying the ctaim of the AppticantBank.}

lF'.

oA399123

iii) A Recovery Certificate be issued u/s^{19(2U of Recovery of} Debts and Bankruptcy Act. The appticant^{bank may fite a memo of cost} within 7 days for^preparing Recovery^Certificate.

¶33

Judgment^pronounced in the open^{court on this 24th Day of Juty, 2074al} Camp Court Raipur.

¶34

,t7 ( Niwas Patet) Presidine Officer

¶35

Punjab National Bank v. Shri Vinod

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Shri Vinod

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases

Idbi Bank versus M/S E R Trading Company

Union Bank of India versus Nitin Jain

Bank of India versus M/S Regal Refreshments Co.

Central Bank of India versus Ashok Kumar Shukla

Idbi Bank versus Suraj Verma

Punjab National Bank versus Ms Shakti Roadways