Allowed

Punjab National Bank v. Messrs Megha Goel and Others

DRT3 Dec 2024OA/458/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed the Original Application filed by Punjab National Bank for recovery of Rs. 46,04,333.06 from three borrowers housed mortgaged flats to the bank. The Tribunal granted uniform simple interest at 7.35% p.a. and directed issuance of Recovery Certificate.

What did the court decide?

Recovery Certificate issued; Defendants liable to pay Rs. 46,04,333.06 with costs and simple interest @7.35% p.a.; Entitlement to recover from sale of properties.

Punjab National Bank versus Messrs Megha Goel and Others — Banking and Recovery | DRT (2024)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.458/2022

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PRESIDED OVER BYMRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 09.02.2022

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DATE OF DECISION: 03.12.2024

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Punjab National Bank, a body corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act 1970 having its Head Office at Plot No.4, Sector-10, Dwarka, New Delhi-110075 and having amongst others branches at various places a Branch Office at Zirakpur Distt. SAS Nagar, Punjab (e-OBC) through Sh. Ravi Kumar Chief Manager and Circle Sastra Head SAS Nagar Punjab its Authorized Attorney and Principal Officer & Looking after Recovery matters of Zirakpur, Branch of Applicant.

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……..Applicant

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Versus

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Ms. Megha Goel D/o Sh. Rajinder Kumar Goyal, H/No. 246, Gali No.17, Saini Colony, Model Town, Karnal, Haryana-132001.

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2^nd Address: Flat No.84, Block-G, 8^th & 9^th Floor, Emerging Heights

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3, Sante Majra, Tehsil Kharar, Distt SAS Nagar Mohali, Punjab140301.

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Sh. Rajinder Kumar Goel Son of Sh. Sohan Lal, H/No. 246, Gali No.17, Saini Colony, Model Town, Karnal Haryana-132001.

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2^nd Address: Flat No.84, Block-G, 8^th & 9^th Floor, Emerging Heights

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3, Sante Majra, Tehsil Kharar, Distt SAS Nagar Mohali, Punjab140301.

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Smt. Pooja Goel W/o Sh. Rajinder Kumar Goel H/No. 246, Gali No.17, Saini Colony, Model Town, Karnal, Haryana-132001.

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2^nd Address: Flat No. 84, Block-G, 8^th & 9^th Floor, Emerging Heights 3, Sante Majra, Tehsil Kharar, Distt SAS Nagar Mohali, Punjab-140301.

………. Defendants

Advocates:

Argued by Sh. Amarjit Singh Gill, Advocate for the applicant Defendants are ex-parte

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FINAL ORDER

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Present Original Application was instituted by the applicant under Section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, against the defendants for recovery of Rs.46,04,333.06p (Rupees Forty Six Lacs Four Thousand Three Hundred Thirty Three & Paisa Six Only). The Original Application has been filed through Sh. Ravi Kumar Chief Manager and Attorney Holder of the applicant, who is competent to institute the Original Application vide General Power of Attorney dated 06.10.2006, which is Annexure A3 to this OA.

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The brief facts of the OA are that the defendants had approached the applicant for grant of Housing Loan of Rs.42.00 Lacs vide Loan Application dated 12.12.2018, which is Annexure A4 to this OA. 3. The applicant sanctioned Housing Loan of Rs.39.78 Lacs vide Sanction Letter dated 31.12.2018, which is Annexure A6 to this OA and the terms and conditions were duly accepted by the defendants. 4. Defendant no.1 to 3 had mortgaged his immovable properties i.e. Flat No-H-804 Block-G, 8^th & 9^th Floor, Emerging Heights 3 Village Sante Majra, Tehsil Kharar (Mohali), Punjab vide Equitable Mortgage of Sale Deeds bearing v asika No.2018-19/151/1/6141 dated 08.01.2019 and vasika no.10494 dated 24.03.2017 along with their translations, which is Annexure A11 to this OA. Documents executed:- Printout of Supreme Court dated 10.01.2022, which is Annexure A1 to this OA; Copy of Gazette Notification dated 04.03.2020, which is Annexure A2 to this OA; Sale Agreement and end closures dated 12.12.2018, which is Annexure A5 to this OA; Agreement for Individual Housing Loan, Common Agreement, Undertaking to execute the agreement to sale, Common affidavit from borrowers all dated 04.01.2009, which are Annexures A7 to A10 to

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this OA; Memorandum of Deposits of Title Deed dated 09.01.2019, which is Annexure A12 to this OA; Legal Search report dated 17.12.2018, which is Annexure A13 to this OA; Printout of entry with central registry, which is Annexure A14 to this OA; Valuation report dated 18.12.2018, which is Annexure A15 to this OA; Recall Notice dated 20.08.2021 with postal receipts, which is Annexure A16 to this OA; Demand Notice u/s 13(2) dated 31.08.2021,which is Annexure A17 to this OA; Objections filed by borrower dated 02.11.2021, which is Annexure A18 to this OA; Reply to objections dated 15.11.2021 & 16.11.2021, which is Annexure A19 to this OA and Statement of Account with certificate, which is Annexure A20 to this OA.

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The loan account became irregular and was classified as NPA and after adjusting debit and credit entries in loan account there was a debit of Rs.46,04,333.06p, which is recoverable and the defendants were served recall notices but they did not repay the outstanding amount, therefore, the applicant requested to accept the application and to issue Recovery Certificate accordingly.

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The defendants were served notices to appear before this Tribunal but no one appeared on behalf of defendants and they were proceeded ex-parte on 29.11.2024.

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In support of the OA, affidavit of Sh. Ravi Kumar, Chief Manager, Punjab National Bank has been filed.

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Heard arguments and perused record.

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It was argued by learned counsel that in view of the documentary evidence brought on record which had gone unrebutted, the applicant had proved its case. From the perusal of all the Annexures A1 to A20 to this OA, it is proved that the defendants approached applicant for availing of the loans facility which was granted to them and for that they had executed all the relevant documents in favour of the bank. The defendants failed to pay back the loan as per terms and conditions of the agreement between the parties. Subsequently, account of the defendants was classified as

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NPA. From the documentary evidence brought on record, it is proved that applicant is entitled to recover a sum of Rs.46,04,333.06p (Rupees Forty Six Lacs Four Thousand Three Hundred Thirty Three & Paisa Six Only) along with interest from the defendants, jointly and severally, from the date of filing of the present Original Application till realization of the account.

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In so far as pendent elite and future rate of interest is concerned, the applicant in relief clause has claimed interest @7.35%p.a. along with penal interest @2%p.a. with monthly rests from 01.02.2022 till the realization.

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The Tribunal is of the considered opinion that sometimes in appropriate cases the prerogative of mercy is the brightest jewel in the crown of the Judge. Keeping in view the facts and circumstances of the instant case including nature of the mortgaged property, undertaking of the defendants, quantum of loan and prevalent market rates of interest which have gone drastically downhill in yester years, while exercising the discretion vested in this Tribunal, this Tribunal deems it just and appropriate to grant uniform simple interest @07.35%p.a. in 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.

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In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of Rs.46,04,333.06p (Rupees Forty Six Lacs Four Thousand Three Hundred Thirty Three & Paisa Six Only) jointly and severally, with costs, current and future simple interest @07.35%p.a. in the loan account from the date of filing of OA till the date of realization of the amount. Accordingly, the applicant 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 still remain unsatisfied, it shall be entitled to recover the same by attachment and

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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 10.01.2025. 15. Copy of this order be given dasti to the applicant 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.

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Pronounced by me in the open Tribunal . Dated: 03.12.2024

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(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh

Punjab National Bank v. Messrs Megha Goel and Others

Case brief

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Punjab National Bank v. Messrs Megha Goel and Others

Case brief

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