Allowed

Punjab National Bank v. Vijay Kumar Amrate (Since Deceased) through His Legal Heirs-

DRT25 Jul 2024OA/499/2023

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed application for recovery of housing loan dues of Rs. 21.51 lakhs. Court levied interest at 9.50% p.a. Morhgaged property remained liable for recovery. Recovery certificate to be issued.

What did the court decide?

Direction to pay Rs. 21,51,068 with 9.50% p.a. interest; permission to sell mortgaged and personal assets; injunction restraining transfer; issuance of Recovery Certificate.

Punjab National Bank versus Vijay Kumar Amrate (Since… — 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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cAtAP COURT AT RATPUR (C.G.)

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

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Originol Applicotion No. - 499123

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

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..... Appticant

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Versus

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Vijay Kumar Amrate (since Deceased) Through his Legat Heirs-

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1(a) P.P. Amrate

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1(b) Kamal Amrate

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1(c) S. Kumari

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Ajay Kumar Amrate, S/o Pratipal Amrate

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(Att R/o H.No.-124, Chandra Nagar,

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Umarpoti, Utai, District-Durg, C.G. )

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..... Defendants

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Counset for the Appticant : Shri Shreyas Dubey, Advocate

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Defendants : Ex-parte

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JUDGMENT

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(Dated : 25th July, 20241

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The Appticant-Bank (erstwhite Oriental Bank of Commerce now merged with the Appticant Punjab National Bank) has fited the present Originat Apptication u/s 19 of Recovery of Debts and Bankruptcy Act on 05104/23 against the Defendants for recovery o'f Rs. 21,51,068.00 (Rupees Twenty One Lac, Fifty One Thousand and Sixty Eight onty) atong with interest and other retiefs as stated.

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2, The brief facts of the case are that on the request of Defendant No.-1 & Z, the Appticant Bank sanctioned Housing Loan aggregating Rs. 15 Lac on 30/03/15 and in consideration of the same the Defendant No.-1 & 2 in addition to execution of loan documents, have atso created equitabte mortgage over the immovabte property, i.e., Part of Khasra No.-12912, 12915, area 700 sq.ft., situated at "Sai Ram Vihar" Kota, Durga Chowk, Shahid Manmohan Singh Bakshi Ward No.-12, P.C. No.-107, ROC Raipur-1, Tehsit & District-Raipur (C.G.). The Defendants avaited the housing loan and atso executed Batance & Security Confirmation Letter on

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oA 499123

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29/10118 but faited to tiquidate the outstanding dues despite^issuance of Demand Notice on 03/12/18 by the Applicant Bank. The^{Appticant-Bankhas} retied upon the documents at Ex. A'1 to A-9 which were^proved by^Shri Sachin Kumar, Chief Manager.

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Despite service of notice, the Defendants neither appeared nor fited written statement. They were^proceeded ex-parte vide order dated 18103124. lt appears from the perusal of documents that Defendant No.-1 Vijay Kumar Amrate expired on 73101/21 as^per Death Certificate annexed at Page-85 of the OA. The Defendant No.-1(a) to 1(c) have not executed any documents to secure the housing loan sanctioned to Defendant No.-1 and 2 and are being impteading being the Legat Heir of deceased Borrower Vijay Kumar Amrate. Considering the facts of the case, I opine that the Defendants are^jointty and severatty tiabte to^pay the ctaim amount together with interest and costs. The tiabitity of Defendant No.-1(a) to 1(c) are restricted to the vatue of assets inherited by them from the deceased Vijay Kumar Amrate. The Appticant-Bank in its apptication has ctaimed interest at contractual rate with monthty rests. However, I feel it fair and reasonabte to grant interest @9.50% p.a. simpte pendentelite and future ti[[ reatization of the dues. The mortgaged property is liabte to be sotd for recovery of amount due atong with the personat properties and assets of the deceased Defendant Vijay Kumar Amrate and Defendant No.'2.

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The Originat Apptication is atlowed and it is ordered as under-

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i) The Defendants do pay^jointty and severatty Rs. 21,51,068.00 (Rupees Twenty One Lac, Fifty One Thousand and Sixty Eight onty) together with pendentetite and future interest @9.50% per annum simpte from the date of fiting of the OA, i.e.,05/04123, with costs titt its realization. The tiabitity of Defendant No.-1(a) to 1(c) is restricted to the vatue of asset inherited by them from the deceased borrower/Defendant Vijay Kumar Amrate.

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ii) The Appticant Bank is entitted to setl the mortgaged as wetl^as personal properties and assets of the deceased borrower/Defendant Vijay Kumar Amrate and Defendant No.-2 for reatization of its dues. The Defendant No.-1(a) to 1(c) and Defendant No.-2 are hereby restrained by means of injunction from depteting, transferring, encumbering, atienating^or in any way dealing with the^{properties/assets} of^{deceased borrower/}

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oA 499123

Defendant Vijay Kumar Amrate and Defendant No.-2 without first^payingthe ctaim of the Appticant Bank.

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iii) A Recovery Certificate be issued u/s 19(22) of Recovery of Debts and Bankruptcy Act. The appticant bank may fite a memo of^cost within 7 days for preparing Recovery Certificate.

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Judgment pronounced in the open court on this^{25th Day} of^{Juty, 2024 al} Camp Court Raipur.

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:)-

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(
PresidinLOfficer

Punjab National Bank v. Vijay Kumar Amrate (Since Deceased) through His Legal Heirs-

Case brief

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Punjab National Bank v. Vijay Kumar Amrate (Since Deceased) through His Legal Heirs-

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