Allowed

Punjab National Bank v. Saheblal Bharadwaj

DRT11 Jan 2024OA/554/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed a bank's application for recovery of a defaulted housing loan of Rs. 27.34 lakhs. The bank claimed interest and sought realization from both mortgaged and personal assets. The tribunal directed payment and issued a recovery certificate.

What did the court decide?

Defendants to pay Rs. 27,34,606.10 with interest at 10.25% p.a.; Applicant Bank entitled to realize from mortgaged and personal properties by Recovery Certificate.

Punjab National Bank versus Saheblal Bharadwaj — Specific Performance | 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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(Presiding Officer - Hon'bte Shri Ram Niwas Patet)

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Originol Applicotion No.^- 554122

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Punjab National Bank, (erstwhite United Bank of lndia) Circle SASTRA Centre, Bitaspur^(C,G.)

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.,... Appticant

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Versus

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Shri SahebLat Bharadwaj, S/o Shri Daya Ram

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Shri Sudhir Bharadwaj

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Smt. Resham Bharadwaj

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(Att R/o H. No. -1243/1, Raitway wiretess Cotony, Bitaspur, C.G.)

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.,. Defendants

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Counsel for the Appticant : Shri Adamya Bajpai, Advocate Defendants : Ex'parte

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JUDGMENT

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lDated^{: iririJanua} ry,^2024</sup>

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The Applicant-Bank has fited the^present Original Apptication u/s 19 of Recovery of Debts and Bankruptcy Acl on 28lMl22 against the Defendants for recovery of Rs. 27,34,606.10^{(RupeesTwenty} Seven Lac, Thirty Four Thousand, Six Hundred six and Paisa Ten 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 No.-l & 2, the erstwhite United Bank of lndia^(now Appticant Bank) sanctioned Housing Loan Rs. 19 Lac on 22110120. ln consideration of the sanction of housing toan the Defendant NO.-1 & 2 as borrower and Defendant No.-3 as guarantor in addition to execution of loan and^guarantee documents have atso created equitabte mortgage over the immovabte property, i.e., Diverted Land Mouja Sirgitti, PH No.-23130, RIC 8itha, Khasra No.-676/45, Rakwa 1200, Tehsit & District-Bitaspur (C.G.); area^'111.524 sq.mtr.; betonging to Defendant No.-1. The Defendant No.-1 & 2 availed the credit facility but did not make repayment of loan instattments. The Defendants faited to Liquidate the outstanding dues despite issuance of

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oA 554t22

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Recatl Notice on 07/10113 and initiation of action under the Securitisation Act by the AppLicant Bank. The AppLicant-Bank has retied upon the documents at Ex. A-1 to A-'18 which were^proved by Shri Harneet Singh Juneja, Branch Head.

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Despite service of notice, the Defendants neither appeared nor fjted written statement. They were^proceeded ex-parte vide order dated 30/061?3. There is therefore, no reason to disbetieve the contentions of the Bank. 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 AppLicant-Bank in its appLication has ctaimed interest @10.25%^p.a. with monthty rests. However, I feet it fair and reasonabte to grant interest @10.25% p.a. simpte pendentetite and future tilt realization of the dues. The mortgaged property is tiabte to be sotd for recovery of amount due atong with the personal properties and assets of the Defendants.

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The Originat Apptication is attowed and it is ordered as underi) The Defendants do pay jointty and seyeratty Rs. 27,34,606.10 (Rupees Twenty Seven Lac, Thirty Four Thousand, six Hundred Six and Paisa Ten on(y) together with pendentetite and future interest @10.25% per annum simple from the date of fiting of the OA, i.e.,28104/22, with costs titl its reatization,

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ii) The Appticant Bank is entitted to setl the mortgaged as wetl as personat properties and assets of the Defendants for reatization of its dues. The Defendants are hereby restrained by means of injunction from depteting, transferring, encumbering, atienating or in any way deating with their properties/assets without first paying the ctaim of the Appticant Bank.

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iii) A Recovery Certificate be issued uls^'19(ZZ) 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 thjs 11th Day of January, 2024

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2v
( Patel.)
Presidine Officer

Punjab National Bank v. Saheblal Bharadwaj

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Saheblal Bharadwaj

Case brief

What is this about?

What did the court decide?

What the court decided

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