Allowed

Punjab National Bank v. Abdul Gaffar Khan

DRT26 Jun 2024OA/57/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal, JabalPUR, allowed the applicant bank's application for recovery of dues including principal, interest, and costs against the defendant. The court restrained the defendant from disposing of mortgaged or personal assets and directed the issuance of a Recovery Certificate.

What did the court decide?

The defendant is directed to pay Rs. 24,13,629.35 with interest at 12% p.a. and costs; the mortgaged and personal properties are liable for recovery; a Recovery Certificate under Section 19(22) is iss

Punjab National Bank versus Abdul Gaffar Khan — 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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(Presiding Officer - Hon'bte Shri Ram Niwas Patet)

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Originol Application No. - 57/23

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Punjab NationaI Bank, Rau, lndore (M.P.)

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Appticant

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Versus

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Abdut Gaffar Khan @Abdut Gaffar @ Gaffar Khan, S/o Shri Rehman Khan, R/o Vittage-Chikhti, P.O. Joshi Guradiya, Tehsit-Mhow, District-lndore (M.P.) 452020

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Defendant

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CounseI for the Applicant : Shri Anand Bhushan Sahu, Advocate

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Defendant : Ex-parte

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JUDGMENT

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(Dated : 26th June, 2024)

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The Appticant-Bank has fited the^present Originat Apptication u/s 19 of Recovery of Debts and Bankruptcy Act on 09101 173 against the Defendant for recovery of Rs.24,13,629.35 (Rupees Twenty Four Lac, Thirteen Thousand, Six Hundred Twenty Nine and Paisa Thirty Five onty) atong with interest and other reliefs as stated.

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The brief facts of the case are that on the request of Defendant, the Applicant Bank sanctioned KCC of Rs.4 Lac on24111117 which was subsequently enhanced to Rs. 9 Lac on 12/10/18 and Term Loan of Rs. 16 Lac and in consideration of the same the Defendant in addition to execution of loan documents has also created simple mortgage under the provisions of M.P. Krishi Udhar Pravartan Tatha Prakriyan Upbandh (Bank) Adhiniyam 1972 over the immovabte property, i.e., Agricutture land bearing Khasra No.-43l28 admeasuring 1.349 hectare situated at Vittage-Chikhti, Hatka-ghosikheda, R.N.M. Simrot, Tehsit-Mahu, District-lndore. The Defendant avaited the credit facilities and atso executed Batance & Security confiramtion Leters on 30/09/20 but faited to tiquidate the outstanding dues despite issuance of Recat[ Notice on 07 lO1 /23 by the Appticant Bank. The Appticant'Bank has retied upon the documents at Ex. A-1 to A-21 which were proved by Shri Kapit M. Ghewande, Chief Manager.

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oA 57 t23

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Despite service of notice, the Defendant neither appeared nor filed written statement. He was proceeded ex-parte vide order dated 25/07 /23. There is therefore, no reason to disbelieve the contentions of the Bank. Considering the facts of the case, I opine that the Defendant is tiabte to pay the claim amount together with interest and costs. The AppticantBank in its apptication has ctaimed interest @12.50% p.a. with monthty rests. However, I feel it fair and reasonabte to grant interest @12% p.a. simpte pendentetite and future titl reatization 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 Defendant.

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The Original Apptication is allowed and it is ordered as under-

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i) The Defendant do pay Rs. 24,13,629.35 (Rupees Twenty Four Lac, Thirteen Thousand, Six Hundred Twenty Nine and Paisa Thirty Five onty) together with pendentelite and future interest @12% per annum simple from the date of fiting of the OA, i.e., 09 / 01 /23, with costs titI its reatization.

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ii) The Appticant Bank is entitled to setl the mortgaged as wetl as personal properties and assets of the Defendant for reatization of its dues. The Defendant is hereby restrained by means of injunction from depteting, transferring, encumbering, atienating or in any way deating with his properties/assets without first paying the claim of the Appticant Bank.

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iii) A Recovery Certificate be issued uls 19(22) of Recovery of Debts and Bankruptcy Act. The applicant bank may file a memo of cost within 7 days for preparing Recovery Certificate.

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Judgment pronounced in the open court on this 26th Day of June, 2024.

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et
b
b'
(Ram Niwas Patel)
Presidine Officer

Punjab National Bank v. Abdul Gaffar Khan

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Abdul Gaffar Khan

Case brief

What is this about?

What did the court decide?

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