Allowed

Punjab National Bank v. M/S Protech Aqua Solution Pvt. Ltd.

DRT31 Jan 2024OA/600/2022

Case brief

AI extract

What is this about?

The Tribunal allowed the applicant bank's recovery application against the primary borrower for dues amounting to Rs. 35,61,169.37. It declined to implead the director defendants as they did not provide personal guarantees, granted interest at 10.50% p.a., and ordered an injunction on asset transfer.

What did the court decide?

Recovery of Rs. 35,61,169.37 with interest at 10.50% p.a., costs, injunction against asset transfer, and issuance of a Recovery Certificate.

Punjab National Bank versus M/S Protech Aqua Solution Pvt. Ltd. — 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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Original Application No. - 6N122

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Punjab National Bank, (erstwhite United Bank of lndia) Circle Sastra Centre, lndore (M.P.)

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..... Appticant

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Versus

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M/s Protech Aqua Sotution Pvt Ltd., 306, Morya Arcade, 112 Old Patasia, lndore (M.P.)

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1. Shri Kishore Bundeta, R/o 58-8, Dwarka Puri, Gyan Sagar School Road, lndore (M.P.)

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Shri Fate Singh, R/o B-3 202, Scheme No.-114, Part-Z, lndore (M.P.)

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..... Defendants

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Counsel for the Appticant : Shri Adamya Bajpai, Advocate

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Defendants : Ex-parte

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JUDGMENT

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(Dated : 31't January, 20241

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The Appticant-Bank has fited the present Originat Apptication u/s 19 of Recovery of Debts and Bankruptcy Act on 13104122 against the Defendants for recovery of Rs. 35,61 ,169.37 (Rupees Thirty Five Lac, Sixty One Thousand, One Hundred Sixty Nine and Paisa Thirty Seven 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.-1, the Appticant Bank sanctioned CC of Rs. 25 Lac on 21101/15 and in consideration of the same the Defendant No.-1 executed requisite loan documents. The Defendant No.-1 avaited the credit facitity and atso executed Batance Confirmation Letter on 04102120.. The Defendants faited to liquidate the outstanding dues despite issuance of Legal Notice 09103122 by the Appticant Bank. The Appticant-Bank has retied upon the documents at Ex. A-1 to A-11 which were proved by Shri Rajesh K. Bajaj, Chief Manager

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oA600122

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Despite service of notice, the Defendants neither^{appeared nor} fited written statement. They were^{proceededex-parte vide order dated} 24108173. There is therefore, no reason to^{disbetieve the contentionsof the} Bank. Perusal of record reveals that^{Appticant-Bankhas not made any} specific averments against Defendant No.-2^{and 3 or under what capacity} they have been impteaded as^Defendant in^{the present OA. However, at} Page-25 and Page-32 which are^part of Bio-Data form^{executed by Defendant} No.-2 & 3 shows that they are functioning as^Directors of^the Unit.^Nothing is on the record to show that the Defendant No.-2 and 3^{have executed} personat guarantee or created mortgage over their property to secure the credit facitity sanctioned/disbursed to Defendant No.'1. Therefore,^no order is passed against Defendant No.-2 and 3. Considering the facts of the case, I opine that the Defendant No.-1 is tiabte to^pay the ctaim amount together with interest and costs. The Appticant-Bank in its apptication has ctaimed interest @10.50% p.a. with monthly rests. However, I feel it fair and reasonable to grant interest @10.50% p.a. simpte^{pendentetiteand} future titt realization of the dues. The^properties and assets of the Defendant No.-l are liabte to be sotd for recovery of amount due.

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The Originat Apptication is attowed and it is ordered as underi) The Defendant No.-1 do pay Rs. 35,61 ,169.37^(Rupees Thirty Five Lac, Sixty One Thousand, One Hundred Sixty Nine and^PaisaThirty Seven onty) together with pendentelite and future interest @10.50%^per annum simpte from the date of fiting of the OA, i.e.,^{13104122, with costs} titt its reatization.

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ii) The Appticant Bank is entitted to sell the^properties and^assets of the Defendant No.-1 for reatization of its dues.^{The DefendantNo.'1} through its Directors are hereby restrained^{by means of injunction from} depteting, transferring, encumbering,^{atienatingor in any way deating with} its properties/assets without first^paying the^{ctaim of the AppticantBank.}

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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 31tt^Day of^{January,2024.}

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9^{l'l '} ( Niwas Pate t) Presidine Officer

Punjab National Bank v. M/S Protech Aqua Solution Pvt. Ltd.

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Punjab National Bank v. M/S Protech Aqua Solution Pvt. Ltd.

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