Allowed

Bank of Baroda v. Sh Saurabh Aggarwal

DRT19 Apr 2024OA/626/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the Bank of Baroda's application under the RDB Act to recover Rs.30.47 lakhs with interest against the borrowers and guarantor. The court confirmed the loan advance and validated the application, permitting recovery via sale of mortgaged property.

What did the court decide?

Recovery of Rs.30,47,190.59p with interest at 7.35% per annum with monthly rests from 22.03.2022; sale of mortgaged property; issue of Recovery Certificate.

Bank of Baroda versus Sh Saurabh Aggarwal — Contract and Commercial Disputes | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH

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BEFORE: A S NARANG, PRESIDING OFFICER

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OA No: 626 of 2022 Date of Institution: 31.03.2022 Date of Decision: 19.04.2024

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Bank of Baroda, Town Hall, Amritsar, Punjab.

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……..Applicant

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Vs.

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Sh. Saurabh Aggarwal S/o Sh. Ashok Kumar Aggarwal, R/o#2273/5, Shiv Nagar, Opposite Raja Video Hall, Batala Road, Amritsar, Punjab-143001.

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Ms. Savita Aggarwal W/o Sh. Ashok Kumar Aggarwal, R/o#2273/5, Shiv Nagar, Opposite Raja Video Hall, Batala Road, Amritsar, Punjab-143001.

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Sh. Ashok Kumar Aggarwal S/o Sh. Shanti Parkash Aggarwal, R/o #2273/5, Shiv Nagar, Opposite Raja Video Hall, Batala Road, Amritsar, Punjab-143001.

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……….Defendants

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Advocates

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Sh. Brij Mohan Vinayak, Counsel for the applicant bank (on VC). Sh. Vikash Bali, Counsel for defendants.

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OA for the Recovery of Rs.30,47,190.59p with interest @7.35% per annum with monthly rests from 22.03.2022.

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ORDER

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Bank of Baroda (Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.30,47,190.59p with interest against Sh. Saurabh Aggarwal And Others (defendants).

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Bank’s case is that on 24.04.2017, it had granted Term Loan Facility under Baroda Home Loan Scheme of Rs.29.00 lacs to defendant nos.1 and 2. Defendant no.3 stood as guarantor. To secure the loan, Defendant no.2 had mortgaged her immovable property i.e. property admeasuring 100 sq. yards comprising a House No.2273/5, Shiv Nagar,

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Batala road, Opposite Raja Video Hall, Amritsar, Punjab (fully detailed in para No.3A of the application). The loan was chargeable to interest @8.35% per annum with monthly rests. On 24.04.2017, at the request of defendants, bank had also granted Housing Improvement Loan Account to the tune of Rs.6.50 lacs for repair/renovation of their house. Defendant no.3 stood as guarantor for the said facility of Rs.6.50 lacs. On 21.03.2022, a sum of Rs.30,47,190.59p was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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3. On 29.04.2022, summonses were sent to the defendants by
registered post, which were duly served.
4. Mr. Vikash Bali, counsel for the defendants has made a statement
at the Bar that defendants admit the claim of the applicant bank.
However, he states that rate of interest be reduced.
5. In order to prove its case, the Bank has placed on record the
affidavit of Mr. Gopal Jee Prasad, Chief Manager along with the loan
and security documents and marked them as Exhibit A-1 to A-30.
6. I have perused the evidence on the record. I am of the considered
view that the Bank has proved its case that it had advanced the loan of
Rs.35.50 lacs and on 21.03.2022, a sum of Rs.30,47,190.59p was due.
7. Accordingly, the application of the bank for the recovery of
Rs.30,47,190.59p (Rupees Thirty Lacs Forty Seven Thousand One
Hundred Ninety And Paisa Fifty Nine Only) with interest @7.35% per annum with monthly rests from 22.03.2022, till the date of payment is
hereby allowed with costs. The liability of all the defendants would be
joint and several. Bank can recover its dues by the sale of mortgaged
property i.e. property admeasuring 100 sq. yards comprising a House

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No.2273/5, Shiv Nagar, Batala road, Opposite Raja Video Hall, Amritsar, Punjab (fully detailed in para No.3A of the application) as well as from the personal movable and immovable property(ies) of the defendants. 8. Pending IAs, if any, stand disposed of. 9. Recovery Certificate be issued accordingly. 10. Parties are directed to appear before Recovery Officer on 21.05.2024 who is directed to distribute the sale proceeds of the mortgage property and standing crops as per the provisions of Section 19(20-AB) of the Act . 11. A Copy of this order along with Recovery Certificate be sent to the Recovery Officer as well as the parties. Pronounced in the open court. (A S Narang) Dated: 19.04.2024 Presiding Officer DRT-1, Chandigarh

Bank of Baroda v. Sh Saurabh Aggarwal

Case brief

What is this about?

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Bank of Baroda v. Sh Saurabh Aggarwal

Case brief

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