The Debts Recovery Tribunal disposed of an original application filed by the applicant bank for recovery of a term loan. The bank claimed recovery of dues along with interest. The tribunal allowed the application.
Order for payment of dues, interest, and issuance of Recovery Certificate; injunction against disposal of assets.
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DEBTS RECOVERY TRIBUNAL: JABALPUR
(for the States of Madhya Pradesh and Chhattisgarh)
(Presiding Officer - Hon'bte Shri Ram NiwasPatet)
Original APPlicotion No.- 638/22
Punjab NationaI Bank, Arvind Vihar, Bhopat(M.P.)
Appticant
Versus
Counset for the Appticant :Shri KapitDuggat,Advocate
Defendants : Ex-Parte
JU DGMENT
(Dated :OId SePtember, 2024)
2
oA 638122
24t08123. There is therefore,no reasonto disbetieve the contentionsof the Bank. Considering the facts ofthe case,I opinethat the Defendantsare jointty and severalty tiabte to pay the ctaim amount togetherwith interest and costs. The Appticant-Bank inits apptication has ctaimedinterest @'15.75y"p.a. with monthty rests. However, I feel it fair and reasonabteto grant interest @17% p.a. simptependentetite and future titl reatization of the dues. Thepersonalpropertiesand assets of the Defendantsare liabteto be sold for recovery of amountdue.
i) The Defendants dopay jointty and severatly Rs. 26,82,832'52 (Rupees Twenty Six Lac, Eighty Two Thousand,Eight HundredThirty Two and Paisa Fifty Two onty)together with pendentetiteand futureinterest @12%per annum simptefrom the dateof fiting of the OA, i.e.,71/051?2, with costs titl its reatization.
ii) The Appticant Bank is entitled tosetl the personal properties and assets of the Defendants forrealization of its dues. The Defendants are hereby restrained by means ofinjunctionfrom depleting,transferring, encumbering, atienatingor in any way deating with their properties/assets without first paying the claim ofthe Applicant Bank'
iii) A Recovery Certificatebe issued uls 19(221 of Recoveryof Debts and Bankruptcy Act.The appticant bank may fite a memo of cost within 7 days forpreparing RecoveryCertificate.
Judgmentpronouncedin the open court on this 03'd Day of September,2024'
J{
or'
,t
(Ram Niwas Patet)
Presi dine Offic er
3 issues framed by the court
Whether the applicant bank is entitled to recover the due amounts along with interest from the respondents.
Whether a Recovery Certificate should be issued against the respondents.
Whether the personal properties and assets of the respondents are liable to be sold for recovery of the amount due.
2 provisions across 1 enactments
Punjab National Bank, Arvind Vihar
Barelat Ahirwar
Rajendra Kumar Sharma
Ram Niwas Patet
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
