Allowed

Punjab National Bank v. M/S S P Industries

DRT19 Mar 2024OA/728/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an application filed by Punjab National Bank for recovery of Rs. 38,48,662.00 along with interest against M/s S.P. Industries and Rajesh Wadhwani. The defendants appeared ex-parte and were held jointly and severally liable. A Recovery Certificate was directed to be issued.

What did the court decide?

Payment of Rs. 38,48,662.00 with 12% p.a. interest; issuance of Recovery Certificate under S.19(2)

Punjab National Bank versus M/S S P Industries — 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. - 728122

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Punjab National Bank, Hamidia Road, Bhopat (M.P.)

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..... Appticant

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Versus

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M/s S.P. lndustries, Through its ProprietorShri Rajesh Wadhwani, Shop No.-145, New Kabadhkhana, Berasiya Road, Bhopat (M.P.l 462001

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Rajesh Wadhwani, S/o Shri Lajatpat Ray Wadhwani, R/o H.No.-15, Pari Bazar Road, ldgah Hitts, Bhopat (M.P.) 462001

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..... Defendants

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Counsel for the Appticant :^{Shri Kapit Duggat,Advocate}

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Defendants : Ex-Parte

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JUDGMENT (Dated-: 19th March, 20241

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The Appticant-Bank has^{fited the present Originat Apptication} u/s 19 of Recovery of^{Debts and BankruptcyAct on 21105122against the} Defendants for recovery^{of Rs. 38,48,662.00 (Rupees Thirty Eight Lac, Fourty} Eight Thousand, Six^{Hundredand Sixty Two onty) atong with interestand} other retiefs as^stated.

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The brief facts of^{the case are that on the request of} Defendant No.-1^{through its Proprietor Defendant No"2, the erstwhite} United Bank of^{lndia (now amatgamatedwith Punjab Nationa[Bank vide} Gazette Notification^{dated o4to3t2oherein after referred to as the} Appticant Bank)^{sanctioned OD timit of Rs. 20 Lac on 21 111 113 and in} consideration^{of the samethe Defendants in addition to executionof loan} and^{guarantee documentshave atso created equitabte mortgage over the} immovabte^{propertyof DefendantNo.'2, i.e., Godown buitt in basement of} ctassic Apartment^{(constructed on part of Ptot No.-7),Gatta Bazar, ltwara} (insidefromRoad),NearAttasujaKhan,wardNo.-21,Bhopat(M'P')' admeasuring^{about 700 sq.ft. The Defendantsavaitedthe credit facitity but} faited to^{tiquidatethe outstandingdues despiteissuance of Recatl Noticeon}

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oA728122

23t10t15 by the Appticant^{Bank. The Appticant'Bank has retied upon the} documents at Ex.^{A-1 to A-14 which wereproved by shri Harish Kumar} Agarwal, Senior^Manager.

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Despite service of notice,^{the Defendantsneitherappeared nor} fited written statement.^{They were proceededex-parte vide order dated} 18lO8t73. There is therefore,^{no reasonto disbetieve the contentionsof the} Bank. Considering the facts of^{the case, I opine that the Defendantsare} jointty and severatty tiabte to pay the ctaim amount together^{with interest} and costs. The Appticant-Bank^{in its apptication has ctaimed interest @12/o} p.a. with monthty rests. However, I feel it fair^{and reasonabte to grant} interest @12% p.a. simpte^{pendentetiteand future titt reatization of the} dues. The mortgaged^{propertyis tiabte} to^{be sotd for recoveryof amount} due atong with the^{personalpropertiesand assets of the Defendants.}

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The Originat Apptication is atlowed and it is ordered^{as under-}

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i) The Defendants do pay^jointty and severatty Rs. 38,48,662.00 (Rupees Thirty Eight Lac, Fourty Eight Thousand, Six Hundred and Sixty Two onty) together with pendentetite and future interest @12yo^per annum simpte from the date of fiting of the OA, i.€., 21105122, with costs titt its reatization.

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ii) The Appticant Bank is entitted to setl the mortgaged as wett as personal 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(22) of Recovery of Debts and Bankruptcy Act. The applicant 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 19th Day of March, zoz4.

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q' 9'.
( m Patet)
Presidinq Officer

Punjab National Bank v. M/S S P Industries

Case brief

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Punjab National Bank v. M/S S P Industries

Case brief

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