Allowed

Punjab National Bank v. M/S Sakshi Plastic

DRT25 Jun 2024OA/730/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's original application for recovery of dues totaling Rs. 77,77,252.67 along with interest, ordered asset sale directions, and directed the issuance of a recovery certificate against the defaulting borrowers.

What did the court decide?

Defendants pay Rs. 77,77,252.67 with interest at 10% p.a.; property sale authorized; injunction imposed; Recovery Certificate issued.

Punjab National Bank versus M/S Sakshi Plastic — Company and Corporate | 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'ble Shri Ram Niwas Patet)

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Originol Applicotion No.^- 730/22

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Punjab NationaI Bank, (erst) United Bank of India, Circle Sastra Centre, lndore(M.P. )

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...., Appticant

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Versu s

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M/s Sakshi Plastic, Prop.-Shri Kamtesh Metkar

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Shri Kamlesh Metkarm

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(Both R/o Arihant Ginninh &. Pressing Factory, A.B. Road, Sendhwa, Distt.-Barwani)

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..... Defendants

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Counsel for the Appticant : Shri Adamya Bajpai, Advocate Defendants : Ex-parte

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JUDGMENT (Dated : 25th June, 2024)

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The Applicant-Bank has fited the present Original Apptication uls 19 of Recovery of Debts and Bankruptcy Act on 25/05/Zz against the Defendants for recovery of Rs. 27,77,752.67 (Rupees Twenty Seven Lac, Seventy Seven Thousand, Two Hundred Fifty Two and Paisa Sixty 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 through its Proprietor Defendant No.-2, the Applicant Bank sanctioned CC of Rs. 15 Lac and Term Loan of Rs. 9.50 Lac. On the further request of the Defendants the CC Limit which was enhanced to Rs. 20 Lac and the term loan was renewed to Rs. 9.04 Lac on 28107 115 and CC was further renewed to Rs. 19.80 Lac. ln consideration of the sanction of credit facitities the Defendants executed requisite loan documents. The Defendants avaited the credit facitities and atso executed Debit Batance Confirmation Letter lastly on 02111/70 but faited to liquidate the outstanding dues despite issuance of Legal Notice on 22/03121 by the Appticant Bank. The Applicant-Bank has retied upon the documents at Ex. A-1 to A-17 which were proved by Shri Rajesh Bajaj, Chief Manager.

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oA730122

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Despite service of notice, the Defendants neither appeared nor fited written statement. They were^proceeded ex-parte^{vide order dated} 13/02/24. There is therefore, no reason to disbelieve the contentions of the Bank. Considering the facts of the case, I opine that the Defendants are jointty and severalty tiable to pay the claim amount together with interest and costs. The Appticant-Bank in its application has ctaimed interest @10% p.a. with monthty rests. However, I feet it fair and reasonable to grant interest @10% p.a. simpte pendentelite and future titl reatization of the dues. The persona[ properties and assets of the Defendants are liabte to be sold for recovery of amount due.

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

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i) The Defendants do pay^jointty and severatty Rs. 77,77,252.67 (Rupees Twenty Seven Lac, Seventy Seven Thousand, Two Hundred Fifty Two and Paisa Sixty Seven only) together with pendentetite and future interest @10%^per annum simpte from the date of fiting of the OA, i.e.,25/05/72, with costs ti[[ its reatization.

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ii) The Applicant Bank is entitted to selt the personal properties and assets of the Defendants for reatization of its dues. The Defendants are hereby restrained by means of injunction from depleting, transferring, encumbering, atienating or in any way deating with their^{properties/assets} without first paying the claim of the AppLicant Bank.

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

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Judgment^pronounced in the open^{court on this 25th Day of June,2024'}

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tO
(Ram s
Pre ine Officer

Punjab National Bank v. M/S Sakshi Plastic

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. M/S Sakshi Plastic

Case brief

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What did the court decide?

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