Allowed

Punjab National Bank v. M/S B.T. Fishries

DRT8 Apr 2024OA/835/2022

Case brief

AI extract

What is this about?

The Tribunal allowed an application submitted by a bank against multiple respondents for recovery of outstanding dues aggregating Rs. 71 Lakhs, along with interest and costs. The court granted permission to auction mortgaged and personal properties for realization.

What did the court decide?

Payment of Rs. 71,31,114.39 with 9.50% p.a. simple interest; Recovery Certificate to be issued; Injunction against disposal of assets.

Punjab National Bank versus M/S B.T. Fishries — Contract and Commercial Disputes | DRT (2024)

¶1

DEBTS RECOVERY TRIBUNAL : JABALPUR

¶2

(for the States of Madhya Pradesh and Chhattisgarh)

¶3

(Presiding Officer - Hon'bte Shri Ram Niwas Patet)

¶4

Original Applicotion No. - 835/22

¶5

Punjab Nationat Bank, Mid Corporate Branch, Siyaganj, lndore (M.P.) Appticant

¶6

Versus

¶7

M/s B.T. Fjsheries, Through its PartnerShri lshwaraj Singh thatia, S/o Shri Gurpreet Singh Bhatia,

¶8

R/o'136, 1't Ftoor, Shubham Tower, Neetam Chowk, Faridabad, Haryana 12100'1 Atso at: 3-4, Anjani Plaza, Ashok Nagar, lndore (M.P.); Atso at: 514, President Tower, 6/2 South Tukoganj, lndore (M.P.) 452001

¶9

02], lshwaraj Singh Bhatia, S/o Gurpreet Singh Bhatja, R/o Kailash Nagar, Bus Stand Road, Rajnandgaon (C.G.l 491 441 ; Atso at: Ward No.-35, H.No.-75, Punjabi Colony, Raiput (C.G.) 492001

¶10

1. Simran Fisheries Pvt. Ltd., Through its Managjng Director, 3-4, Anjani Ptaza, Ashok Nagar, Near Tower Chouraha, Bhanwarkua Road, lndore (M.P.) 452001

¶11

1. Gurmeet Singh Bhatia, S/o Shri Gurdeep Singh Bhatia, R/o 17-A, Prem Nagar, lndore (M.P.) 452001

¶12

1. Smt. Gutbir Kour Bhatia, W/o Shri Batdev Singh Bhatia, R/o Bus Stand, Ward No.-29, Rajnandgaon (C.G.)

¶13

1. Gurpreet Singh Bhatia, 5/o Shri Surjeet Singh Bhatia, R/o Bus Stand, Ward No.-29, Rajnandgaon (C.G.):

¶14

Atso at: Ward No.-35, H.No.-75, Punjabi Cotony, Raiput (C.G.) 49200'l

¶15

¶16

oA835122

¶17

07\ Satpal Singh^Bhatia, S/o Shri Gutbeer Singh^Bhatia, R/o Opposite Museum,^{CiviI Lines,} Raipur^(C.G.)492001

¶18

Harpal Singh Bhatia, S/o Shri GurdeeP Singh^Bhatia, R/o34, Anjani Plaza, Ashok^Nagar, Bhanwarkua Road, lndore^{(M.P.)452001;} Atso at: 9-A, Prem Nagar,^{lndore (M'P.) 452001} Defendants

¶19

Counset for the Appticant :^{Shri Kapil Duggat,Advocate} Defendants : Ex'Parte

¶20

JUDGMENT (oatea:o-C%?i-lpritloza)

¶21

The Appticant-Bank has fited the^{present Originat Application} u/s 19 of Recovery of^{Debts andBankruptcyAct on 20106122against the} Defendants for recovery of^{Rs. 71} ,31,114.39^{(RupeesSeventy One Lac, Thirty} One Thousand, One Hundred^{Fourteen and Paisa Thirty Nine on[y) along with} interest and other retiefs^as stated.

¶22

Z. The brief facts of the case are that^{on the requestof} Defendant No.-1 through its Partners^{DefendantNo.'2, 3 & 8, the Appticant} Bank sanctioned Term Loan of^{Rs. 46 Lac, Cash CreditLimit of Rs. 80 Lac,} Bank Guarantee of Rs. 336^{Lac aggregatingRs. 876 Lac on 02108/16. Further} on the request of Defendant^{No.-1 the Appticant-Bank issued Bank Guarantee} of Rs. 3,35,75,985 favouring^{M'P. MatsyaMahasangh(Sahakari) Maryadit} Bhopat on 02/08116 ln consideration^{of the same, the Defendantsin addition} to execution of loan documents,^{have also created equitabtemortgage over} the immovabte^property, i.e.,^{BtockNo.'19,Ptot No.-2l13, 14122, 1519,} House No.-42l952t116,^{Civit Lines,Ward No.-42, Raipur (C.G.); belongingto} Defendant No.-5,6 & 7.^{The Defendantsavailedthe credit facilities but} faited to tiquidate the outstanding^{dues despite issuanceof Demand Notice} on20t07 171 by the^{Appticant Bank.The Appticant'Bankhas retied uponthe} documents at Ex.^{A-1 to A-26 whichwere proved by Shri Rajesh Kumar Bajaj,} Chief Manager.

¶23

Despite service of notice,^{the Defendantsneitherappeared nor} fited written statement,^{They were proceededex-parte vide order dated} 10l04/23, There is therefore,^{no reasonto disbelievethe contentionsof the} Bank. Considering the^{facts of the case, I opine that the Defendantsare} jointty and severatly tiabte to pay the claim amount^{togetherwith interest}

¶24

¶25

oA835122

¶26

and costs, The Appticant-Bank in its app[ication has ctaimed^interestat contractual rate with monthly rests. However, I feet it^{fair and reasonable} to grant interest @9.50%^p.a. simpte^pendentetite and^future titl^reatization of the dues. The mortgaged^property is tiabte to be sotd for^{recovery of} amount due atong with the^{personatproperties} and assets^{of the Defendants.}

¶27

The Original Apptication is attowed and it is ordered^{as under-}

¶28

i) The Defendants do pay^jointty and severally^{Rs. 71,31,114.39} (Rupees Seventy One Lac, Thirty One Thousand, One Hundred Fourteen and Paisa Thirty Nine onty) together with^{pendenteliteand future interest} @9.50%^per annum^{simpte fromthe date of fiting of the OA, i.e.,20/06/22,} with costs tilt its reatization.

¶29

ii) The Appticant Bank is entitted to sett the mortgaged^{as wetlas} personal properties and assets of the Defendants for reatization of its dues. The Defendants are hereby restrained by^means of^{injunctionfrom} depteting, transferring, encumbering, atienating^{or in anyway deating with} their properties/assets without first^paying the ctaim^{of the Applicant Bank.}

¶30

iii) A Recovery Certificate be issued uls¹⁹⁽²²⁾ of^Recoveryof Debts and Bankruptcy Act. The applicant bank may fite a^memo of^cost within 7 days for preparing Recovery Certificate.

¶31

Judgment pronounced in the open court on this^{08th Day of Aprit,2024.}

¶32

,h' (Ram Niwas Patel) Presrd ine Officer

Punjab National Bank v. M/S B.T. Fishries

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. M/S B.T. Fishries

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases

Axis Bank versus Kailash Chandra Gendalal Patidar

Bank of Baroda versus M/S Swastik Traders

Ram Kishore Gilda versus Hero Fincorp Limited

M/s Laxmi Saree Bhandar versus Central Bank of India

State Bank of India versus Manoj Kumar Tembhre

Punjab National Bank versus M/S Ruchi Agri Fresh Pvt. Ltd.