Allowed

Canara Bank v. M/S Pandora Travels and Contractors

DRT10 Dec 2024OA/866/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's application for recovery of Rs. 37,95,988.28 with interest against the borrowers and guarantor, ordering a recovery certificate to be issued. The court disposed of pending Interim Applications (IAs) and directed the parties to appear before the Recovery Officer.

What did the court decide?

Recovery of Rs. 37,95,988.28 with interest @ 10.45% p.a.; issuance of Recovery Certificate; Joint and several liability of all defendants.

Canara Bank versus M/S Pandora Travels and Contractors — Banking and Recovery | DRT (2024)

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iN THE DEBTS RECOVERY TRIBUNAL-B, GFHANDIGARFI

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BEFORE: A $ NARANG, PRESIDING OFFICER

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OA No: 866/2022 IDate of ]Institution: 27.04.2(122 ]Date of I)ecisiom: 10.12.2024

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Canara Bank having branches all over India having a branch at IVlehatpur, District Una (HP)

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. . . . ....Applicant

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Vs.

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1. Pandora Travels and contractors through its proprietor Sh. Rajat Sharma, r/o Ward no. 9, VPO Dehlon Lower, Tehsil and District Una (HP).

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Sh. Rajat Sharma s/o Sh. Ram Kumar r/o Ward no. 9, VPO Dehlon Lower, tehsil and District Una (HP)

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Smt. I<usual Lata w/o Sh. Ram Kumar r/o Ward no. 9, VPO Dehlon Lower, Tehsil and District Una (HP)

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..........]l)eferr(larrts

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Attvocates

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Sh.Satish Jaswal proxy for Sh. Sanjay Dalmia, Counsel for the applicant bank. Defendants – ex parte

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OA for the ]Recovery of I;&s.37,95,988.28p with interest @10.45% per annUIr1 witlr nronthl)' rests from 27.04.2t322.

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ORDER

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Canara Bank (Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 W)B Act) for the rec,overy of Rs.37,95,988.28p with interest against M/s Pandora Travels and others (defendants).

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Bank’s case is that it had granted @ various credit facilities of Rs.8,25,000/-; Rs.13,65,000/- and Rs.17.00 Laos, respectively, to Defendants no. 1 and 2. To secure the loan, Defendant No. 3 had rnortgaged her land (fully detailed in para No.3 A of the application). Defendant no, 3 also stood guarantor for the said loans. Defendants

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executed all relevant loan documents. The loan was chargeable to interest @ 10.45% with monthly rests. On 27.04.2022, a sum of Rs.37,95,988.28p was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 24.05.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 21.09.2023, they were proceeded ex parte .

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In order to prove its case, the Bank has placed on record the aflidavit of Mr. Shiv b4angal Verma , Senior Manager along with the loan and security documents and marked them as Exhibit A-1 to A-36. 5. 1 have paused 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.38,90,000/- and on 27.04.2022 a sum of Rs.37,95,988.28p was due. 6. Accordingly, the application of the bank for the recovery of Rs.37,95,988.28p (Rupees Thirty Seven Laos Ninety Five Thousand Nine Hundred Eighty Eight and Twenty Eight Pajge Only) with interest 10.45% per annum with monthly rests from 27.04.2022, 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 fully detailed in para No.3 A of the application as well as from the personal movable and immovable property(ies) of the defendants, 7. Pending IAs, if any, stand disposed of. 8 Recovery Certificate be issued accordingly.

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Parties are directed to appear before Recovery Officer on 13.01.2025, who is directed to distribute the sale proceeds of the mortgage property as per the provisions of Section 19(20-AB) of the Act. 10. A Copy of this order along with Recovery Certificate be sent to I the Recovery Officer as well as the parties. T Pronounced in the open court. Dated: 10.12.2024 D]Rar-1, ch,„d&,a I

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Canara Bank v. M/S Pandora Travels and Contractors

Case brief

What is this about?

What did the court decide?

Canara Bank v. M/S Pandora Travels and Contractors

Case brief

What is this about?

What did the court decide?

What the court decided

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