Allowed

Canara Bank v. Ranjeet Kumar

DRT5 Dec 2024OA/941/2022

Case brief

AI extract

What is this about?

Applicant bank filed an original application for recovery of住房 loan dues. Court, proceeding ex-parte due to non-appearance, granted the application directing payment of principal, interest, and costs. Recovery certificate issued and sale of mortgaged property allowed.

What did the court decide?

Defendants directed to pay Rs. 22,26,357.99 with interest; mortgaged property made liable for sale and personal properties attached; Recovery Certificate to be issued.

Canara Bank versus Ranjeet Kumar — 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'bte Shri Ram Niwas Patet)

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Original Applicotion No. - 941 /22

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Canara Bank, Main Branch, M.K. Chowk, Opp. Jyoti Cinema, Moudara Bridge, Jabatpur (M.P.)

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..... Appticant

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Versus

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Shri Ranjeet Kumar, 01 ) S/o Shri Lakhan Ram

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Smt. Suman Kumari, W/o Shri Ranjeet Kumar

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[Both^{Rio Sec. F8,T No.-116,} P.No.-68857, DBW(S.S. ), OFK Khamariya, Manegao, Jabtpur, M.P.] Defendants

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Counsel for the Applicant : Shri P. Chaturvedi, Advocate Defendants : Ex-parte

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JUDGMENT

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(Dated : 05th December,2O24l

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The Applicant-Bank has fited the present Original Apptication u/s 19 of Recovery of Debts and Bankruptcy Act on 22107 172 against the Defendants for recovery of Rs. 22,26,357.99 (Rupees Twenty Two Lakh, Twenty Six Thousand, Three Hundred Fifty Seven and Paisa Ninety Nine only) atong with interest and other reliefs as stated.

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The brief facts of the case are that on the request of Defendants, the Appticant Bank sanctioned Housing Loan of Rs. 19 Lakh on 09103/18 and in consideration of the same the Defendants in addition to execution of loan documents have also created equitabte mortgage over the immovabte'property, i.e., Land bearing Part of Khasra No.-253l3, area measuring 799.5 sq.ft., P.H. No.-43 (new), 14 (otd), R.N.M. Maharajpur, situated at Block-B, Gurunanak Nagar, Vittage-Ghana, Tehsit-Panagar, district-Jabatpur (M.P.). The Defendants avaited the credit facitity and atso executed Letter of Acknowledgment of Debt and Security on 03/03/21 but faited to Iiquidate the outstanding dues despite issuance of Recatl Notice on 04l06t22 and initiatlon of action under the Securitisation Act by the

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oA941122

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Appticant Bank. The Appticant-Bank has relied upon the documents at^{Ex A-1} to A-10 which were^proved by Shri Anit Kumar Mishra, Chief Manager.

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Despite service of notice, the Defendants neither appeared nor fited written statement. They were proceeded ex-parte vide order dated 24/05/24, There is therefore, no reason to disbetieve the contentions of the Bank. Considering the facts of the case, I opine that the Defendants are jointty and severatty liabte to pay the ctaim amount together with interest and costs. The Appticant-Bank in its apptication has ctaimed interest @9.30% p.a. with monthty rests. However, I feel it fair and reasonabte to grant interest @9.30% p.a. simpte pendentelite and future ti[[ reatization of the dues. The mortgaged property is tiabte to be sold for recovery of amount due along with the personal properties and assets of the Defendants.

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The Origina[ Apptication is allowed and it is ordered as under-

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i) The Defendants do pay^jointty and severalty Rs. 22,26,357.99 (Rupees Twenty Two Lakh, Twenty Six Thousand, Three Hundred Fifty Seven and Paisa Ninety Nine onty) together with pendentetite and future interest @9.30%^per annum simple from the date of fil.ing of the OA, i.e.,27107 122, with costs ti[[ its realization.

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ii) The AppLicant Bank is entitled to se[[ the mortgaged as wetl as 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, alienating or in any way dealing with their properties/ assets without first paying the claim 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 05th Day of December, 7 4

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r I) m asP t) Presidine Officer

Canara Bank v. Ranjeet Kumar

Case brief

What is this about?

What did the court decide?

Canara Bank v. Ranjeet Kumar

Case brief

What is this about?

What did the court decide?

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