Allowed

Punjab National Bank v. M/S Ashna Seeds

DRT19 Mar 2024OA/943/2022

Case brief

AI extract

What is this about?

The Tribunal allowed the Debt Recovery Application filed by Punjab National Bank against four defendants for an outstanding sum of approximately 1.09 Crore rupees along with interest. The court imposed an injunction on property disposal and ordered the issuance of a Recovery Certificate.

What did the court decide?

Defendants to pay Rs. 1,08,95,910 along with interest; injunction on property transfer; Recovery Certificate to be issued.

Punjab National Bank versus M/S Ashna Seeds — Execution and Attachment | 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. - 943122

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Punjab National Bank, Banapura Branch, Distt.^{-Hoshangabad (M.} P. )

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..... Appticant

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Versus

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M/s Ashna Seeds, Through lts Proprietor' Shri Santosh Singh

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Santosh Singh @ Santosh^{Singh Thakur} @ Santosh Singh Rajpoot @Santosh^Kumar, S/o Shri Kishan Singh @ Shri Kishan^La[

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Ayushman Singh, S/o Shri Santosh Singh

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Smt. Nisha Singh, W/o Shri Santosh Singh

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(Att at 7313, Main Road,

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Banapura, Tehsit-Seoni^Matwa, District-Hoshangabad,^{M. P. 461221)}

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..... Defendants

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Counsel for the Appticant :^{Shri KapitDuggat,Advocate}

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Defendants : Ex-Parte

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JUDGMENT 1oatea:^{t5%a-rc1 zoza1}

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The Appticant-Bank^{has fited the present OriginalApptication} u/s 19 of Recovery of^{Debts and BankruptcyAct on 25107122against the} Defendants for recovery^{of Rs. 1,08,95,910.00 (RupeesOne Crore, Eight Lac,} Ninety Five Thousand,^{Nine Hundred and Ten onty) atong with interest and} other reliefs as stated.

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The brief facts of^{the case are that on the request of} Defendant No.-1^{& 2, the Appticant Bank sanctionedOD Limit of Rs' 93 Lac} on 73/O8l1g^{and working capital Term Loan (wcTL) of Rs. 18 Lacon} 27t03t2L ln consideration^{of the sanction of credit facitities the Defendant} No.-1 & 2 as borrower^{and Defendant No.-3 & 4 as guarantorsin addition to} execution of^{[oan and guarantee documents have atso createdequitabte} mortgage over^{the immovabteproperty of Defendant No"2, i'e', Diverted}

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oA943122

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Land bearing Khasra No.-75l03 (after mutation Khasra No.-75l06), admeasuring 9500 sq.ft. alongwith buitding situated thereupon^(ground ftoor consisting of RCC shop admeasuring 243.57 sq.mtr., RCC^godown admeasuring 313.944 sq.mtr., tin shade gowdown admeasuring 139.354 sq.mt. on the ground ftoor; RCC hatt admeasuring 456.789 sq.mtr. on the first ftoor; RCC hatl admeasuring 115.566 sq.mt. on the second ftoor), Ward No.-03, Main Raod Banapura, Mouza Barhanpura (Banapura), Tehsil-Seoni Matwa, District-Hoshangabad (M.P.). The Defendants avaited the credit facitities but faited to liquidate the outstanding dues despite issuance of Recatl Notice on 27101122 by the Appticant Bank. The Appticant-Bank has retied upon the documents at Ex. A-1 to A-20 which were proved by Shri Ajay Singh Parihar, Senior 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 10104123. 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 tiabte to pay the ctaim amount together with interest and costs. The Appticant-Bank in its apptication has ctaimed interest @13.80%^p.a. with monthty rests. However, lfeel it fair and reasonabte to grant interest @12Yo p.a. simpte pendentetite and future titt realization of the dues. The mortgaged property is liabte to be sotd for recovery of amount due atong with the personat properties and assets of the Defendants.

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The Originat Apptication is attowed and it is ordered as under-

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i) The Defendants do pay jointty and severatty Rs. 1,08,95,910.00 (Rupees One Crore, Eight Lac, Ninety Five Thousand, Nine Hundred and Ten onty) together with pendentetite and future interest @12yo per annum simpte from the date of fiting of the OA, i.e., 25107122, with costs titt its reatization.

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ii) The Appticant Bank is entitted to se[[ the mortgaged as wetl as personal properties and assets of the Defendants for realization 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 Appticant Bank.

oA943122

iii) A Recovery Certificate^{be issued u/s 19(22) of Recoveryof} Debts and Bankruptcy^{Act. The appticant bank may fite a memo of cost} within 7 days for^{preparingRecoveryCertificate.}

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of March,March, A
,9
\ q
(Ram Niwas Patet)
Presidine Officer

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Judgment^{pronouncedin the open court on this19thDay of March,March,}

Punjab National Bank v. M/S Ashna Seeds

Case brief

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Punjab National Bank v. M/S Ashna Seeds

Case brief

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