Allowed

Punjab National Bank v. Sh. Sanjeev Kumar

DRT16 Aug 2024OA/945/2023

Case brief

AI extract

What is this about?

The Tribunal allowed the bank's Original Application seeking recovery of Rs. 20,45,428.70p. The court held the defendants liable to pay the principal, costs, and uniform simple interest at 7.10% per annum pending execution via SARFAESI sale or attachment of assets.

What did the court decide?

Respondents ordered to pay Rs.20,45,428.70p jointly and severally plus costs and simple interest at 7.10%p.a. Recovery Certificate issued.

Punjab National Bank versus Sh. Sanjeev Kumar — Banking and Recovery | DRT (2024)

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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH

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ORIGINAL APPLICATION NO.945/2023 PRESIDED OVER BYMRIDULESH KUMAR SINGH

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DATE OF INSTITUTION: 27.07.2023

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DATE OF DECISION: 16.08.2024

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Punjab National Bank, a body corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 having its Head Office at Plot No.4, Sector10, Dwarka, New Delhi 110075 (United Bank of India) and one of its Branch Situated at SCO 19, Ambala Zirakpur Highway, Punjab 140604, through its Attorney Holder, Sh. Maninder Pal Singh, Authorized Officer, presently posted at Circle Sastra Centre, Chandigarh.

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……..Applicant

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Versus

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Sh. Sanjeev Kumar S/o Sh. Raj Kumar Garg, R/o House No.285, Ward No.10/B, Shivpuri Mohalla, Dhuri, Sangrur, Punjab 148024.

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Smt. Deepika W/o Sh. Sanjeev Kumar, R/o House No.285, Ward No.10/B, Shivpuri Mohalla, Dhuri, Sangrur, Punjab 148024.

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M/s Gupta Builders & Promoters Private Limited, Through its Interim Resolution Professional (IRP) Sh. Mukesh Gupta R/o F-1 Milap Nagar, Uttam Nagar, New Delhi-110059

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….……Defendans

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Advocates:

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Argued by Sh. S.C. Prajapati, Advocate proxy for Sh. Tarunjit Singh, Advocate for the Applicant Defendants are ex-parte

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FINAL ORDER

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Present Original Application was instituted by the applicant bank under Section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, against the defendants for recovery of Rs.20,45,428.70p (Rupees Twenty Lakh Forty Five Thousand Four Hundred Twenty Eight And Paisa Seventy Only). The Original Application has been filed through Sh. Maninder Pal Singh, Authorized Representative o f the applicant bank, who is competent to institute the

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Original Application vide General Power of Attorney dated 05.02.1998, which is Annexure A1 to this OA.

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The brief facts of the OA are that the defendants No.1 & 2 had approached the applicant bank for the grant of Housing Loan of Rs.45.00 Lacs vide Loan Application dated 05.07.2019, which is Annexure A2 to this OA.

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The applicant Bank sanctioned the Housing Loan of Rs.38.00 Lacs vide Sanction Letter dated 19.07.2019, which is Annexure A3 to this OA and the terms and conditions were duly accepted by the defendants.

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Defendants No.1 & 2 had mortgaged his properties i.e. Residing Apartment Being Apartment type 3BHK No. 510, 5t floor, Tower No.T18 situated at ‘Athens-1’, Village Ramgarh Bhuda, Hadbast No. 42, Tehsil Derabassi, District SAS Nagar Punjab vide Tripartite Agreement and Permission to Mortgage both d ated 23.07.2019, which are Annexures A19 and A20 to this OA. Documents executed:-Demand Promissory Note, Letter of Guarantee, Letter of Undertaking, Letter of Lien, Declarations and Consent Clause all dated 22.07.2019, which are Annexures A4 to A8 & A12 to A14 to this OA; Power of attorney, Letter from Borrower, Agreement Under United Housing Loan Scheme, and Copy of Tripartite & Permission of create mortgage all dated 23.07.2019, which are Annexures A5, A9, A10, A19 & A20 to this OA; Undertaking Cum Declaration, which is Annexure A11 to this OA; Affidavit dated 15.07.2019, which is Annexure A15 to this OA; Agreement of Sale and Allotment letter dated 11.05.2019, which are Annexures A16 and A17 to this OA; Copy of Demand letter dated 13.07.2019, which is Annexure A18 to this OA; NOC from LIC HFL dated 24.09.2019, which is Annexure A21 to this OA; Recall Notice dated 17.02.2023 with postal receipts, which is Annexure A22 to this OA and statement of account with certificate, which are Annexures A23 & A24 to this OA

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The loan account became irregular and was classified as NPA and after adjusting debit and credit entries in loan account there was a

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debit of Rs.20,45,428.70p which is recoverable and the defendants were served recall notices but they did not repay the outstanding amount, therefore, the applicant bank requested to accept the application and to issue Recovery Certificate accordingly.

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The defendants were served notices to appear before this Tribunal but no one appeared on behalf of defendants and they were proceeded ex-parte on 10.07.2024.

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In support of the OA, affidavit of Sh. Maninder Pal Singh, Branch Manager, Punjab National Bank has been filed.

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Heard ex parte arguments and perused record. 9. It was argued by learned proxy counsel that in view of the documentary evidence brought on record which had gone unrebutted, the applicant bank had proved its case. From the perusal of all the Annexures A1 to A24 to this OA, it is proved that the defendants approached applicant bank for availing of the loan facility which was granted to them and for that they had executed all the relevant documents in favour of the bank. The defendants failed to pay back the loan as per terms and conditions of the agreement between the parties. Subsequently, account of the defendants was classified as NPA. From the documentary evidence brought on record, it is proved that applicant bank is entitled to recover a sum of Rs.20,45,428.70p (Rupees Twenty Lakh Forty Five Thousand Four Hundred Twenty Eight And Paisa Seventy Only) along with interest from the defendants, jointly and severally, from the date of filing of the present Original Application till realization of the account. 10. In so far as pendent elite and future rate of interest is concerned, the applicant bank in relief clause has claimed interest @7.10%p.a. plus penal interest @2.00%p.a. with monthly rests from 01.07.2023 till the realization. The Tribunal is of the considered opinion that sometimes in appropriate cases the prerogative of mercy is the brightest jewel in the crown of the Judge. Keeping in view the facts and circumstances of the instant case including nature of the mortgaged property, undertaking

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of the defendants, quantum of loan and prevalent market rates of interest which have gone drastically downhill in yester years, while exercising the discretion vested in this Tribunal, this Tribunal deems it just and appropriate to grant uniform simple interest @7.10%p.a.in the loan account from the date of filing of the OA till realization of the amount ordered vide this final order. It is ordered accordingly.

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In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of Rs.20,45,428.70p (Rupees Twenty Lakh Forty Five Thousand Four Hundred Twenty Eight And Paisa Seventy Only) jointly and severally, with costs, current and future simple interest @7.10%p.a. in the loan account from the date of filing of OA till the date of realization of the amount. Accordingly, the applicant bank shall be entitled to recover aforesaid amount from the sale of hypothecated/mortgaged properties of the defendants in execution proceedings if not sold earlier under the provisions of the SARFAESI Act, 2002. If the dues of the bank still remain unsatisfied, it shall be entitled to recover the same by attachment and sale of personal assets of the defendants. The applicant is at liberty to enforce the claim through due process of law.

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Any other application pending stands disposed of.

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Issue Recovery Certificate accordingly.

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Parties to appear before Learned Recovery Officer of this Tribunal on 06.09.2024.

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Copy of this order be given Dasti to the applicant bank and be sent to defendants through registered/speed post and this order be also uploaded on the official website of this Tribunal and record be consigned.

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Pronounced by me in the open Tribunal .

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Dated: 16.08.2024.

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(MRIDULESH KUMAR SINGH) Presiding Officer,

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DRT-III, Chandigarh

Punjab National Bank v. Sh. Sanjeev Kumar

Case brief

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Punjab National Bank v. Sh. Sanjeev Kumar

Case brief

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