Allowed

Punjab National Bank v. Deepali Enterprises

DRT15 Jun 2024TA/2766/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed the applicant bank's original application for recovery of dues totaling Rs.65,05,885/- with interest. The tribunal proceeded ex-parte against absent defendants who failed to regularize the NPAs account, ordering joint and several liability and directing the issuance of a recovery certificate.

What did the court decide?

Directed payment of Rs.65,05,885/- with interest and costs; in default, recovery from sale of mortgaged and hypothecated assets; recovery certificate issued.

Punjab National Bank versus Deepali Enterprises — Banking and Recovery | DRT (2024)

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T.A. No. 2766 of 2022

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Debts Recovery Tribunal-I, Delhi 4th floor, leevan Tara Building, Parliament Street, New Delhi

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Presiding Officer: Shri Govind Ballabh Sharma

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T.A. no.2766 of 2022

Punjab National Bank

Circle Sastra

KJ-13, Kavi Nagar,

Ghaziabad Applicant

Versus

Deepali Enterprises Through its proprietress

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Smt.Deepali Jain w/o Virender Jain

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C-294, First Floor

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C Block, Vivek Vihar, Shandara

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Delhi-110095

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Also at:

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Red Apple Residency Khasra No.998, Noor Nagar

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Raj Nagar Extn., Ghaziabad, UP-201001

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Smt.Deepali Jain w/o Virender Jain C-294, First Floor

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C Block, Vivek Vihar, Shandara

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Delhi-110095

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Manju J Homes India Ltd. Through its directors C-294, First Floor C Block, Vivek Vihar, Delhi-110095

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Sh.Vijayant Jain s/o Vijay Kumar Jain C-10, 3rd Floor, Ramprastha Ghaziabad, UP

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Smt.Kiran Garg W/o Vijayant Jain C-10, 3rd Floor, Ramprastha Ghaziabad, UP Defendants

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T.A. No. 2766 of 2022

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Present: Sh.Arun Kumar Shukla, Counsel for applicant bank.

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Date of Institution: 11.08.2020

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Date of Pronouncement: 15.06.2024

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FINAL ORDER

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This original application has been filed before DRT-III, Delhi & then transferred to DRT-I, Delhi by the applicant bank on 11.08.2020 through Mrs.Vimmi Gupta, authorized representative of the applicant bank under Section 19 of Recovery of Debts & Bankruptcy Act, 1993 against the defendants for recovery of a sum of Rs.65,05,885/- (Rupees Sixty Five Lacs Five Thousand Eight Hundred Eighty Five only) as on 10.06.2020 along with pendentelite and future interest @13.40% per annum plus 2% penal interest from 11.06.2020 till the date of realization along with costs. Further, the name of Sh.Devendra Singh Panwar was substituted as authorized representative in place of Mrs.Vimmi Gupta, erstwhile AR for the applicant bank

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The brief facts of the case are on the request of defendant no.1, proprietorship concern of defendant no.2 in the business of providing ready mix of Cement, Rodi, Concrete etc., the applicant bank sanctioned Term Loan facility of Rs.175.00 lacs (Rupees One Crore Seventy Five Lacs only) ©14.75% interest per annum to be repayable in 9 half yearly installments of Rs.19.45 lacs for purchase of plant and machinery and other miscellaneous fixed assets. The credit facility was sanctioned against hypothecation of current assets, moveable assets and mortgage of property at Village

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T.A. No. 2766 of 2022

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Mortga Ghaziabad owned by defendant no.3. The defendant no.3 to 5 stood as guarantors to secure the term loan facility sanctioned to defendant no.1 & 2 by the applicant bank.

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That in order to avail the term loan facility, the defendants executed Term Loan Agreement, Agreement for Hypothecation of Current Assets, Hypothecation of Moveable Assets, Agreement of Guarantees by defendant no.3 to 5 along with Consent Clause on 10.06.2013 with applicant bank. The defendant no.3 executed Board Resolution dated 27.04.2016 for guarantee & to extend the charge on immovable property in favour of applicant bank.

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In order to secure the repayment of credit facility availed by defendant no.1 and 2, the defendant no.3 created equitable mortgage of residential Plot Khasra No.1113 & 1114, Village Morta, Pargana Jalalabad, Ghaziabad, UP, measuring 3694.60 sq.metre by deposit of Sale Deed dated 01.08.2012 executed by Sh.Radhey Shyam Mool Chand, Rameshwar, Ramkishan, Raj Kumar & Rajvir all sons of Sh.Bala in favour of defendant no.3 registered with S.R.II Ghaziabad on 01.08.2012 in favour of applicant bank.

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The defendant no.1 through defendant no.2 executed balance and security confirmation dated 29.02.2016 and 29.09.2018 in favour of applicant bank.

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It has been submitted by the applicant bank that after availing the aforesaid loan facilities, the account becoming irregular and defendants failed to comply with the terms and conditions of sanction. Despite of several requests and reminders, defendants neither regularize the account nor liquidated the loan and not submitted stock statements,

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T.A. No. 2766 of 2022

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financial data etc. with the applicant bank. Ultimately, the applicant bank classified the account as NPA on 01.05.2018 as per RBI guidelines and applicant bank issued legal recall notice on 10.06.2020 to the defendants and also invoked the guarantee of guarantors but there was no response, hence the applicant bank has approached this Tribunal for recovery of their dues.

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Notice under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 was issued to the defendants.

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Notices of this O.A. were issued to the defendants and despite of proper service, the defendants have chosen to absent from the proceedings. As per order dated 21.03.2024, the defendants have been proceeded ex-parte as they have not appeared before the Tribunal and even written statement, evidence and affidavit of assets have not been filed by the defendants.

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In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Smt.Vimmi Gupta, authorized representative of the applicant bank who has proved the documents such as Power of Attorney Ex.AW1/1, Loan Application Ex.AW1/2, Sanction Letter Ex.AW1/3, Term Loan Agreement Ex.AW1/4, Agreement for Hypothecation of Current Assets Ex.AW1/5, Hypothecation of Moveable Assets Ex.AW1/6, Agreement of Guarantee Ex.AW1/7, 10 & 12, Consent Clause Ex.AW1/8, 11, 13 & 14, Board Resolution Ex.AW1/9, Letter of Intent & Letter of Continuity Ex.AW1/15 & 16, Title Deeds Ex.AW1/17, Balance & Security Confirmation Ex.AW1/18(colly), Recall Notice with Speed Post Ex.AW1/19, Certified Statement of Account Ex.AW1/20,

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T.A. No. 2766 of 2022

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Certificate under Section 65B(2) of Bankers Books Evidence Act & NPA Certificate Ex.AW1/21(colly).

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The applicant bank has fully corroborated the averments made in the O.A. Even otherwise the whole case of the applicant bank is based on the documents and the same have been duly approved.

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The case filed by the applicant bank gone unrebutted and there is no question of disbelieving the case of the applicant bank and the applicant bank has proved its case beyond reasonable doubts.

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In the light of the above discussions, the Original Application deserves to be allowed.

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ORDER

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(I) I, allow this OA and direct the defendants to pay to the applicant bank, jointly or severally, within a period of 30 days, a sum of Rs.65,05,885/- (Rupees Sixty Five Lacs Five Thousand Eight Hundred Eighty Five only) as on 10.06.2020 together with pendentelite and future interest ©13.40% per annum from date of filing of this application till the date of realization and costs; failing which the aforesaid amount shall be recovered from the sale of hypothecated plant & machinery, Current & fixed assets and mortgaged residential Plot Khasra No.1113 & 1114, Village Morta, Pargana Jalalabad, Ghaziabad, UP measuring 3694.60 sq.metre owned by defendant no.3. In case of shortfall, the same shall be

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T.A. No. 2766 of 2022

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recovered from the sale of movable and immovable properties of the defendants.

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(II) The recovery certificate be issued forthwith and be sent to the Recovery Officer, Debt Recovery Tribunal-I, Delhi.

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(III) Parties are directed to appear before the Recovery Officer, DRT I, Delhi on 20.08.2024.

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(IV) Copies of final order as well as Recovery Certificate be sent to all concerned free of cost.

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Sce (GOVIND BALLABH SHARMA) PRESIDING OFFICER DRT-I, DELHI

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(Dictated and pronounced in open court) Dated: 15.06.2024

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Punjab National Bank v. Deepali Enterprises

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Deepali Enterprises

Case brief

What is this about?

What did the court decide?

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