Allowed

Jammu and Kashmir Bank Limited v. M/S Super Supplies

DRT15 Jan 2024TA/38/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank application for recovery of Rs. 25.93 lakhs with interest after finding the bank proved its loan advance and non-repayment. The Tribunal ordered joint and several liability, sale of mortgaged/hypothecated properties, and issuance of a recovery certificate.

What did the court decide?

Recovery of Rs.25,93,492/- with interest; joint and several liability; sale of mortgaged/hypothecated properties; Recovery Certificate issued; appearance before Recovery Officer.

Jammu and Kashmir Bank Limited versus M/S Super… — Contract and Commercial Disputes | DRT (2024)

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IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH

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BEFORE: A S NARANG, PRESIDING OFFICER

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TA No: 38/2023

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Date of Institution: 13.02.2017 Date of Decision: 15.01.2024

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The Jammu and Kashmir Bank Ltd. B/U Upper Sathu, Srinagar.

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……..Applicant

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Vs.

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M/s Super Supplies Jamalatta, Nawa Kadal, Srinagar, through its sole proprietor the defendant No.2.

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Manzoor Ahmed Kumar S/o Ghulam Muhammad Kumar, R/o Jamalatta Nawa Kadal, Srinagar.

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Ghulam Muhammad Kumar S/o Abdul Ahad Kumar, R/o Jamalatta Nawa Kadal, Srinagar.

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Ghulam Ahmed Kumar S/o Ghulam Muhammad Kumar, R/o Jamalatta Nawa Kadal, Srinagar.

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Bashir Ahmed Kumar S/o Ghulam Muhammad Kumar, R/o Jamalatta Nawa Kadal, Srinagar.

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Mst. Mugli W/o Ghulam Muhammad Kumar, R/o Jamalatta Nawa Kadal, Srinagar.

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……….Defendants

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Advocates

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Sh. AS Sobti, Counsel for the applicant bank. None for defendants.

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TA for the Recovery of Rs.25,93,492/- with interest @13.50% per annum with yearly rests from 16.01.2017.

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ORDER

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On 13.02.2017, Jammu and Kashmir Bank, filed the suit for the recovery of Rs.25,93,492/- with interest against M/s Super Supplies and other (defendants) in the Court of Principal District Judge, Srinagar. However, vide order dated 12.11.2022, this suit was transferred by the Court of Additional District Judge, (Bank Cases), Srinagar, to DRT-I, Chandigarh.

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Bank’s case is that defendant No.1 is borrower concern and defendant No.2 is its sole proprietor. On 12.01.2001, it had granted a Cash Credit Limit of Rs.10.00 Lacs to defendant No.1 through its sole proprietor defendant No.2 for business purpose. To secure the loan, Defendants No.2 to 6 had mortgaged their immovable properties and hypothecated stocks (fully detailed in para No.4 (a) (b) of the application). Thereafter, the limit was duly enhanced from Rs.10.00 Lacs to Rs.18.00 Lacs. Defendant No.4 had stood guarantor. The loan was chargeable to interest @13.50% per annum with yearly rests. On 16.01.2017, a sum of Rs.25,93,492/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, the suit.

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The, Civil Court, sent summons to the defendants by registered post, which was duly served. Defendants did not put in appearance, before Civil Court, which proceeded ex parte against the defendants.

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In order to prove its case, the Bank has placed on record the affidavit of Mr. Mohammad Muzaffar Mufti, Executive Manager Law, along with the loan and security documents.

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I have perused 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.18.00 Lacs and on 16.01.2017, a sum of Rs.25,93,492/- was due. 6. Accordingly, the case of the bank for the recovery of Rs.25,93,492/- (Rupees Twenty Five Lacs Ninety Three Thousand Four Hundred and Ninety Two Only) with interest @13.50% per annum with yearly rests from 16.01.2017, 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 immovable properties and hypothecated stocks fully detailed in para No.4 (a) (b) of the

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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. 9. Parties are directed to appear before Recovery Officer on 15.02.2024, who is directed to distribute the sale proceeds of the mortgage property and hypothecated stocks 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 the Recovery Officer as well as the parties. Pronounced in the open court. (A S Narang) Dated: 15.01.2024 Presiding Officer DRT-1, Chandigarh

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Pankaj

Jammu and Kashmir Bank Limited v. M/S Super Supplies

Case brief

What is this about?

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Jammu and Kashmir Bank Limited v. M/S Super Supplies

Case brief

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What did the court decide?

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