DRT allowed a recovery certificate application filed by Punjab National Bank against three defendants for gold loan dues totaling Rs. 27.21 Lakhs. Bank proved fraud and default without rebuttal from defendants.
Recovery certificate issued for Rs. 27,21,092.28 with 11.1% pendentelite interest from filing date; costs awarded.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
IN THE DEBT RECOVERY TRIBUNAL –II CHENNAI Dated this 22nd day of March, 2024
PRESENT: SHRI T.RAJESH PRESIDING OFFICER
TA.No.473 of 2023
(Old OA.No.487/2019 - DRT-I, Chennai)
Punjab National Bank, (IFSC No.PUNB0285100), Thiruvampattu Branch, Gingee Taluk, Villupuram District. Tamil Nadu – 604 205. Rep. by its Branch Manager.
… Applicant.
Vs.
… Defendants.
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Counsel for Applicant : M/s.M.L.Ganesh. Defendants : Exparte.
ORDER
of necessary loan documents by defendants obliging themselves to repay the amount promptly and regularly, without fail. It is further stated that even though the loans are availed for agricultural purpose they are used for business purpose also and the defendants have misused/defrauded the bank by pledging spurious jewels as security, based on false gold purity certificate given by 2nd defendant. It is further stated that the applicant bank had lodged a criminal complaint on 12.01.2019 with Gingee Police Station and the
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investigating authorities had registered the FIR and arrested the 2nd defendant.
Both these issues are decided together.
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ii) Applicant is permitted to recover an amount of Rs.27,21,092.28 (Rupees Twenty Seven Lakhs Twenty One Thousands Ninety Two and Paise Twenty Eight only)with future and pendentelite interest @11.1% with yearly rests from the date of filing of the
TA till realization from the defendants jointly, severally, personally and also from their assets, after giving credit to all
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the amounts recovered and received during the pendency of
the TA.
(Dictated to PA, transcribed by him, corrected, signed and pronounced by me in the Open Court, this 22nd day of March, 2024)
Sd./- (T. RAJESH) PRESIDING OFFICER DRT–II, CHENNAI
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2 issues framed by the court
Whether the Applicant had proved the TA claim?
What orders are to be passed regarding the recovery certificate and interest?
3 provisions across 2 enactments
Punjab National Bank
Shri T. Rajesh
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
