Allowed

Punjab National Bank v. M/S. Maa Katyayani Enterprises and Ors.

DRT23 Sept 2024TA/498/2023

Case brief

AI extract

What is this about?

The Tribunal allowed the bank's application under Section 19(1) of the RDB Act for recovery of dues. After defendants failed to appear, the Tribunal found evidence unchallenged, directed payment of principal, interest, and costs, and authorized recovery from sale of mortgaged property.

What did the court decide?

Directed defendants to pay Rs. 41,80,487.78 with interest and costs; directed sale of mortgaged flat and parking space for recovery if payment fails; issued Recovery Certificate to Recovery Officer.

Punjab National Bank versus M/S. Maa Katyayani Enterprises and… — Banking and Recovery | DRT (2024)

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Before SUSHIL^{KUMARRASTOGI'Presiding Officer} Debts^{RecoverYTribunal-Il' Delhi}

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TA No'498^{OF 2023}

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PUN,AB^{NATIONAL BANKVS M/S MAA KATYAYANI} ENTERPRISES^{& ORS.}

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Reserved on z 24'07'2024

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Pronounced^{on t 23'09'2024}

Punjab^NationalBank

-^{Applicant bank}

Vs.

M/s^{Maa KatYaYaniEnterPrises}

¶10

Mr. Manoj^Garg

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Smt.^{Suman Lata}

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DefendanB

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Present:^{Sh' Arsh Bhardwaj' Counselappears for} aPPlicant^bank'

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None for^defendants'

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FINAL^ORDER

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This original^{application has been filed by the} applicant^{bank, on 11'11'2021through Shri Pawan} Kumar,^{Chief Manager of the applicant bank' under} Section^{19 (1) of Recovery of Debts and Bankruptcy} Act, 1993^{against the defendant nos' 1 to 3 for} recovery^{of a sum of Rs'41'80'487'78 together with} cost,^{chargesand pendentellite and future interest at} the contractual^{rate of interest compoundedwith} monthly^{rests plus penal interest 2o/o p'a' from date of} filing of^{this T.A. till the re-alizationin full'}

sal

TA NO.^{498 of 2023}

The brief^{facts of the case are that at the} request of the^{defendant no' 1 firm through its} proprietor i.e. defendant^{no. 2, the applicantbank} sanctioned,on^{11.07.2019, a Credit Facility by way of} mortgage loan^{(ODIP) of Rs.36,50,000/- for working} capital requirements^{of the firm against mortgageof} immovable^{property i.e. Residential Flat bearing} no.107, having a^{covered area of 1039sq' ft' (96'56} sq. mtrs.) i.e.^{equivalentto SuperArea 1307 Sq' Ft'} (121.19 Sq. Mtrs.), situated^{on the 1s Floor of Tower} No.D-l, in the^{multi storied residentialcomplex known} as Platinum^Plus on^{the land situated in the revenue} Village Neemka, SerJcor-77,^{Sub-TehsilTigaon, District} Faridabad, Haryana-121004^{togetherwith covered car} parking space bearing no. 025, in^{the name of the} defendant no. 3^{by depositof title deeds of the above} property and against the hypothecation of^present and future book debts^{consisting oflease} rentals/rents/license^{fees due/ from time to time from} lessors/tenants/licencee^{occupying the mortgaged} property of the defendant no. 3. In^{orderto avail the} said loan facility the defendants^{have executed} various loaning documents^dated12.07 '2019. Defendant no. 3 stood as^guarantor.

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It is further^{submitted that the defendants} enjoyed and utilized the^{Loan facility, but failed to} maintain the financial discipline^{and failed to repay} the due amounts. The applicant^{bank requested the} defendants to regularize the^{loan accountby visits} and letters, but there^{was no response from the} defendants, hence the^{account was classified as NPA} r

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TANO. 498^{of 2023}

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on 31.03.2021.^{Therefore, the applicant bankserved} a recall notice^{dated 22.04.202tto the defendants'} demanding^{the amount due as on that date, but failed} to recover the^{same.Thus, the present T'A'is} preferred by the applicant^{bank to recover its dues'}

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On notice^{by this Tribunal, defendants failed to} put appearance at all,^{despite dasti serviceand} accordingly^{defendantswere proceededagainst} exparte on 31.10.2023.

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The^{documentary evidence filed by way of the} affidavit of Mr'^{Pawan Kumar,Chief Managerof} applicant bank^{as Annexure-A/l to Annexure-Ay'l2} have^{gone unchallengedand un-rebufted'Hence, the} case of the applicant^{bank stands fully estabtished} against the^{defendantswith respect to non payment} of EMI/ outstanding^amount.

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After^{perusing the records, this Tribunalis of the} view that the^{applicant bank has provedits case} beyond reasonable^{doubts. The documents and} evidence filed^{by the applicantbank not rebuttedby} the defendants^{by not placing any evidenceand there} is no^question of^{disbelievingthe evidence filed by the} applicant bank^{based upon the written/printed} documents.

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In the light of the^{above discussions, the presentT'A'} deserves to^{be allowed against defqdantnos' 1 to 3'}

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TANO.498of2O23⁴

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ORDER

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I^{hereby allow this T'A' of the Applicant Bank} and direct^{the defendant nos' 1 to 3 to pay jointlyand} severally^{to the applicant bank within 30 days from} today,^{a sum of Rs'41,80'487'78along with cost'} expenses^{and interest @ 11'20o/o 'from the date of} filing of^{this T.A' till the date of realizaUon'}

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In case^{of failure to deposit the above amount} z) within^{thestipulated period, the same shallbe} recovered^{from the sale of the hypothecatedassets} and sale^{of mortgaged propertyi'e' ResidentialFlat} bearing^{no.107, having a coveredarea of 1039 sq'ft'} (96.56 sq.^{mtrs') i'e' equivalentto Super Area 1307} Sq. Ft.^{(121.19Sq' Mtrs'),situated on the 1* Floor of} Tower^{No.D-l,in the multi storied residential complex} known^{as Platinum Plus on the land situatedin the} revenue^{Village Neemka,Sector-77' Sub-Tehsil} Tigaon,^{District Faridabad, Haryana-121004 together} with covered^{car parking spacebearing no' 025' In} case of^{shoft fall, the same shall be recovered from} the sale^{of personal movable and immovable assetsof} the defendant^{nos' 1 to 3'}

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Recovery^{Certificate be issuedforthwith andbe} Debts^{Recovery Tribunal-Il,} sent to^{Recovery Officer,} Delhi.

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The^{registryof this Tribunal is hereby directedto} issue free^{copy of the order and send the same to} both the Pafties. g^"-

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TA NO.^{498 of 2023}

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Pafties^{are directedto appear before the Ld'} s) Recovery Officer,^{DRT-II, Delhi on 20'LL'2024'} Pending^{IAs, if any, stand disposed of'}

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File be^{consigned to records'}

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9a\

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Date :^23.09.2024

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( su s H I L KU-M-AR nAsroct ) PRESIDING^OFFICER DRT-II,^DCIhi

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This^{judgement has been signed' dated and} pronounced^{in oPen court'} "-i Date : 23'09.2024^{(SUSHILKUMAR RASIOGI)} PRESIDING^OFFICER DRT-II,^Delhi

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Punjab National Bank v. M/S. Maa Katyayani Enterprises and Ors.

Case brief

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Punjab National Bank v. M/S. Maa Katyayani Enterprises and Ors.

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