Allowed

Punjab National Bank v. Amit Anand

DRT14 Aug 2024TA/51/2023

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the applicant bank's application for recovery of Rs. 2,66,82,105/- along with costs and interest under Section 19 of the RDBFI Act. The court noted the defendants failed to appear and the evidence was unchallenged.

What did the court decide?

Directed defendants to pay Rs. 2,66,82,105/- along with costs and 14% interest within 30 days; recovery from mortgaged/pledged assets if not paid.

Punjab National Bank versus Amit Anand — Execution and Attachment | DRT (2024)

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Before^{SUSHILKUMARRASTOGI'el1id.inoOfficer} Debts^{RecoveryTribunal-Il' Delhi} TA No'^{51OF 2023} PUNJAB^{TTATTONiI. iMTKVSSH AWTANAND} PROPRTETOR^{or r'rtreilno ENTERPRTSES& ANR}

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r L2.O6,2O24 Reserued^on z t4.O8,.2O24 Pronounced^on

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Punjab^{National Bank} bank

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-^APPlicant

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VS.

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1 Sh. Amit^Anand 2 Ms Meena

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Defendants

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Present: Sh. Parikshit^{Mahipal, Counsel appearsior} applicant^bank.

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None for^defendants'

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FINAL^OR.DER

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This original^{application has been fileC by the} applicant^{bank, on 05'03'2022 through Shri Edmund} Pradeep^{Aind,tvlanagerof the applicantbank'ttnder} Section^{19 oftheRecoveryof Debts Due to Banks and} Financia|InstitutionAct,lgg3againstthedefendant nos. 1 &^{2 for recoveryof a sum of Rs'2'66'82'105/-} together^{with cost,chargesand pendentelliteand} future interest^{@ 14% p'a' ft'om date of f:iing oi this} T.A. tillthe^{realizationin full'}

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The^{brief facts cf the case are that at the} request of^{the defendantno' 1 the applicantbank} sanctioned,^{on 26.04'2018, a Cash Credit Facility of} Rs.2,00,00,000i-^{and on 09'07'2020' a Term Loan} Facility under^{GECL oi Rs'40,00'000/-for busiitess} tt"ait facility^was purpose. The^aforesaid {} 9A

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TA NO.^{5l of2023} restructured

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on 17'12'2019^{by way of}

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MasterAgreementandSupplementaryAgreement dated^{17.12.2019'In order to secure the above'said} facilitiesthedefendantno.lhypothecatedthestocks, goods, equipments^{etc and also equitable mortgageof} theimmovableasset(PropertyNo'65'areaabout700 Sq^{yard KhasraNo 430/2, ( Old Lal Dora Abadi Deh} (1908-1909),^{Village New Roshanpura Tehsit} Najafgarh,^{New Delhi-110043)'The defendant no' 2} stood as^{guarantorto the loan facilities availedby} defendant^{no.t. In order to avail the said loan} ted^various facilities^{the defendants have execu} loaning/security^{documents dated} 26.04.2078, 14.03.2018,^{27 -04.20L8& 17'12'2019'}

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It^{is furthersubmitted that the defendants} enjoyed^{and utilized the Loan facility'but failed to} maintain^{the financialdisciplineand failed to repay} the due^{amounts.The applicantbank requested the} defendantstoregularizetheloanaccountbyvisits and letters,^{but there was no response from the} defendants,^{hence the account was classifiedas NPA} on 02.05.2021'^{Therefore,the applicantbank serued} recall^{notices dated 27'05'2021' 02'09'2021&} OL.l]-.z}zlto^{the defendants, demandingthe 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^{noticeby this Tribunal, defendants failed to} put appearance at^{all, despiteseruiceand accordingly} defendants^were proceeded against^exPafte on -r/ 2t.02.2023. ti

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TA NO.^{5l of 2023}

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5.^{The documentary evidence flled by way of the} affidavit^{of Mr' Edmund Pradeep Aind' Managerof} applicant^{bank as Annexure-A-l to Annexure -A-13} have^{gone unchallengedand un-rebutted'Hence' the} case of^{the applicantbank stands fullyestabtished} against^{the defendants with respectto non payment} of EMV^{outstanding amount'}

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After^{perusing the records'this Tribunal is of the} view that^{the applicant bank has provedits case} beyond^{reasonable doubts' The documents and} evidence^{fileci 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 writteniprinted} documents.

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Inthelightoftheabovediscussions,thepresentT'A. desewes^{to be allowed against defendant nos' 1 & 2'}

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ORDER

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I^{hereby allow this T'A' of the AppticantBank} and direct^{the defendant nos' 1 & 2 to pay jointlyand} severally^{to the applicant bank within 30 days from} today,^{a sum of Rs'2,66,82'LO5l'along with codt'} expenses^{and interest@ 1folo from the date cf flling} of this^{T.A. till the date of realization'}

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In^{case of failure to deposit the above amount} within the^{stipulated period, the sarne shallbe} recovered from the^{sale of the} ecated^assets rA

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TANO.^{5l of 2023}

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and^{mortgaged properlry bearingno' 65' area about} 700 Sq^{yard KhasraNo 430/2' ( Old Lal DoraAbadi} Deh(1908-1909),^{Village New Roshanpura Tehsil} Najafgarh,^{New Delhi-110043'In case of short fall' the} same^{shall be recoveredfrom the sale of personal} movable^{and immovable assets of the defendantnos'} 1&2.

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Recovery^{Certificatebe issueci forthwith and be} Debts^{Recov€ry Tribunal-Il'} sent to^{Reco'rery 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 Parties'

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Parties^{are directedto appearbefore the Ld'} s) Officer,^{DRT-II, Delhi on lL'L0'2024} Recovery Pending^{IAs, if any, stand disposedof'}

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File be^{consigned to reccrds'}

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Date :^14.08.2024

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(susHIL KUMAR^RAS.ToGI) PRESIDING^OFFICER .^{DRT-II, Delhi}

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This^{judgement has been signed' dated ano} pronounced^{in oPen court'}

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Date :^14.08'2024

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(SUSHIL KUT4AR RASTOGI) PRESIDING^OFFICER DRT-II,^Delhi

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Punjab National Bank v. Amit Anand

Case brief

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Punjab National Bank v. Amit Anand

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