Allowed

The Jammu and Kashmir Bank Ltd. v. Sonu Gupta

DRT26 Sept 2024TA/85/2022

Case brief

AI extract

What is this about?

The Tribunal allowed the applicant bank's application for recovery of a housing loan dues of Rs.28,39,051.98 along with interest. The liability of the principal borrowers was joint and several, while the legal heirs of the deceased guarantor were held liable to the extent of inherited property. A recovery certificate was issued.

What did the court decide?

Application allowed; Recovery Certificate issued for Rs.28,39,051.98 with interest; Recovery Officer directed to distribute sale proceeds.

The Jammu and Kashmir Bank Ltd. versus Sonu Gupta — 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: 85/2022

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Date of Institution: 05.11.2020 Date of Decision: 26.09.2024

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Jammu and Kashmir Bank Ltd., having its Registered and Corporate Zonal Office, M.A. Road, Srinagar and Zonal Office at Rail Head Complex, Jammu and one of its branch office at Miran Sahib, Jammu.

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……..Applicant

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Vs.

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Sonu Gupta S/o Late Sh. N.D. Gupta, R/o Village Chak Aslam, Tehsil R S Pura, Jammu.

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Raj Kumar S/o Late Sh. Narinjan Dass, R/o Village Chak Aslam, Tehsil R S Pura, Jammu.

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Kanta Gupta Wd/o Late Sh. Puran Chand Gupta, R/o Ward No.10, R.S. Pura, Jammu.

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Gourav Gupta S/o Late Sh. Puran Chand Gupta, C/o Ward No.10, R.S. Pura, Jammu.

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Preeti Gupta D/o Late Sh. Puran Chand Gupta, C/o Ward No.10, R.S. Pura, Jammu. (Defendant Nos.3 to 5 are the legal representatives of the deceased Sh. Puran Chand Gupta (Guarantor).

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……….Defendants

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Advocates

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Sh. Vivek Verma, and Sh. Sanjay Sagar, Counsels for the applicant bank. Defendants – ex parte

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TA for the Recovery of Rs.28,39,051.98p with interest @11.50% per annum with monthly rests from 05.11.2020.

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ORDER

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On 05.11.2020, Jammu and Kashmir Bank, had filed the suit for the recovery of Rs.28,39,051.98p with interest against Sonu Gupta and others (defendants) in the Civil Court Jammu. However, vide order dated 29.09.2022, this suit was transferred by the Court of Additional District Judge,(Commercial Court), Jammu, to DRT-I, Chandigarh.

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Bank’s case is that on 04.07.2015, it had granted a Housing Loan of Rs.28.50 Lacs to defendant No.1. To secure the loan, Defendant No.1 had mortgaged his immovable property (fully detailed in para No.3 of the application). Sh. Puran Chand (since deceased) and Shashi Pall, had stood guarantors. Defendant Nos.3 to 5 are the Legal heirs of Sh. Puran Chand (since deceased). Thereafter, on 19.12.2018, defendant No.1 and Sh. Shashi Pall (Guarantor), made a request to the bank for release of bank guarantee of Sh. Shashi Pall, and accept new guarantor, i.e. Sh. Raj Kumar (Defendant No.2). Bank accepted the request of defendant No.1 and Sh. Shashi Pall, and released Sh. Shashi Pal as a guarantor in the Housing Loan, and accepted guarantee of Sh. Raj Kumar (Defendant No.2). Defendant No.1, 2 and Sh. Puran Chand (since deceased) executed a deed of confirmation dated 19.12.2018. Defendant No.2 and Sh. Puran Chand (since deceased) executed deed of guarantee on 19.12.2018 vide (Exhibit A-16). The loan was chargeable to interest @11.50% per annum with monthly rests. On 05.11.2020, a sum of Rs.28,39,051.98p was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, the suit. 3. On 10.03.2023, summonses were sent to the defendants by registered post, which was duly served. However, defendants did not put in appearance. Vide order dated 20.02.2024, they were proceeded ex parte . 4. In order to prove its case, the Bank has placed on record the affidavit of Mr. Chander Shekhar, Executive, along with the loan and security documents and marked them as Exhibit A-1 to A-20. 5. 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.28.50 Lacs and on 05.11.2020, a sum of Rs.28,39,051.98p was due.

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Accordingly, the appliation of the bank for the recovery of Rs.28,39,051.98p (Rupees Twenty Eight Lacs Thirty Nine Thousand Fifty One and Paisa Ninety Eight Only) with interest @11.50% per annum with monthly rests from 05.11.2020, till the date of payment is hereby allowed with costs. The liability of defendant No.1 and 2 would be joint and several. The LRs of Sh. Puran Chand (since deceased) i.e. defendant Nos.3 to 5 would be liable to pay to the extent of property inherited by them from Sh. Puran Chand (Deceased). Bank can recover its dues by the sale of mortgaged immovable property fully detailed in para No.3 of the application as well as from the personal movable and immovable property(ies) of the defendant No.1 and 2.

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Pending IAs, if any, stand disposed of.

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Recovery Certificate be issued accordingly. 9. Parties are directed to appear before Recovery Officer on 28.10.2024 , who is directed to distribute the sale proceeds of the mortgage property 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.

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Pronounced in the open court. (A S Narang) Dated: 26.09.2024 Presiding Officer DRT-1, Chandigarh Pankaj

The Jammu and Kashmir Bank Ltd. v. Sonu Gupta

Case brief

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The Jammu and Kashmir Bank Ltd. v. Sonu Gupta

Case brief

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