Allowed

Jammu and Kashmir Bank Limited v. M/S One by One Enterprises

DRT22 Jan 2025OA/1118/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the Jammu & Kashmir Bank's application for recovery of a loan of Rs. 1.00 Crore with interest. The tribunal confirmed the defendants' liability as joint and several and directed the issuance of a Recovery Certificate for asset sale.

What did the court decide?

Recovery of Rs. 1,52,62,104.11 with interest at 15.45% p.a. from 30.05.2022, costs, directions for asset sale, and issuance of Recovery Certificate.

Jammu and Kashmir Bank Limited versus M/S One by One Enterprises — Banking and Recovery | DRT (2025)

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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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OA No: 1118 of 2022

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Date of Institution: 30.05.2022 Date of Decision: 22.01.2025

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Jammu & Kashmir Bank Ltd. a branch amongst others, one at B/U Amira Kadal Srinagar.

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……..Applicant

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Vs.

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M/s One by One Enterprises, through its proprietor Abrar Yousuf Malik r/o Nishat, Srinagar.

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Abrar Yousuf Malik s/o Mohammad Yousuf Malik, r/o Nishat, Srinagar, proprietor of one by one Enterprises.

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Mr. Mehraj Udin Yatoo s/o Mohammad Shaban Yatoo, r/o Baghat Barzulla, Sanat Nagar, Srinagar.

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Mrs. Ishrat w/o Mehraj Udin Yatoo, r/o Baghat Barzulla, Sanat Nagar, Srinagar.

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……….Defendants

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Advocates

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Sh. PS Sobti, Counsel for the applicant bank. Defendants – ex parte

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OA for the Recovery of Rs.1,52,62,104.11p with interest @15.45% per annum with monthly rests from 30.05.2022.

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ORDER

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Jammu & Kashmir Bank Ltd. (Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.1,52,62,104.11p with interest against M/s One by One Enterprises and others (Defendants).

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Bank’s case is that on 30.05.2019, it had granted a loan of Rs.1.00 Crore to defendant No.1 through defendant No.2 in the form of OD Limit for business purpose. To secure the loan, Defendant no. 2 had hypothecated assets (fully detailed in para No.3A of the application).

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Defendant nos. 3 and 4 stood as the guarantors. The loan was chargeable to interest @15.45% per annum with monthly rests. On 30.04.2022, a sum of Rs. 1,52,62,104.11p was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 21.06.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 14.03.2023, they were proceeded ex parte .

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In order to prove its case, the Bank has placed on record the affidavit of Mr. Umesh Sharma, Senior Executive along with the loan and security documents and marked them as Exhibit A-1 to A-9. 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. 1 Crore and on 30.04.2022, a sum of Rs. 1,52,62,104.11p was due. 6. Accordingly, the application of the bank for the recovery of Rs.1,52,62,104.11p (Rupees One Crore Fifty Two Lacs Sixty Two Thousand One Hundred Four Eleven Paise Only) with interest @15.45% per annum with monthly rests from 30.05.2022, 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 hypothecated assets fully detailed in para No.3A of the 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 24.02.2025, who is directed to distribute the sale proceeds of the

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hypothecated assets 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: 22.01.2025 Presiding Officer DRT-1, Chandigarh

Jammu and Kashmir Bank Limited v. M/S One by One Enterprises

Case brief

What is this about?

What did the court decide?

Jammu and Kashmir Bank Limited v. M/S One by One Enterprises

Case brief

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What did the court decide?

What the court decided

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