Allowed

Punjab National Bank v. M/S Shambhavi Agencies through Its Propreitor Praveen Padmaker

DRT22 Jul 2025OA/1235/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the Debts Recovery Tribunal's application filed by Punjab National Bank for recovery of dues against the defendants. The court adjudicated the bank's claim for a loan facility and approved the recovery of the principal amount along with interest.

What did the court decide?

The Defendants are directed to pay jointly and severally Rs. 33,55,378.82 along with future interest @10.45% p.a. simple. Recovery Certificate is issued under Section 19(2)(b). Defendants are restrain

Punjab National Bank versus M/S Shambhavi Agencies through Its… — Banking and Recovery | DRT (2025)

CONTD. ORDER. SHEET

PAGE NO.

CASE NO.

DATE DESCRIPTION OF THE ORDER REMARK
OA
72t07 t25 Judgment pronounced in the Open Court Camp at
Raipur. Copy of Judgment be issued to the Parties as q
! rs,,-il'
per rules. Record be consigned to the Record Room. €I(
pn
AP{v)
(Ra Patet) 22 /o?b"zs
Presiding officer
DRT: Jabatpur
Camp Court : Raipur

¶5

DEBTS RECOVERY TRIBUNAL : JABALPUR

¶6

(for the States of Madhya Pradesh and Chhattisgarh)

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cAtnP couRT AT RATPUR^(C.G.)

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(Presiding Officer - Hon'bte Shri Ram Niwas Patet)

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Originol Application No.^{- 1235122}

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Punjab Nationat Bank, SASTRA, Raipur

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..... Appticant

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Versus

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M/s Shambhavi Agencies,

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01 ) Through its PropreitorShri Praveen Padmakar, 24/839, NRA Otd Pandri Potice Station, Katimata, Pandri, Raipur^(C.G.)492001

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Shri Praveen Padmakar

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Smt. Aruna Padmakar, W/o Shri Lalit Ram Padmakar

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(2 & 3 R/o D-162, Sector'S, Near Mandi^Road, Devenra Nagar, Pandri,^{RaiPur, C'G.)} Defendants

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Counsel for the Appticant :^{Shri Admaya Bajpai,Advocate}

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Defendants : Ex'Parte

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JUDGMENT

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(oated : 2/dlulY, 2025)

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The Appticant-Bank^{has fited the present OriginalApptication} uls 19 of Recovery of^{Debts and BankruptcyAct on 19109/27against the} Defendants for recovery^{of Rs. 33,55,378.82 (Rupees ThirtyThree Lakh, Fifty} FiveThousand,ThreeHundredSeventyEightandPaisaEightyTwoonLy) atong with interest^{and otherreliefsas stated.}

¶23

The brief facts of the^{case are that on the requestof} Defendant No.-1^{throughits Proprietor Defendant No.-2,the ApplicantBank} sanctioned cash^{credit Limitof Rs. 25 Lakh on29lO9l16 which was renewed} tasttyonll/oll2l.lnconsiderationofthesanctionofcreditfacility,the Defendant No,'1 &^{2 as borrower and DefendantNo'-3 as guarantor in} addition to^{execution of loan documentshave atso createdequitabte} mortgage over^{the immovabteproPerty, i'e', Part of Khasra No'-436/1(new} 436/3) Meghdoot^{Comptex,ShopNo' B-1'l , FirstFtoor'Vit[-JawharNagar'}

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oA 1235122

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Jawahar Lat Ward No.-37, PH No.-106A/46,^{RaipurKhsa RICRaipur-1, Tehsil} & Distt.-Raipur^(C.G.), area 289.80 sq.ft.;^{betongingto Defendant no.-3.The} Defendants availed the credit facitity and also^{executedBalance} Confirmation Letter on 24104119 but the account^{becameirregutar.The} account was classified as NPA and the Defendants^faited to^liquidatethe outstanding dues despite issuance of Recatl Notices lastly on 05104121^and initiation of action under the Securitisation Act by the Appticant Bank.^The Applicant-Bank has relied upon the documents at Ex. A'1 to A-21^{which were} proved by Shri Sachin Kumar, Senior Manager.

¶27

Despite service of notice, the Defendants neither appeared nor filed written statement. They were proceeded ex-parte vide order dated 13/04/23. There is therefore, no reason to disbetieve the contentions of the Bank. Considering the facts of the case, I opine that the Defendants are jointty and severatly liabte to pay the ctaim amount together with interest and costs. The Appticant-Bank in its apptication has ctaimed interest @10.45%^p.a. with monthty rests. However, I feel it fair and reasonable to grant interest @10.45y" p.a. simple pendentetite and future titl realization of the dues. The mortgaged property is liable to be sold for recovery of amount due atong with the personal properties and assets of the Defendants.

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The Original Apptication is atlowed and it is ordered as under-

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i) The Defendants do pay jointty and severalty Rs. 33,55,378.82 (Rupees Thirty Three Lakh, Fifty Five Thousand, Three Hundred Seventy Eight and Paisa Eighty Two onty) together with pendentelite and future interest @10.45% per annum simple from the date of fiting of the OA, i.e., 19/09/22, with costs titl its realization.

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ii) The Appticant Bank is entitted to setl the mortgaged as we[[ as personal properties and assets of the Defendants for reatization of its dues. The Defendants are hereby restrained by means of injunction from depteting, transferring, encumbering, atienating or in any way dealing with their properties/ assets without first paying the ctaim of the Appticant Bank.

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oA t235t22

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iii) A Recovery Certificate be issued uls 19(221 of Recovery of Debts and Bankruptcy Act. The applicant bank may fite a memo of cost within 7 days for preparing Recovery Certificate.

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Judgment pronounced in the open court on this Day of 22"d July, ZO75 aL Camp Court Raipur.

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am was Patel)
Presidine Off icer

Punjab National Bank v. M/S Shambhavi Agencies through Its Propreitor Praveen Padmaker

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. M/S Shambhavi Agencies through Its Propreitor Praveen Padmaker

Case brief

What is this about?

What did the court decide?

What the court decided

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