Allowed

Jammu and Kashmir Bank Limited v. Manzoor Ahmad Ganie

DRT21 Mar 2025OA/1318/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an application filed by Jammu and Kashmir Bank Limited under Section 19 of the RDB Act to recover approximately Rs. 43.28 lakhs with interest against the borrower and five joint guarantors, following an ex parte hearing.

What did the court decide?

Recovery of Rs. 43,28,877.23 with interest @18% per annum from borrowers and guarantors; recovery via sale of mortgaged/hypothecated assets; recovery certificate issued.

Jammu and Kashmir Bank Limited versus Manzoor Ahmad Ganie — 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: 1318/2022 Date of Institution: 27.06.2022 Date of Decision: 21.03.2025

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Jammu and Kashmir Bank Limited, having its branches all over India and a branch at Qazigund, Jammu and Kashmir.

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……..Applicant

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Vs.

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Manzoor Ahmad Ganie s/o Assadullah Ganie, r/o Kargund Chowgam, Anantnag, Jammu and Kashmir.

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Majid Rashid Mir s/o Abdul Rashid Mir, r/o Kulibagh, Kurigam Qazigund, Jammu and Kashmir.

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Farooq Nazir Parray s/o Nazir Ahmad Parray, r/o Shampora Qazigund, Jammu and Kashmir.

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Manzoor Ahmad Wani s/o Gull Mohd Wani, r/o Killam, Zongalpora. Kulgam, Jammu and Kashmir.

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Irshad Ahmad Naikoo s/o Bashir Ahmad Naikoo, r/o Khullar Malwan Kulgam, Jammu and Kashmir.

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……….Defendants

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Advocates

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Sh.Gaurav Thakur proxy for Sh.Mayank Mathur, Counsel for the applicant bank.

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Defendants- ex parte .

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OA for the Recovery of Rs.43,28,877.23p with interest @18% per annum with monthly rests from 27.06.2022.

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ORDER

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Jammu and Kashmir Bank Limited (Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.43,28,877.23p with interest against Mr. Manzoor Ahmad Ganie and others (defendants).

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Bank’s case is that on 29.06.2016, it had granted a Vehicle Loan

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of Rs.8.00 Lacs; on 15.12.2017; House Loan of Rs.25.00 Lacs and Rs.

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3.00 Lacs in the form Credit Card Facility to Defendant no. 1. To secure the loan, Defendant no. 1 had mortgaged his property and hypothecated the vehicle (fully detailed in para No.3A of the application). Defendant nos. 2 to 5 stood as the guarantors. The loans were chargeable to different rates of interest. On 30.04.2022, a sum of Rs.43,28,877.23p was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 25.07.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 17.01.2024, they were proceeded ex parte .

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In order to prove its case, the Bank has placed on record the affidavit of Sh. Umesh Sharma, Branch Manager along with the loan and security documents and marked them as Exhibit A-1 to A-7.

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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 loans under various schemes and on 30.04.2022, a sum of Rs.43,28,877.23p was due.

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Accordingly, the application of the bank for the recovery of Rs.43,28,877.23p (Rupees Forty Three Lacs Twenty Eight Thousand Eight Hundred Seventy Seven and Twenty Three Paise Only) with interest @18% per annum with monthly rests from 27.06.2022, 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 mortgaged property and hypothecated vehicle fully detailed in para No.3A of the application as well as from the personal movable and immovable property(ies) of the defendants.

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Pending IAs, if any, stand disposed of. 8. Recovery Certificate be issued accordingly. 9. Parties are directed to appear before Recovery Officer on 22.04.2025, who is directed to distribute the sale proceeds of the mortgaged property and hypothecated vehicle 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: 21.03.2025 Presiding Officer DRT-1, Chandigarh

Jammu and Kashmir Bank Limited v. Manzoor Ahmad Ganie

Case brief

What is this about?

What did the court decide?

Jammu and Kashmir Bank Limited v. Manzoor Ahmad Ganie

Case brief

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