Allowed

Punjab National Bank v. Anurag Shellar

DRT2 Jan 2025OA/1361/2022

Case brief

AI extract

What is this about?

The Tribunal allowed an original application filed by the bank for recovery of Rs. 36 lakhs. The defendant failed to appear. The court awarded the principal, interest at 9.35%, and authorized the sale of mortgaged properties to recover dues.

What did the court decide?

Order for payment of Rs. 36,57,197.14 with 9.35% interest; authority to set off mortgaged and personal assets; injunction against transfer of assets; issuance of Recovery Certificate under Section 19(

Punjab National Bank versus Anurag Shellar — Banking and Recovery | DRT (2025)

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DEBTS RECOVERY TRIBUNAL : JABALPUR

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(for the States of Madhya Pradesh and Chhattisgarh)

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

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Original Applicotion No. - 1361 /22

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Punjab NationaI Bank, Waraseoni, Distt.-Bataghat M.P.

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..... Applicant

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Versus

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Shri Anurag Shettar,

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01 ) S/o Shri Pratap Narayan Shettar,

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House No.-26, Ward No.-26,

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Premnagar, Bataghat (M. P. ) 481001 ; Atso at: Ward No.-32, Om Sai Niwas, Nirmal Nagar, Bataghat (M.P.) 481001 ; Atso at: Vitlage-Naitra, P.O.^-Khamariya, Tehsil-Latbarra, Distt.-Bataghat (M.P.) 481 331 Defendant

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Counsel for the Appticant : Shri Abhijit C. Thakur, Advocate Defendant : Ex-parte

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JUDGMENT

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lOatea^{: OfdlanuarlaZOZS;}

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The Applicant-Bank has fited the present Origina[ App[ication u/s 19 of Recovery of Debts and Bankruptcy Act on 11 /11/22 against the Defendant for recovery of Rs. 36,57,197.14 (Rupees Thirty Six Lakh, Fifty Seven Thousand, One Hundred Ninety Seven and Paisa Fourteen onty) along with interest and other retiefs as stated.

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The brief facts of the case are that on the request of Defendant, the Appticant Bank sanctioned Term Loan of Rs. 30 Lakh on 29101 /19 and in consideration of the same the Defendant in addition to execution of loan documents on 02/02119 has also created equitable mortgage over the immovable property, i.e., Mouza Naitra, PH no.-19145, Khasra No.-147l2, RNM-Khamariya, Tehsit-Latbarra, District-Bataghat, area admeasuring 0.809 hectares. The Defendant availed the credit facitity and atso executed Batance and Security Confirmation Letter on 01 102127 but faited to Liquidate the outstanding dues despite issuance of Legal Notice on 31 103/72 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-14 which were proved by Shri KamaL Kishor Patel, Chief Manager.

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oA 1361122

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Despite service of notice, the Defendant neither appeared nor fjted written statement. She was^proceeded ex-parte vide order dated 01 112123. There is therefore, no reason to disbetieve the contentions of the Bank. Considering the facts of the case, I opine that the Defendant is liabte to pay the claim amount together with interest and costs. The ApplicantBank in its application has ctaimed interest @9.35% p.a. with monthty rests. However, I feel it fair and reasonabte to grant interest @9.35%^p.a. simple pendentetite and future ti[[ realization of the dues. The mortgaged property is liabte to be sold for recovery of amount due atong with the personal properties and assets of the Defendant.

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The Originat Application is altowed and it is ordered as under-

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i) The Defendant do pay Rs. 36,57,197.14 (Rupees Thirty Six Lakh, Fifty Seven Thousand, One Hundred Ninety Seven and Paisa Fourteen onty) together with pendentelite and future interest @9.35% per annum simpte from the date of fiting of the OA, i.e., 11111122, wilh costs titt its realization.

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ii) The Applicant Bank is entitted to setl the mortgaged as we[[ as personal properties and assets of the Defendant for realization of its dues. The Defendant is hereby restrained by means of injunction from depteting, transferring, encumbering, atienating or in any way deating with her properties/assets without first paying the claim of the Appticant Bank.

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iii) A Recovery Certificate be issued uls 19(72) of Recovery of Debts and Bankruptcy Act. The appticant 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 02nd January, 2025.

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2 ) (Ram iwas Patet) Presidine Off icer

Punjab National Bank v. Anurag Shellar

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Anurag Shellar

Case brief

What is this about?

What did the court decide?

What the court decided

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