The Presiding Officer allowed the Bank's application for recovery of dues. The bank proved a loan facility with the defendants, who defaulted. The Tribunal ordered recovery including interest and sale of mortgaged property.
Recovery of Rs.4,22,22,379.39 with interest @18% per annum from 01.05.2022, costs, and issuance of Recovery Certificate.
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IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
BEFORE: A S NARANG, PRESIDING OFFICER
OA No: 1414 of 2022 Date of Institution: 31.05.2022 Date of Decision: 16.05.2025
Jammu and Kashmir Bank Ltd., Corporate Headquarters M A Road, Srinagar, Jammu and Kashmir-190008 and branches at various places in India, including a branch situated at Air Cargo, Rajbagh, Srinagar, Jammu and Kashmir-190008.
……..Applicant Vs.
Advocates
Sh. Gaurav Thakur, Counsel for the applicant bank. Sh. Sajjad Ahmed Mir, counsel for defendant nos.1 and 2 ( Though ex parte vide order dated 03.05.2024 ) Defendant no.3- Ex parte. OA for the Recovery of Rs.4,22,22,379.39p- with interest @18% per annum with monthly rests from 01.05.2022. ORDER 1. Jammu and Kashmir (Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.4,22,22,379.39p with interest against M/s Sheikh Zubair Aslam And Others(defendants).
2
the tune of Rs.4.95 crores. To secure the loan, Defendant nos.2 and 3 had mortgaged their immovable properties (fully detailed in para No.3A of the application). The loan was chargeable to interest @10.60% per annum with monthly rests. On 30.04.2022, a sum of Rs.4,22,22,379.39p was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.
3
(R. K. Singh, PS)
2 issues framed by the court
Whether the bank has established its case for recovery of dues arising from a secured loan facility.
Upon proof of the case, whether the application for recovery of the debt along with interest and costs should be allowed.
2 provisions across 1 enactments
Jammu and Kashmir Bank Ltd.
M/s Sheikh Zubair Aslam
Sheikh Zubaur Aslam
Salman Ali Sagar
A S NARANG
As recorded by the court registry
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