Allowed

Jammu and Kashmir Bank Limited v. Mr. Wahid Iqbal Ganie

DRT17 Jan 2025OA/1427/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's application under Section 19 of the RDB Act for recovery of Rs. 2,16,19,605/- with interest against the borrowers and guarantor after they defaulted on a term loan. The court authorized the sale of mortgaged and hypothecated assets to realize the dues.

What did the court decide?

Recovery of Rs. 2,16,19,605/- with interest @18% p.a. allowed; Recovery Certificate issued; assets can be sold to realize dues.

Jammu and Kashmir Bank Limited versus Mr. Wahid Iqbal 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: 1427 of 2022 Date of Institution: 27.06.2022 Date of Decision: 17.01.2025

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Jammu & Kashmir Bank Ltd. having branches all over India having a branch at Lassipora, Pulwama, Jammu & Kashmir

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……..Applicant

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Vs.

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Mr. Wahid Iqbal Ganie s/o Khazir Mohd. Ganie r/o Kadlabal, Pampore, Pulwama, Jammu & Kashmir

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Mr. Shafiq Ahmad Mir s/o Gh. Mohuidin Mir r/o Kadlbal, Pampore, Jammu & Kashmir

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……….Defendants

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Advocates

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Sh. Mayank Mathur, Counsel for the applicant bank. Defendants – ex parte

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OA for the Recovery of Rs. 2,16,19,605/- with interest @18% per annum with monthly rests from 27.06.2022.

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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. 2,16,19,605/- with interest against Sh. Wahid Iqbal Ganie and another (Defendants).

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Bank’s case is that on 25.09.2013, it had granted a loan of Rs. 1,41,00,000/- to the Defendant no. 1 in the form of Term Loan Facility for the purchase of vehicles. To secure the loan, Defendant no. 1 had mortgaged property and hypothecated vehicles (fully detailed in para No.3A of the application). Defendant no. 2 stood as the guarantor for the said loan. The loan was chargeable to interest @18% per annum with

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monthly rests. On 30.04.2022, a sum of Rs. 2,16,19,605/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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3. On 01.08.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not
put in appearance. Vide order dated 06.11.2023, they were proceeded_ex_ parte.
4. In order to prove its case, the Bank has placed on record the
affidavit of Mr. Umesh Sharma, Manager along with the loan and security documents and marked them as Exhibit A-1 to A-7.
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. 141.00 Lacs and on 30.04.2022, a sum of Rs. 2,16,19,605/- was due.
6. Accordingly, the application of the bank for the recovery of Rs.
2,16,19,605/- (Rupees Two Crore Sixteen Lacs Nineteen Thousand Six
Hundred Five 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 hypothecated vehicles and mortgaged
property 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
18.02.2025, who is directed to distribute the sale proceeds of the
hypothecated assets and mortgaged property as per the provisions of Section 19(20-AB) of the Act.

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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: 17.01.2025 Presiding Officer DRT-1, Chandigarh

Jammu and Kashmir Bank Limited v. Mr. Wahid Iqbal Ganie

Case brief

What is this about?

What did the court decide?

Jammu and Kashmir Bank Limited v. Mr. Wahid Iqbal Ganie

Case brief

What is this about?

What did the court decide?

What the court decided

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