The DRT allowed the bank's application for recovery of Rs. 23,38,229.64 with interest against the proprietorship firm and guarantors after proving the loan advanced and non-repayment via ex parte procedure.
Recovery of Rs. 23,38,229.64 with interest, costs, issuance of Recovery Certificate, and directions for sale of mortgaged property.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
BEFORE: A S NARANG, PRESIDING OFFICER
OA No: 1550 of 2022 Date of Institution: 09.06.2022 Date of Decision: 19.05.2025
Jammu & Kashmir Bank Ltd. having its branches all over India and a branch at New Secretariat Road, Srinagar, Jammu & Kashmir.
……..Applicant
Vs.
……….Defendants
Advocates
Sh. Gaurav Thakur, proxy for Sh.Mayank Mathur, Counsel for the applicant bank. Defendants - ex parte .
OA for the Recovery of Rs. 23,38,229.64p with interest @18% per annum with monthly rests from 09.06.2022.
ORDER
2
Lacs, which was renewed/enhanced from time to time and lastly enhanced to Rs.15.00 Lacs on 30.06.2015, in the form of C.C Limit and it had also advanced a WCDL Facility of Rs. 3.00 Lacs to Defendant no. 1 and 2, for business purpose. To secure the loan, Defendant no. 2 had mortgaged his property (fully detailed in para No.5.12 of the application). Defendant nos. 3 to 6 stood as the guarantors. The loan was chargeable to interest @18% per annum with monthly rests. On 30.04.2022, a sum of Rs. 23,38,229.64p was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.
3
as from the personal movable and immovable property(ies) of the defendants.
Amanpreet (LR)
1 issue framed by the court
Whether the applicant bank is entitled to recover the outstanding dues of Rs. 23,38,229.64 with interest from the defendants under the RDB Act.
2 provisions across 1 enactments
Jammu & Kashmir Bank Ltd.
M/s Jay Kay Car Centre
Mr. Fayaz Ahmad Wani
Bashir Ahmad Bhat
Abdul Khaliq Dar
Farooq Ahmad Dar
A S Narang
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
