Allowed

Jammu and Kashmir Bank Limited v. M/S Kashmir Eye Aero Adventures Private Limited

DRT4 Jul 2025OA/1554/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an OA filed by Jammu & Kashmir Bank Ltd. for recovery of dues aggregating Rs. 81,30,056/- with interest from two defendants, including a private limited company and its director, based on proved terminal overdraft facility defaults.

What did the court decide?

Recovery of Rs. 81,30,056/- with interest at 18% p.a. from 08.06.2022, costs, and power to realize dues from mortgaged/sale proceeds of property.

Jammu and Kashmir Bank Limited versus M/S Kashmir… — Contract and Commercial Disputes | 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: 1554 of 2022 Date of Institution: 08.06.2022 Date of Decision: 04.07.2025

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Jammu & Kashmir Bank Ltd. having its branches all over India and a branch at Amira Kadal, Srinagar, Jammu and Kashmir.

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……..Applicant

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Vs.

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M/s Kashmir Eye Aero Adventures Private Limited Registered Office at 24/1B Nigeen, Hazratbal Road, Srinagar, Jammu and Kashmir.

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Mr. Mohamamd Afzal Sheikh s/o Ghulam Wadir Sheikh r/o Bonizal Haripora Kangan, Gandobal.

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……….Defendants

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Advocates

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Sh. Gaurav Thakur proxy counsel for Mayank Mathur, Counsel for the applicant bank. Defendants - ex parte .

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OA for the Recovery of Rs.81,30,056/- with interest @18% per annum with monthly rests from 08.06.2022.

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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. 81,30,056/- with interest against M/s Kashmir Eye Arrow Adventures Limited and others (defendants).

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Defendant no. 1 is the Private Limited Company of Defendant no.2. Bank’s case is that on 29.01.2019, it had granted a loan of Rs.50.00Lacs for a period of 30 days to Defendant no. 1 through its director Defendant no. 2 in the form of Term Overdraft Facility for business purpose. The said loan facility was extended for a further period of 100 days on 30.05.2019. The loan was chargeable to interest @15.50% per annum with monthly

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rests. On 30.04.2022, a sum of Rs. 81,30,056/- was due from the defendants. Despite repeated requests, defendants did not make the
repayment. Hence, this application.
3. On 29.09.2022, summonses were sent to the defendants by
registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 21.04.2023, they were proceeded_ex_ parte.
4. In order to prove its case, the Bank has placed on record the affidavit of Mr. Umesh Sharma, Law Manager along with the loan and security documents and marked them as Exhibit A-1 to A-4.
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.50.00Lacs and on 30.04.2022, a sum of Rs.81,30,056/- was due.
6. Accordingly, the application of the bank for the recovery of
Rs.81,30,056/- (Rupees Eighty One Lacs Thirty Thousand and Fifty Six Only) with interest @18% per annum with monthly rests from 08.06.2022, till the date of payment is hereby allowed with costs. The liability of both the defendants would be joint and several. Bank can recover its dues by
the sale of 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
11.08.2025,who is directed to distribute the sale proceeds of the
mortgaged property(ies) 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: 04.07.2025 Presiding Officer DRT-1, Chandigarh

Jammu and Kashmir Bank Limited v. M/S Kashmir Eye Aero Adventures Private Limited

Case brief

What is this about?

What did the court decide?

Jammu and Kashmir Bank Limited v. M/S Kashmir Eye Aero Adventures Private Limited

Case brief

What is this about?

What did the court decide?

What the court decided

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