Allowed

Jammu and Kashmir Bank Limited v. Mr. Jahangir Ahmad Bhat

DRT8 Jan 2025OA/1556/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's application for recovery of loan dues. Following an ex parte proceeding due to non-appearance by defendants, the tribunal found the case proved and ordered recovery via sale of hypothecated assets.

What did the court decide?

Recovery of Rs. 21,12,477.01p with interest and costs; issuance of recovery certificate; sale of hypothecated vehicle.

Jammu and Kashmir Bank Limited versus Mr. Jahangir… — 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: 1556/2022 Date of Institution: 09.06.2022 Date of Decision: 08.01.2025

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Jammu & Kashmir Bank Ltd. having branches all over India having a branch at Akingam, Anantnag Jammu & Kashmir.

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……..Applicant Vs.

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Mr. Jahangir Ahmad Bhat s/o Noor Mohammad Bhat r/o Batpora Khanabal.

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Gulzar Ahmad Tantray s/o Ad Majeed Tantray r/o Maqdaumpora Guree Bijbehara.

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Muzaffar Ahmad Gassi s/o Mohammad Shafi Gassi r/o Lidder Matoo Khanabal.

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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. 21,12,477.01p with interest @ 18% per annum with monthly rests from 09.06.2022.

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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. 21,12,477.01p with interest against Mr. Jahangir Ahmad Bhat and others.

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Bank’s case is that on 26.12.2017, it had granted a Term Loan of Rs. 18.00 Lacs to Defendant no. 1 to purchase a commercial vehicle. To secure the loan, Defendant No. 1 had hypothecated the vehicle TATA LPT 2518 CR BS4 bearing the registration no. JK03G1621 (fully detailed in para No.3A of the application. Defendant no. 2 and 3 stood as

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the guarantors. The loan was chargeable to interest @18% per annum with monthly rests. On 30.04.2022, a sum of Rs. 21,12,477.01p was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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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 29.08.2023, they were proceeded ex parte .

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In order to prove its case, the Bank has placed on record the affidavit of Mr. Umesh Sharma, Branch Manager along with the loan and security documents and marked them as Exhibit A-1 to A-6.

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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. 18.00 Lacs and on 30.04.2022, a sum of Rs. 21,12,477.01p was due.

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Accordingly, the application of the bank for the recovery of Rs. 21,12,477.01p (Rupees Twenty One Lacs Twelve Thousand Four Hundred Seventy Seven and One Paise Only) with interest @18% per annum with monthly rests from 09.06.2022, 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 vehicle i.e. TATA LPT 2518 CR BS4 bearing the registration no. JK03G1621 fully detailed in para No.3A of the application as well as from the personal movable and immovable property(ies) of the defendants.

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Pending IAs, if any, stand disposed of.

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Recovery Certificate be issued accordingly.

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Parties are directed to appear before Recovery Officer on 10.02.2025, who is directed to distribute the sale proceeds of the hypothecated vehicle as per the provisions of Section 19(20-AB) of the Act . 10. 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: 08.01.2025 Presiding Officer DRT-1, Chandigarh

Jammu and Kashmir Bank Limited v. Mr. Jahangir Ahmad Bhat

Case brief

What is this about?

What did the court decide?

Jammu and Kashmir Bank Limited v. Mr. Jahangir Ahmad Bhat

Case brief

What is this about?

What did the court decide?

What the court decided

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