Allowed

Jammu and Kashmir Bank Limited v. M/S Ishtiyaq Ahmad Kasana

DRT21 Jan 2025OA/1752/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's application for recovery of Rs.74.41 lacs plus interest granted to defendants for a loan secured by property mortgage and personal guarantees. The order directed the issuance of a Recovery Certificate and directed the Recovery Officer to distribute sale proceeds.

What did the court decide?

Application allowed; Recovery Certificate of Rs.74,41,484.98 with interest ordered; Recovery Officer directed to distribute sale proceeds of mortgaged and personal properties; proceedings remanded.

Jammu and Kashmir Bank Limited versus M/S Ishtiyaq Ahmad Kasana — 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: 1752 of 2023 Date of Institution: 06.09.2023 Date of Decision: 21.01.2025

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The Jammu and Kashmir Bank Limited, having its Branch Office at Beehama Ganderbal, Jammu and Kashmir.

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……..Applicant

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Vs.

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M/s Ishtiyaq Ahmad Kasana, sole proprietorship concern situated at Hariganwan, Ganderbal, Jammu and Kashmir through its sole proprietor Shri Ishtiyaq Ahmad Kasana son of Shri Ghulam Mohiudin Kasana.

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Shri Ishtiyaq Ahmad Kasana son of Shri Ghulam Mohiudin Kasana, resident of Hariganwan Ganderbal, Jammu and Kashmir.

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Shri Parvaiz Ahmad Kasana son of Shri Ghulam Mohiudin Kasana, resident of Hariganwan Ganderbal, Jammu and Kashmir.

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Shri Tawseef Ahmad Kasana son of Shri Ghulam Mohi Ud Din Kasana, resident of Harwan Theed, Srinagar.

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Shri Mohammad Ashraf Kasana son of Shri Mohammad Ishaq Kasana, resident of Hariganwan Gangan Ganderbal, Jammu and Kashmir.

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Shri Tariq Ahamd Mir son of Shri Abdul Aziz Mir, resident of Hariganwan Kangan Ganderbal, Jammu and Kashmir.

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……….Defendants

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Advocates:

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Sh.Sumit Batra, Counsel for the applicant bank. Defendants ex parte .

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OA for the Recovery of Rs.74,41,484.98p with interest @ 9.25% per annum with monthly rests from the date of filing.

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ORDER

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The Jammu and Kashmir Bank Limited (Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy

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Act, 1993 (RDB Act) for the recovery of Rs.74,41,484.98p with interest against M/s Ishtiyaq Ahmad Kasana and others (defendants).

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Bank’s case is that on 14.03.2019, it had granted CC Limit of Rs.46.00 lacs and on 06.06.2020, WCTL –GECL Loan of Rs.9.20 lacs to defendants No.1 and 2 for business purpose. To secure the loan, Defendant No.2 and 3 had mortgaged their properties (fully detailed in para No.3(A) of the application). Defendant No.3 to 6 had stood guarantor for the said loan. The loan was chargeable to interest @ 9.25% per annum with monthly rests. Defendants did not make the payment as per the repayment schedule. On 31.07.2023, a sum of Rs.74,41,484.98p was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application. 3. On 23.10.2023, summonses were sent to the defendants by registered post , which were duly served. However, defendants did not put in appearance. Vide order dated 06.11.2024, they were proceeded ex parte . 4. In order to prove its case, the Bank has placed on record the affidavit of Mr. Ashish Bhasin, Authorized Representative along with the loan and security documents and marked them as Exhibit A-1 to A-25. 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 various credit facilities to the defendants and on 31.07.2023, a sum of Rs.74,41,484.98p was due. 6. Accordingly, the application of the bank for the recovery of Rs.74,41,484.98p (Rupees Seventy Four Lacs Forty One Thousand Four Hundred Eighty Four and Ninety Eight Paisa Only) with interest @ 9.25% per annum with monthly rests from the date of filing, till the date

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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 mortgaged property fully detailed in para No.3(A) 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. 8. Recovery Certificate be issued accordingly. 9. Parties are directed to appear before Recovery Officer on 24.02.2025, who is directed to distribute the sale proceeds of the mortgage property and standing crops 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.

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Pronounced in the open court. (A S Narang) Presiding Officer DRT-1, Chandigarh

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Manoj Dated: 21.01.2025

Jammu and Kashmir Bank Limited v. M/S Ishtiyaq Ahmad Kasana

Case brief

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Jammu and Kashmir Bank Limited v. M/S Ishtiyaq Ahmad Kasana

Case brief

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