The DRT allowed the bank's application under Section 19 of the RDB Act to recover Rs. 33.31 Lakhs with interest from defendants, granting a recovery certificate and directing sale of hypothecated assets.
Recovery of Rs. 33,31,097/- with interest @11.30% p.a. allowed; Recovery Certificate issued; Direction to Recovery Officer.
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: 1859/2022 Date of Institution: 22.08.2022 Date of Decision: 04.04.2025
Central Bank of India having its branches all over India and a branch at Court Road Branch, Jalandhdar, Punjab.
……..Applicant
Vs.
……….Defendants
Advocates
Sh. Birpreet Kanwal Singh Chhabra, Counsel for the applicant bank. Defendants - ex parte .
OA for the Recovery of Rs.33,31,097/- with interest @11.30% per annum with monthly rests from 22.08.2022.
ORDER
2
| application). The loan was chargeable to interest @11.30% per annum with monthly rests. On 16.08.2022, a sum of Rs.33,31,097/- was due from |
|---|
| the defendants. Despite repeated requests, defendants did not make the |
| repayment. Hence, this application. |
| 3. On 23.09.2022, summonses were sent to the defendants by |
| registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 18.04.2023, they were proceeded_ex parte_. |
| 4. In order to prove its case, the Bank has placed on record the |
| affidavit of Sh. Rajeev Sehgal, Senior Manager along with the loan and security documents and marked them as Exhibit A-1 to A-16. |
| 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.45.00 Lacs and on 16.08.2022, a sum of Rs.33,31,097/- was due. |
| 6. Accordingly, the application of the bank for the recovery of |
| Rs.33,31,097/- (Rupees Thirty Three Lacs Thirty One Thousand and |
| Ninety Seven Only) with interest @11.30% per annum with monthly rests |
| from 22.08.2022, 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 hypothecated his stocks/goods/assets/book debts 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 |
| **06.05.2025,**who is directed to distribute the sale proceeds of the |
| hypothecated his stocks/goods/assets/book debts as per the provisions of Section 19(20-AB) of the Act**.** |
3
1 issue framed by the court
Whether the application under Section 19 of RDB Act, 1993 for recovery of dues is admissible in the facts of the present case.
2 provisions across 1 enactments
Central Bank of India
M/s Aroma Designer Dresses
Sh. Rajesh Kumar
A S Narang
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
