Allowed

State Bank of India v. Promila Jain

DRT13 Mar 2025OA/2154/2022

Case brief

AI extract

What is this about?

SBI filed an application under Section 19 of the RDB Act to recover Rs. 59.96 lacs plus interest from borrowers and guarantors. Being an ex parte case proven by bank affidavit, the Presiding Officer allowed the application, ruled liability joint and several, and directed issue of Recovery Certificate.

What did the court decide?

Application for recovery of Rs.59,95,891.11 plus interest allowed with costs; Recovery Certificate to be issued.

State Bank of India versus Promila Jain — Company and Corporate | 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: 2154/2022 Date of Institution: 29.10.2022 Date of Decision: 13.03.2025

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SBI, having its branches all over India and a branch at SARB, 4^th floor, Aman Plaza, Tower “B”, Dr. Ambedkar Chowk, Near Passport Seva Kendra, Jalandhar, Punjab.

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……..Applicant

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Vs.

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Promila Jain w/o Sh. Rakesh Kumar, r/o Roshan Niwas, Mount View Colony, Bharwain Road, Village Adamwal, Hoshiarpur, Punjab.

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Archana Jain w/o Sh. Sachin Jain, r/o Roshan Niwas, Mount View Colony, Bharwain Road, Village Adamwal, Hoshiarpur, Punjab.

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Hitesh Jain s/o Sh. Rakesh Kumar, r/o Roshan Niwas, Mount View Colony, Bharwain Road, Village Adamwal, Hoshiarpur, Punjab.

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Sh. Rakesh Kumar s/o Sh. Roshan Lal, r/o Roshan Niwas, Mount View Colony, Bharwain Road, Village Adamwal, Hoshiarpur, Punjab.

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Sachin Jain s/o Sh. Rakesh Kumar, r/o Roshan Niwas, Mount View Colony, Bharwain Road, Village Adamwal, District Hoshiarpur, Punjab.

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……….Defendants

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Advocates

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Sh.Yogesh Kumar proxy for Sh.Rakesh Gupta, Counsel for the applicant bank.

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Defendants- ex parte .

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OA for the Recovery of Rs.59,95,891.11p with interest @8.45% per annum with monthly rests from 29.10.2022.

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ORDER

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SBI (Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the

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recovery of Rs.59,95,891.11p with interest against Smt. Promila Jain and others (defendants).

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Bank’s case is that on 10.03.2015, it had granted a Term Loan of Rs.32.00 Lacs; on 30.11.2015, another Term Loan of Rs.6.00 Lacs and on 21.11.2017, Housing Loan of Rs.20.00 Lacs, to Defendant Nos. 1 to 3. To secure the loans, Defendant No. 1 and 2 had mortgaged their property (fully detailed in para No.3A of the application). Defendant Nos. 4 and 5 stood as guarantors. The loan was chargeable to interest @8.45% per annum with monthly rests. On 15.10.2022, a sum of Rs.59,95,891.11p was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 09.12.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 01.09.2023, they were proceeded ex parte . 4. In order to prove its case, the Bank has placed on record the affidavit of Sh. Balbir Raj, Chief Manager along with the loan and security documents and marked them as Exhibit A-1 to A-22. 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 under various schemes and on 15.10.2022, a sum of Rs.59,95,891.11p was due. 6. Accordingly, the application of the bank for the recovery of Rs.59,95,891.11p (Rupees Fifty Nine Lacs Ninety Five Thousand Eight Hundred Ninety One and Eleven Paise Only) with interest @8.45% per annum with monthly rests from 29.10.2022, till the date of payment is

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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.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 14.04.2025, who is directed to distribute the sale proceeds of the mortgaged property 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: 13.03.2025 Presiding Officer DRT-1, Chandigarh

State Bank of India v. Promila Jain

Case brief

What is this about?

What did the court decide?

State Bank of India v. Promila Jain

Case brief

What is this about?

What did the court decide?

What the court decided

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