Allowed

Jammu and Kashmir Bank Limited v. M/S Ranjana Enterprises

DRT15 Jan 2025OA/350/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's application for recovery of Rs. 25,55,595.89 plus interest against the respondents who were mortgagors and guarantors of a loan. The proceeding was conducted ex parte as the respondents did not appear after receiving summonses.

What did the court decide?

Application for recovery of Rs. 25,55,595.89 with interest allowed; Recovery Certificate issued; matter remanded to Recovery Officer.

Jammu and Kashmir Bank Limited versus M/S Ranjana Enterprises — 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: 350 of 2023 Date of Institution: 07.02.2023 Date of Decision: 15.01.2025

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Jammu & Kashmir Bank Ltd., having branches all over India having a branch at Ward no. 9, Parliwand, Kathua, Jammu & Kashmir.

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……..Applicant

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Vs.

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M/s Ranjana Enterprises, A proprietorship concern at Ward no. 10, Kathua, Jammu & Kashmir.

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Shri Pawan Kumar s/o Shri Om Prakash, Proprietor of M/s Ranjana Enterprises, r/o Ward no. 10, Near New Bus Stand, Kathua, Jammu & Kashmir.

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Shri Rakesh Kumar s/o Shri Tirath Ram r/o Ward no. 10, Kathua, Jammu & Kashmir.

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Shri Balwant Raj s/o Shri Hukam Chand r/o Ward no. 10, Rajbagh, kathua, Jammu & Kashmir.

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……….Defendants

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Advocates

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Sh. Vivek Verma, Counsel for the applicant bank. Defendants – ex parte

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OA for the Recovery of Rs. 25,55,595.89p with interest @ 12.70% per annum with monthly rests from 07.02.2023.

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ORDER

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Jammu & Kashmir Bank Limited (Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs. 25,55,595.89p with interest against M/s Ranjana Enterprises and others (Defendants).

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Bank’s case is that on 08.03.2014, it had granted a loan of Rs. 16.00 Lacs in the form of CC Limit and on 02.05.2019, a loan of Rs. 9.50 Lacs in the form of Term Loan to Defendant no. 1 and 2, which was duly enhanced from time to time. To secure the loan, Defendant no. 2

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had mortgaged his property (fully detailed in para No.3A of the application). Defendant nos. 3 and 4 stood as the guarantors. The loan was chargeable to interest @ 12.70% per annum with monthly rests. On 31.01.2023, a sum of Rs. 25,55,595.89p was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 03.03.2023, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 16.02.2024, 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. Ashish Bhasin, Associate Executive, along with the loan and security documents and marked them as Exhibit A-1 to A-53.

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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. 25.50 Lacs and on 31.01.2023, a sum of Rs. 25,55,595.89p was due. 6. Accordingly, the application of the bank for the recovery of Rs. 25,55,595.89p (Rupees Twenty Five Lacs Fifty Five Thousand Five Hundred Ninety Five and Eighty Nine Paisa Only) with interest @ 12.70% per annum with monthly rests from 07.02.2023, 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 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.

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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 17.02.2025 , who is directed to distribute the sale proceeds of the mortgage 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: 15.01.2025 Presiding Officer DRT-1, Chandigarh

Jammu and Kashmir Bank Limited v. M/S Ranjana Enterprises

Case brief

What is this about?

What did the court decide?

Jammu and Kashmir Bank Limited v. M/S Ranjana Enterprises

Case brief

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What did the court decide?

What the court decided

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