The DRT allowed the bank's application for recovery of outstanding dues including interest, joining defendants jointly and severally liable.
Recovery of Rs.3,29,59,046/- with interest @14.40% p.a.; issuance of Recovery Certificate; distribution of sale proceeds by Recovery Officer.
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IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
BEFORE: A S NARANG, PRESIDING OFFICER
OA No: 827/2024 Date of Institution: 27.05.2024 Date of Decision: 03.07.2025
Punjab National Bank having its branches all over India and a branch at Circle SASTRA Centre, Circle Office, Regent House, The Mall, Shimla, Himachal Pradesh.
……..Applicant
Vs.
……….Defendants
Advocates
Sh. D K Gupta, Counsel for the applicant bank. Defendants- ex parte vide order dated 24.01.2025 .
OA for the Recovery of Rs.3,29,59,046/- with interest @14.40% per annum with monthly rests from 27.05.2024.
ORDER
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Defendant No.2 had mortgaged immovable property (fully detailed in para No.3A of the application). Defendant No.3 stood as guarantor for the said loan facilities. Again, on 30.01.2020, at the request of defendant no.1 through its proprietor defendant no.2, bank had granted a fresh Term Loan of Rs.65.00 Lacs for business purpose. To secure the loan, Defendant No.3 mortgaged his immoveable property (fully detailed in para No.3A of the application). Defendant No.3 stood as guarantor for the above mentioned loan facility. Thereafter, on 17.07.2020, at the request of defendant no.1 through its proprietor defendant no.2, bank had granted a fresh Term Loan of Rs.40.00 Lacs under GECL Scheme to defendant No.1 through its proprietor i.e. defendant No.2 for business purpose. To secure the said Term Loan facility, defendants Nos.2 and 3 extended a charge over the properties, which had already been mortgaged in favor of the applicant bank. Thereafter, on 18.06.2021, at the request of defendant no.1 through its proprietor defendant no.2, bank had granted another fresh Term Loan of Rs.40.00 Lacs under GECL Scheme to defendant No.1 through its proprietor i.e. defendant No.2 for business purpose. Subsequently, on 23.12.2022, at the request of defendant no.1 through its proprietor defendant no.2 for business purpose, Bank had granted a Term Loan of Rs.24.00 Lacs under GECL scheme to defendant no.1 through its proprietor i.e. defendant No.2 for business purpose. To secure the said Term Loan facility, defendants Nos.2 and 3 had again extended a charge over the movable and immovable properties, which had already been mortgaged in favor of the applicant bank. The said loan facilities were chargeable to different rates of interest. On 30.04.2024, a sum of Rs.3,29,59,046/- was due in the Term Loan account from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.
3
MANOJ KALRA
2 issues framed by the court
Whether the bank is entitled to recover the outstanding dues along with interest from the borrowers and guarantors under Section 19 of the RDB Act.
Whether the defendants, being absent, can be proceeded ex parte.
2 provisions across 1 enactments
Punjab National Bank
M/s Aarav Regency
Shilpa Verma
Suresh Kumar Verma
A S Narang
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
