Allowed

Jammu and Kashmir Bank Limited v. Mr Manzoor Ahmad Bhat

DRT14 Feb 2025OA/851/2023

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed the bank's application for recovery of Rs.21,70,179.97p plus interest against three defendants who were proceeded ex parte. The court directed issuance of a recovery certificate and appearance before the Recovery Officer.

What did the court decide?

Application allowed; recovery certificate issued for Rs.21,70,179.97p with interest; defendants directed to participate in sale of hypothecated vehicle.

Jammu and Kashmir Bank Limited versus Mr Manzoor… — Contract and Commercial Disputes | DRT (2025)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH

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BEFORE: A S NARANG, PRESIDING OFFICER

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OA No: 851/2023 Date of Institution: 15.04.2023 Date of Decision: 14.02.2025

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Jammu and Kashmir Bank Ltd. having its branches all over India and a branch at Agro Hi-Tech, Sopore, Baramulla, Jammu and Kashmir.

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……..Applicant

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Vs.

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Mr. Manzoor Ahmad Bhat s/o Sh. Abdul Gani Bhat, r/o Kralteng, Sopore, Jammu and Kashmir.

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Mr. Ab Majeed Reshi s/o Mohammad Mukhtar Reshi, r/o Watlab, Sopore, Jammu and Kashmir.

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Mr. Asif Ahmad Shah s/o GH. Mohammad Shah, r/o Hyder Colony Arampora, Sopore, Jammu and Kashmir.

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……….Defendants

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Advocates

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Sh.Gaurav Thakur proxy for Sh.Mayank Mathur, Counsel for the applicant bank. Defendants - ex parte .

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OA for the Recovery of Rs.21,70,179.97p with interest @18% per annum with monthly rests from 15.04.2023. ORDER

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Jammu and Kashmir Bank Ltd. (Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.21,70,179.97p with interest against Mr. Manzoor Ahmad Bhat and others (defendants).

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Bank’s case is that on 21.03.2017, it had granted a Term Loan of Rs.20.00 Lacs to defendant No.1 for the purchase of vehicle. To secure the loan, defendant No.1 had hypothecated the said vehicle, in favour of the bank. Defendant Nos. 2 and 3 also stood as guarantors. The loan was chargeable to interest @18% per annum with monthly rests. On 31.01.2023, a sum of Rs.21,70,179.97p was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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¶17

On 29.05.2023, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 03.07.2024, they were proceeded ex parte .

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4. In order to prove its case, the Bank has placed on record the affidavit of Sh. Ashish Bhasin, Authorized Officer along with the loan
and security documents and marked them as Exhibit A-1 to A-6.
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.20.00 Lacs and on 31.01.2023, a sum of Rs.21,70,179.97p was due.
6. Accordingly, the application of the bank for the recovery of
Rs.21,70,179.97p (Rupees Twenty One Lacs Seventy Thousand One
Hundred Seventy Nine and Ninety Seven Paise Only) with interest
@18% per annum with monthly rests from 15.04.2023, 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
hypothecated Vehicle as well as from the personal movable and
immovable property 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
18.03.2025,who is directed to distribute the sale proceeds of the
hypothecated Vehicle 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: 14.02.2025 Presiding Officer DRT-1, Chandigarh

Jammu and Kashmir Bank Limited v. Mr Manzoor Ahmad Bhat

Case brief

What is this about?

What did the court decide?

Jammu and Kashmir Bank Limited v. Mr Manzoor Ahmad Bhat

Case brief

What is this about?

What did the court decide?

What the court decided

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