Canara Bank v. M/S Ukaz Engravers
Case brief
What is this about?
DRT-I Chandigarh allowed an application for recovery of Rs.76.09L from defendants who defaulted on bank loans. The court issued a recovery certificate and directed sale of hypothecated assets.
What did the court decide?
Recovery of Rs.76,09,221.80p with interest allowed; joint and several liability affirmed; Recovery Certificate issued; direction to sell hypothecated assets.
What the court decided
IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
BEFORE: A S NARANG, PRESIDING OFFICER
TA No: 294 of 2023 Date of Institution: 10.10.2020 Date of Decision: 01.07.2025
Canara Bank having branches all over India having a branch at Sopore, District Baramulla, Kashmir.
……..Applicant
Vs.
- M/s Ukaz Engravers, Down Town, Sopore through its proprietor Junaid Farooq Janwari.
- Junaid Farooq Janwari s/o Farooq Ahmad Janwari r/o Down Town Sopore.
……….Defendants
Advocates
Sh. Omkar Gupta, Counsel for the applicant bank. Defendants - ex parte
TA for the Recovery of Rs.76,09,221.80p with interest @13.70% per annum with monthly rests from 10.10.2020.
Issues for consideration
2 issues framed by the court
Whether the applicant can recover dues from the defendants jointly and severally after establishment of factual defaults.
Whether recovery can be effected through sale of hypothecated assets.
Parties & counsel
- applicant
Canara Bank
- respondent
M/s Ukaz Engravers
- respondent
Junaid Farooq Janwari
Coram
Case details
As recorded by the court registry
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