Allowed

Jammu and Kashmir Bank Limited v. Ishfaq Ahmad Hajam

DRT12 Mar 2026OA/350/2025

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's application for recovery of Rs.21,14,336.88p plus interest granted as a term loan, holding the defendants jointly and severally liable and directing the issuance of a recovery certificate.

What did the court decide?

Application allowed for recovery of Rs.21,14,336.88p with interest; recovery certificate issued; joint and several liability imposed; appearance fixed for distribution of sale proceeds.

Jammu and Kashmir Bank Limited versus Ishfaq Ahmad Hajam — Banking and Recovery | DRT (2026)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH

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BEFORE: A S NARANG, PRESIDING OFFICER

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OA No: 350/2025 Date of Institution: 22.02.2025 Date of Decision: 12.03.2026

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

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……..Applicant

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Vs.

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Ishfaq Ahmad Hajam S/o Mohammad Yousuf Hajam Office at: Wagoora, Baramulla, Jammu and. Kashmir.

¶8

Aadil Ayaz Sheikh (aka Adil Ayaz Sheikh) S/o Ayaz Ahmad Sheikh R/o Amargarh, Sopore, Jammu and Kashmir.

¶9

Suhail Ahmad Bhat (aka Sohail Ahmad Bhat) S/o Ghulam Rasool Bhat R/o Batpora, Sopore, Jammu and Kashmir.

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also at: Baghat, Sopore, Jammu and Kashmir.

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……….Defendants

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Advocates

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Sh. Gaurav Thakur, Counsel for the applicant bank. Defendants - ex parte vide order dated 10.07.2025 .

¶14

OA for the Recovery of Rs.21,14,336.88p with interest @10.80% per annum with monthly rests from 22.02.2025.

¶15

ORDER

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Jammu and Kashmir Bank Limited has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.21,14,336.88p with interest against Mr. Ishfaq Ahmad Hajam and others (defendants).

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Bank’s case is that on 26.07.2018, it had granted Term Loan of Rs.22.00 Lacs to defendant No.1 for Vehicle purpose. To secure the loan, Defendant No.1 had hypothecated vehicle (fully detailed in para No.3A of the application). Defendant Nos.2 and 3 stood as guarantors vide deed of guarantee dated 28.07.2018, (Exhibit A-4). The loan was chargeable to interest @10.80% per annum with monthly rests.

¶18

¶19

Defendants had duly acknowledged their liability towards the debt on 11.08.2022. On 31.01.2025, a sum of Rs.21,14,336.88p was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

¶20

On 11.03.2025, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 10.07.2025, 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, Manager along with the loan and security
documents and marked them as Exhibit A-1 to A-8.
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.22.00 Lacs and on 31.01.2025, a sum of Rs.21,14,336.88p was due.
6. Accordingly, the application of the bank for the recovery of
Rs.21,14,336.88p (Rupees Twenty One Lacs Fourteen Thousand Three
Hundred Thirty Six and Paise Eighty Eight Only) with interest @10.80%
per annum with monthly rests from 22.02.2025, 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 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
21.04.2026,who is directed to distribute the sale proceeds of the
hypothecated vehicle per the provisions of Section 19(20-AB) of the Act.

¶22

¶23

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: 12.03.2026 Presiding Officer DRT-1, Chandigarh MANOJ KALRA

Jammu and Kashmir Bank Limited v. Ishfaq Ahmad Hajam

Case brief

What is this about?

What did the court decide?

Jammu and Kashmir Bank Limited v. Ishfaq Ahmad Hajam

Case brief

What is this about?

What did the court decide?

What the court decided

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