Bank of India v. M/S Bhat Fabrics
Case brief
What is this about?
The Debts Recovery Tribunal allowed the bank's application for recovery of outstanding loan dues and issuance of a recovery certificate, awarding costs and directing sale of hypothecated assets.
What did the court decide?
Recovery of ₹35,09,579.17p with interest allowed; recovery certificate issued; sale proceeds to be distributed per Section 19(20-AB).
What the court decided
IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
BEFORE: A S NARANG, PRESIDING OFFICER
OA No: 973/2023 Date of Institution: 03.05.2023 Date of Decision: 27.04.2026
Bank of India having its branches all over India and a branch at Srinagar Main Branch, Maulana Azad Road, Sringar, Jammu and Kashmir.
……..Applicant Vs.
- M/s Bhat Fabrics, a Sole proprietorship at Fateh Kadal near J&K Bank, Srinagar, J&K, through its sole proprietor Sh. Sajjad Ahmad Bhat s/o Sh. Ghulam Qadir Bhat.
- Sh. Sajjad Ahmad Bhat s/o Sh. Ghulam Qadir Bhat, r/o Malik Angan, New Fatehkadal, Srinagar, Jammu and Kashmir.
……….Defendants
Advocates
Sh. GS Anand, Counsel for the applicant bank. Defendants - ex parte vide order dated 18.07.2024 .
OA for the Recovery of ₹35,09,579.17p with interest @11.85% per annum with monthly rests from 03.05.2023.
Issues for consideration
1 issue framed by the court
Whether the bank is entitled to recover the outstanding loan amount under Section 19 of the RDB Act.
Parties & counsel
- applicant
Bank of India
- respondent
M/s Bhat Fabrics and Sh. Sajjad Ahmad Bhat
Coram
A S Narang
Case details
As recorded by the court registry
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