At, Debts Recovery Tribunal Chandigarh
By, THE HONORABLE JUSTICE: HARCHARN SINGH
By, PRESIDING OFFICER
For Petitioner: Pankaj Beri
1. The Applicant Bank filed this OA for the recovery of a total sum of Rs. 35,16,199/- (Rupees Thirty Five Lakh Sixteen Thousand One Hundred Ninety Nine only) from the Defendants jointly and severally with costs, current and future interest @ 14.25% and @ 14.50% p.a. with monthly rests in CC Account and Term Loan Account from the date of filing of the OA till the date of realization.
2. Briefly stated facts are that the Applicant Bank had sanctioned Loan of Rs. 24.50 lakh (i.e. Term Loan of Rs. 14.50 lakh and Cash Credit Limit of Rs. 10 lakh in favour of Defendants. It has been averred that the facility is secured by way of hypothecation of goods stored, plant & machinery, vehicles, movable assets and book debts by Defendants in favour of the Applicant. It has been averred that all relevant documents have been signed and executed by the Defendants on their own.
It is further stated that the Defendants did not adhere to the financial discipline as per terms and conditions. The account became irregular and the Defendants failed to regularize the account. Consequently, the Applicant Bank declared the account NPA and initiated proceedings against the Defendants.
3. The Defendants neither appeared personally nor were represented despite providing of sufficient opportunities after service. Defendants have been set ex parte vide order dated 16.01.2018. Hence, proceeded with the trial.
4. Heard the Applicant's Counsel.
5. The point for consideration is whether the Applicant is entitled to the claim as prayed for?
6. The Applicant established its case through the documentary evidence being exhibit AA and proved the documents Ex. A1 to Ex. A12 and thus proved that the Defendants are liable to pay to the Applicant the claim made in the OA.
7. In the result, the application is allowed declaring that the Defendants are liable to pay a total sum of Rs. 35,16,199/- (Rupees Thirty Five Lakh Sixteen Thousand One Hundred Ninety Nine only) to the Applicant jointly and severally with costs, current and future interest @ 14.25% and @ 14.50% p.a. with monthly rests in CC Account and Term Loan Account from the date of filing of the OA, i.e., 28.07.2015. The Applicant Bank is entitled to recover aforesaid amount firstly from the sale of hypothecated goods/mortgaged properties (if not sold earlier under the provisions of The SARFAESI Act) and in case there are unsatisfied dues, the same shall be recovered by attaching personal assets of the Defendan
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ts. The Applicant is at liberty to enforce the claim through due process of law. 8. Any other application pending stands disposed of. 9. Issue Recovery Certificate accordingly. 10. Parties to appear before Ld. Recovery Officer concerned on 17.03.2018.