1. The brief facts of the OA are that defendants had approached the applicant bank for the grant of Term loan of Rs.75.00 Lakh and CC Limit of Rs.20.00 Lakh, vide application form dated 18.05.2017 is Annexures A-2.
2. The applicant Bank sanctioned the above said loan facility, vide sanction letter dated 18.05.2017 is Annexure A-3 and the terms and conditions were duly accepted by the defendants.
3. Defendants had hypothecated/mortgaged their stocks and machinery. Copy of DP Note dated 18.05.2017 vide Annexure A-4; Loan bearer letter dated 18.05.2017 vide Annexure A-5; letter of installment dated 18.05.2017 vide Annexure A-6; letter of declaration dated 18.05.2017 vide Annexure A-7; letter of declaration dated 18.05.2017 vide Annexure A-8; composite loan agreement dated 18.05.2017 vide Annexure A-9; agreement dated 18.05.2017 vide Annexure A-10; MCLR agreement dated 18.05.2017 vide Annexure A-11; DP Note dated 18.05.2017 vide Annexure A-12; Loan bearer letter dated 18.05.2017 vide Annexure A-13; letter of declaration dated 18.05.2017 vide Annexure A-14; letter of declaration dated 18.05.2017 vide Annexure A-15; composite loan agreement dated 18.05.2017 vide Annexure A-16; hypothecation loan agreement dated 18.05.2017 vide Annexure A-17; MCLR agreement dated 18.05.2017 vide Annexure A-18; agreement dated 18.05.2017 vide Annexure A-19; application vide Annexure A-20; DP Note dated 01.02.2019 vide Annexure A-21; loan bearer letter dated 01.02.2019 vide Annexure A-22; sanction letter dated 01.02.2019 vide Annexure A-23; composite loan agreement dated 01.02.2019 vide Annexure A-24; acknowledgement dated 01.02.2019 vide Annexure A-25 & A-26; legal notice dated 30.06.2019 vide Annexure A-27; chart of interest vide Annexures A-28 & A-29; statement of account vide Annexures A-30 & A-
31. The loan account became irregular and was declared NPA and after adjusting debit and credit entries in loan accounts there was debit of Rs.96,95,500/- is recoverable and the defendants were served recall notice but they did not repay the outstanding amount, therefore, the applicant bank requested to accept the application and to issue Recovery Certificate accordingly.
4. The defendants were served notice to appear before this court and to file written statement but no one appeared on behalf defendants and were proceeded ex-parte on 24.01.2020.
5. In support of the OA, affidavit of Sh. Pankaj Kumar Sinha, Constituted Attorney has been filed.
6. Heard ex-parte arguments, from the perusal of all the Annexures A-
1 to A-31, it is proved that the defendants approached applicant bank for taking the loan facility which was granted to them and they executed all the relevant documents but they did not pay the loan as per terms and conditions of the agreement and their accounts were declared NPA and from the documentary evidence it is proved that bank is entitled to recover a total sum of Rs.96,95,500/-from the defendants jointly and severally.
7. The bank has claimed interest @11.50%p.a. with monthly rests from the date of filing till the realization as per agreement between the parties. Therefore, Bank is entitled to recover Rs.96,95,500/-with a simple interest @11.50%p.a. from the date of filing of OA till the realization of money.
8. In the result, the application is allowed declaring that the defendants are liable to pay to the applicant a total sum of Rs.96,95,500/- (Rupees Ninety Six Lakh Ninety Five Thousand Five Hundred Only) jointly and severally, with costs, current and future simple interest @11.50%p.a. from 10.07.2019, till the date of realization of the amount. Accordingly, the applicant bank shall be entitled to recover aforesaid amount from the sale of hypothecated/mortgaged properties of the defendants in execution proceedings if not sold earlier under the provisions of the SARFAESI Act, 2002. If the dues of the bank still remain unsatisfied, it shall be entitled to recover the same by attachment and sale of personal assets of the defendants. The applicant is at liberty to enforce the claim through due process of law.
9. Any other application pending stands disposed of.
10. Issue Recovery Certificate accordingly.
11. Parties to appear before ld. Recovery Officer concerned on 10.05.2021.
12. Copy of this order be given dasti to the applicant bank and be sent to defendant through registered/speed post and record be consigned. Dated: 05.03.2021 (Vivek Saxena) Presiding Officer DRT, Jaipur (Additional Charge DRT-I, Chandigarh) Order dictated, corrected, signed and pronounced by me in the open court. Dated: 05.03.2021 (Vivek Saxena) Presiding Officer DRT, Jaipur (Additional Charge DRT-I, Chandigarh)