ORDER
1. Nainital Bank Limited (Applicant Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.21,70,171.70 with interest against UNIQUE AUTO and another (defendants).
2. Defendant No.1 is a proprietorship firm of defendant No.2. Bank's case is that on 18.04.2014, it had granted a loan of Rs.35.00 Lacs to the defendants in the form of Term Loan for business purpose under CGTMSE Scheme. The loan was chargeable to interest @12% per annum with monthly rests. Defendants had acknowledged and admitted
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the liability for debt on 09.05.2016 and 07.09.2018. On 14.01.2021, a sum of Rs.21,70,171.70/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.
3. On 03.06.2021, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 12.07.2022, they were proceeded ex parte.
4. In order to prove its case, the Bank has placed on record the affidavit of Sh. Ranjul Kumar, Branch Manager along with the loan and security documents and marked them as Exhibit A-1 to A-18.
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.35.00 Lacs and on 14.01.2021, a sum of Rs.21,70,171.70/- was due.
6. Accordingly, the application of the bank for the recovery of Rs.21,70,171.70/- (Rupees Twenty One Lacs Seventy Thousand One Hundred and Seventy One and Seventy Paisa Only) with interest @10.90% per annum with monthly rests from 18.01.2021, 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 goods/stocks/assets/book debts etc 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
02.03.2026, who is directed to distribute the sale proceeds as per the provisions of Section 19(20-AB) of the Act.
10. 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: 09.01.2026 Presiding Officer DRT-2, Chandigarh
(Additional charge)