Debts Recovery Tribunals and Appellate Tribunals
KOTAK MAHINDRA BANK LIMITED vs SH PANKAJ BHALLA AND ORS on 28 January 2019
SC
DEBTS RECOVERY TRIBUNAL – I, DELHI
Jeevan Tara Building, 4th Floor,
Parliament Street, New Delhi.
PRESIDING OFFICER: Dr. REKHA G. DHAKAR
Execution No. 01/2017
M/s Kotak Mahindra Bank Limited
Having its branch office at:-
Plot No.7, 7th Floor, Knowledge Park
Sector-125, Noida, UP
Through its Authorized Representative
Mr. Lokesh Kumar Mittal
Applicant/Decree Holder Bank
Versus
1.
Sh. Pankaj Bhalla
S/o Sh. Inder Dev Bhalla
2.
Ms. Anuradha Bhalla
W/o Sh. Pankaj Bhalla
3.
Smt. Nandi Bhalla
W/o Sh. Inder Devl Bhalla
All are resident of:-
B-143, Sarita Vihar
New Delhi-110044
Also at:-
C/o M/s Anjali’s
B-106, Sector-40
Noida (U.P.)-201301
Defendants/Judgment Debtors (JDs)
Citations and Judicial Treatment
Cited by
0
Decisions in the index citing it
Cites
0
Decisions referred to
In this index
0
Of the decisions it cites
Overruled / Questioned
0
No negative treatment found
Loading the citing and cited decisions…
This judgment in the centre: on the left the decisions it cites, on the right the decisions citing it. Colour is the treatment; choose a decision to open it.
JUDGMENT
(28.01.2019)
1. The decree holder bank has filed this execution petition under Section 31-A of the RDDBFI Act for issuance of a recovery certificate for Rs.99,88,596/- (Rupees Ninety Nine Lakhs Eighty Eight Thousand Five Hundred Ninety Six only) alongwith pendentelite and future interest @18% p.a. from 14.02.2017 till its realization in full as per judgment/arbitration award dated 06.05.2016 passed by Ld. Sole Arbitrator Sh. Rubina Yasmin in Arbitration Case No.07/2015 in titled a “Kotak Mahindra Bank Ltd. Vs. Pankaj Bhalla & Ors.”.
Execution No.01/2017
SC
2. Notice of the execution petition were sent to the defendants/JDs. The defendants/JDs appeared before this Tribunal however, they failed to file the reply of the execution petition.
3. Heard the Ld. Counsel for decree holder bank and perused the record. None appeared on behalf of the defendant/JDs for argue in the present matter.
4. I have also gone through the award dated 06.05.2016 passed by the Ld. Sole Arbitrator, Saket Court, Delhi in Arbitration Petition No.ARB-07/2015. As per the award dated 06.05.2016, the petition of the plaintiff bank was allowed and a award for recovery of Rs.42,55,378/- is passed in favour of the plaintiff and against the defendants alongwith interest @24% per annum from 26.04.2011 till passing the award and @18% from the date of award till its realization subject to deduction of amount paid by the respondents during the pendency of arbitration proceeding (i.e. after 26.04.2011 till the award is published) and also costs and expenses that may be incurred in seeking recovery of the amount of the award.
5. Ld. Counsel for the decree holder bank submitted that no amount has been paid by the defendants in terms of the order dated 06.05.2016. In the light of award passed in Arbitration Petition No.ARB- 07/2015, the present OA/execution petition is hereby allowed.
ORDER
(i) The application of the applicant/Decree Holder Bank against defendant No.1 to 3 for recovery of Rs.99,88,596/- (Rupees Ninety Nine Lakhs Eighty Eight Thousand Five Hundred Ninety Six only) alongwith pendentelite and future interest @15% p.a. (simple) is allowed from 14.02.2017 till its realization. Defendants/JDs are directed to pay the amount
Execution No.01/2017
SC
within one month from the date of this order failing which the same shall be recovered from the sale of personal moveable and immoveable assets of the defendants/JDs as per the provisions of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, Recovery Certificate be issued forthwith. The applicant bank is also directed to file the revised statement of account before the Ld. Recovery Officer of this Tribunal.
(ii) The recovery certificate be issued forthwith and be sent to the Recovery Officer, DRT-I Delhi.
(iii) Parties are directed to appear before the Recovery Officer, DRT-I Delhi on 08.03.2019.
(iv) Copies of final order as well as Recovery Certificate be sent to all concerned free of cost. File be consigned to records.
(Dr. REKHA G. DHAKAR) PRESIDING OFFICER DRT-I DELHI
(Pronounced in open court) January 28, 2019