Debts Recovery Tribunals and Appellate Tribunals
JAMMU AND KASHMIR BANK LIMITED vs M/S NAZIR ENTERPRISES on 15 June 2026
IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
BEFORE: A S NARANG, PRESIDING OFFICER
TA No: 90/2023
Date of Institution: 25.09.2012
Date of Decision: 15.06.2026
Jammu and Kashmir Bank Limited B/U Residency Road, Srinagar.
……..Applicant
Vs.
1. M/s Nazir Enterprises Chanapora, Srinagar, through its proprietor Hajra Akhter w/o Nazir Ahmed Lone, r/o Iqbal Colony Chanapora, Srinagar.
2. Nazir Ahmed Lone s/o Late Peer Mohammad Kamal, r/o Iqbal Colony, Channapora, Srinagar.
3. Fayaz Ahmed Thokar s/o Ghulam Mohammad Thokar, r/o Mini Colony, Channapora, Srinagar.
4. Ghulam Nabi Bhat s/o Mohammad Abdullah Bhat, r/o Banopora, Batmaloo, Srinagar.
……….Defendants
Advocates
Ms. Sonal Chabbra proxy counsel for Ms. Harpreet Kaur, Counsel for the applicant bank.
Defendants-ex parte vide order dated 27.05.2025.
TA for the Recovery of ₹22,91,298/- with interest @12% per annum with monthly rests from 25.09.2012.
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ORDER
1. On 25.09.2012, Jammu and Kashmir Bank Limited, filed the suit for the recovery of ₹22,91,298/- with interest against M/s Nazir Enterprises and others (defendants) in the Court of Principal District Judge, Jammu. However, vide order dated 10.02.2023, this suit was transferred by the Court of Additional District Judge, (Bank Cases), Srinagar, to DRT-I, Chandigarh.
2. Bank’s case is that on 21.11.2002, it had granted a loan of ₹5.00 Lacs to defendant No.1 through its proprietor through its proprietor Hajra Akhter in the form of C.C Limit for business purpose. Defendant Nos.2
and 3 stood as guarantors. Again on 20.05.2003, at the request of the defendants, bank enhanced the existing limit from ₹5.00 Lacs to ₹10.00 Lacs . Defendant Nos.2 and 4 stood as guarantors. 2B. Again on 27.09.2006, at the request of the defendants, bank enhanced the existing limit from ₹10.00 Lacs to ₹15.00 Lacs. Defendant Nos.2 to 4 stood as guarantors for the enhanced limit of ₹15.00 Lacs. To secure the limit Hajra Akhter being the proprietor of defendant No.1 had hypothecated assets (fully detailed in Hypothecation Agreement {Annexure P-22} of the application). The enhanced limit of ₹15.00 Lacs was chargeable to interest @12% per annum with monthly rests. On 19.09.2012, a sum of ₹22,91,298/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, the suit.
3. The Civil Court sent summons to the defendants by registered post, which was duly served. After transfer of this suit/application, summonses were sent to the defendants. However, they did not put in appearance and were proceeded ex parte vide order dated 27.05.2025.
4. In order to prove its case, the Bank has placed on record the affidavit of Mr. Eijaz Ahmad Bazaz, Executive Manager Law, along with the original loan and security documents.
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 ₹15.00 Lacs and on 19.09.2012, a sum of ₹22,91,298/- was due.
6. Accordingly, the case of the bank for the recovery of ₹22,91,298/- (Rupees Twenty Two Lacs Ninety One Thousand Two Hundred Ninety Eight Only) with interest @12% per annum with monthly rests from 25.09.2012, 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 assets fully detailed in hypothecation agreement, (Annexure P-22) of the application 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 17.07.2026, who is directed to distribute the sale proceeds of the hypothecated assets 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: 15.06.2026 Presiding Officer DRT-1, Chandigarh MANOJ KALRA