PUNJAB NATIONAL BANK vs M/s Dev Raj Institute of Management & Ors. on 13 December 2018

RA 11 of 2018 Punjab National Bank Vs. M/s Dev Raj Institute of Management & Ors.

13.12.2018

Item No.6

Present: Sh. Vivek Verma, Counsel for the Applicants/Def. Nos. 2(a) to 2(d)/CDs No.2(a) to 2(d).

This Review Application has been filed by the Applicants No.2(a) to 2(d)/CDs No.2(a) to 2(d) for reviewing the Judgment dt.18.10.2018 passed in the OA 4965 of 2017 and Recovery Certificate issued consequently thereto.

The prayer of the Applicants No.2(a) to 2(d)/CDs No.2(a) to 2(d) that Def. Nos. 2 and 4 had expired. The Counsel for the Applicant stated that as per Sec.50 of CPC the LRs are liable to the extent they have inherited the property from the deceased but while passing judgement and decree it was not taken into consideration, due to which the Recovery Officer has proceeded against the LRs of Def. No.2, hence, prayed that orders dt.18.10.2018 passed in OA 4965 of 2017 and Recovery Certificate thereto against Defendants Nos. 2(a) to 2(d)/CDs 2(a) to 2(d) be ammended and RA be allowed.

Heard and perused the record.

It has been observed that Def. Nos.2 and 4 in the OA 4965 of 2017 had expired and they were represented through their LRs, Def. Nos. 2(a) to 2(d) and 4(a) and 4(b). Since the RA has been filed by the Defendants Nos. 2(a) to 2(d)/CDs 2(a) to 2(d) for ammending orders dt.18.10.2018 and Judgement and Decree passed against them, it has been observed that Def. Nos. 2(a) and 2(b) are the same person as Def. No.10 and Def. No.3 respectively who are guarantor/borrower in the credit facilities availed by Def. No.1 M/s Dev Raj Institute of Management & Technology Society. Since they are jointly and severally liable for the amount due towards the Applicant Bank, therefore, the order dt.18.10.2018 passed in OA 4965 of 2017 in para 8 is ammended as under: “In the result, the application is allowed declaring that the Defendants No. 1, 2(a) to 2(d), 3, 4(a), 4(b), 5 to 10 are liable to pay a total sum of

Rs.22,01,47,703/- (Rupees Twenty Two Crore One Lakh Forty Seven Thousand Seven Hundred Three only) to the Applicant jointly and severally with costs, current and future interest @16.10% p.a. with monthly rests from the date of filing of the OA, i.e., 29.12.2017 till the date of realization and the Applicant is at liberty to enforce the claim through due process of law. Since Def. No.2(a) and 2(b) are the same person as Def. No.10 and Def. No.3, therefore, they are liable for the total amount dues towards the Applicant Bank as well as inheritance received from Def. No.2 – Late Sh. Ravi Kant Gupta whereas liability of Def. Nos. 2(c) and 2(d) are restricted to the inheritance received from Def. No.2 – Late Sh.Ravi Kant Gupta.” Consequent upon the above order passed, Recovery Certificate be also considered to have been ammended to the above extent that at the end of 2nd last para in RC after SARFAESI Act 2002, it is ammended and should be read as under: “…If the dues of the Bank still remains unsatisfied, it shall be entitled to recover the same by attachment and sale of personal assets of Def. Nos. 1,2(a), 2(b), 3,4(a),4(b)and 5 to 10. Since Def. No.2(a) and 2(b) are the same person as Def. No.10 and Def. No.3, therefore, they are liable for the total amount dues towards the Applicant Bank as well as inheritance received from Def. No.2 – Late Sh. Ravi Kant Gupta whereas liability of Def. Nos. 2(c) and 2(d) are restricted to the inheritance received from Def. No.2 – Late Sh. Ravi Kant Gupta.”

With this the RA is disposed of.

A copy of this order be supplied to the Recovery Officer concerned for getting needful done.

File be consigned to record thereafter. (Harcharn Singh), Presiding Officer, DRT-I, Chandigarh 13.12.2018/cms