JOGENDRA SINGH Vs. PUNJAB NATIONAL BANK

JUDGEMENT

(1.) Petitioners have approached this Court for following reliefs:-

(2.) On marshaling of the facts as available from the records, it would transpire that on 16/2/2015 a cash credit facility of Rs.300.00 lakh and a term loan of Rs.200.00 lakh was sanctioned to the loaneeM/s. Mountain Movers and Trainers Pvt. Ltd. by Respondent-Punjab National Bank. A landed property of the loanee-company, located at Plot No. M-18, 6th Phase, Adityapur Industrial Area, Jamshedpur, District Saraikela-Kharsawan, bearing survey plot no. 2147-C, Khata No. 744, measuring an area of 45,000 sq.ft. was mortgaged with Respondent-Bank. Loan advanced to the company turned into NPA and an Original Application, under Recovery of Debt and Bankruptcy Act, 1993 was filed before Debt Recovery Tribunal at Ranchi which was registered as O.A. No. 64/2016.

(3.) Initially proceeding in said Original Application was declared ex-parte against the Defendants vide order dtd. 18/7/2016, but same was recalled vide order dtd. 5/10/2016 and, thereafter, Judgment in O.A. No. 64/2016 was passed on 19/9/2017 issuing Certificate of recovery against the company, its Director and Guarantor namely, Dharamveer Singh (Petitioner No.2). Consequent upon issuance of Certificate for recovery, recovery proceeding was instituted before Recovery Officer,registered as R.C. Case No. 571/2017 and objection regarding valuation report was made by Petitioner No.1, being one of the Directors of the company and Petitioner No.2-Guarantor. Said objection towards valuation was dismissed by Recovery Officer vide order dtd. 16/3/2021. However, in the meantime, review application was filed only by Guarantor i.e. Petitioner No.2, namely, Dharamveer Singh for setting aside the ex-parte Judgment in O.A. No. 64/2016, which was registered as Review Application No. 02/2021.