Allowed

Punjab National Bank v. Sh Malook Singh

DRT22 Sept 2022OA/438/2022

Case brief

AI extract

What is this about?

The DBT allowed the National Bank of India's application for recovery of Rs. 21,10,710.89 plus interest from the legal heir of the deceased borrower. The court directed the sale of mortgaged agricultural land and distribution of proceeds under Section 19(20-AB).

What did the court decide?

Recovery of Rs. 21,10,710.89 with interest at 11.50% per annum; Recovery Certificate issued; Sale of mortgaged land ordered for distribution of proceeds.

Punjab National Bank versus Sh Malook Singh — Execution and Attachment | DRT (2022)

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IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH

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BEFORE: A S NARANG, PRESIDING OFFICER

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OA No: 438/2022

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Date of Institution: 04.03.2022 Date of Decision: 22.09.2022

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PNB, a branch at DAV College, Abohar, District Fazilka.

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……..Applicant

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Vs.

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Sh. Malook Singh S/o Sh. Balkar Singh (Borrower/Mortgagor). Since deceased survived by following legal heir:

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i) Gurjinder Singh, Son

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R/o Village Dalmir Khera, Tehsil Abohar, District Fazilka.

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……….Defendants

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Advocates

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Sh. Pankaj Beri, Counsel for the applicant bank.

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None for defendants.

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ORDER

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PNB, (Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.21,10,710.89/- with interest against Sh. Malook Singh (Deceased) defendant.

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Bank’s case is that it had granted a loan of Rs.15,00,000/- to Malook Singh (Deceased) in the form of K.C.C Limit for agricultural purpose. To secure the loan, Malook Singh had mortgaged his agricultural land (fully detailed in para No.5(vii) of the application). The loan was chargeable to interest @11.50% per annum with half yearly rests. On 10.02.2022, a sum of Rs.21,10,710.89/- was due from the defendants. Malook Singh died, Gurjinder Singh is his legal heir . Despite repeated requests, defendant did not make the repayment. Hence, this application.

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On 15.03.2022, summons was sent to the defendant by registered post, which were duly served. However, defendant did not put in appearance. He was proceeded ex parte .

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In order to prove its case, the Bank has placed on record the affidavit of Mr. Kuldeep Makkar, Branch Manager along with the loan and security documents and marked them as Exhibit A-1 to A-7. 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.15,00,000/- and on 10.02.2022, a sum of Rs.21,10,710.89/- was due. 6. Accordingly, the application of the bank for the recovery of Rs.21,10,710.89/- (Rupees Twenty One Lacs Ten Thousand Seven Hundred and Ten and Paisa Eighty Nine Only) with interest @11.50% per annum with half yearly rests from 10.02.2022, till the date of payment is hereby allowed with costs. Bank can recover its dues by the sale of mortgaged land fully detailed in para No.5(vii) of the application as well as from the personal movable and immovable property(ies) inherited by Gurjinder Singh from his father.

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Pending IAs, if any, stand disposed of. 8. Recovery Certificate be issued accordingly. 9. Parties are directed to appear before Recovery Officer on 10.11.2022, who is directed to distribute the sale proceeds of the mortgage land and standing crops 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: 22.09.2022 Presiding Officer DRT-1, Chandigarh

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Pankaj

Punjab National Bank v. Sh Malook Singh

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Sh Malook Singh

Case brief

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What did the court decide?

What the court decided

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