Allowed

Punjab National Bank v. Sucha Singh

DRT17 Oct 2023OA/132/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed the applicant bank's OA for recovery of Rs. 39.22 lacs plus interest against a defaulting borrower for an agricultural loan secured by mortgaged land, making the sale of mortgaged property mandatory for realization.

What did the court decide?

Recovery of Rs. 39,22,902/- with interest @10.85% p.a. allowed; Recovery Certificate issued; Prayers to dispose of Pending IAs

Punjab National Bank versus Sucha Singh — Contract and Commercial Disputes | DRT (2023)

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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: 132 of 2022 Date of Institution: 31.12.2021 Date of Decision: 17.10.2023

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Punjab National Bank, Mari Buchian, Tehsil Batala, District Gurdaspur, Punjab.

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……..Applicant Vs.

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Sucha Singh S/o Mohinder Singh, R/o Village Mari Tanda, Teh Batala, District Gurdaspur, Punjab.

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……….Defendant

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Advocates

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Sh. Ankit Kaushal, Counsel for the applicant bank. Defendant – Ex parte .

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OA for the Recovery of Rs.39,22,902/- with interest @10.85% per annum with yearly rests from 01.11.2021. ORDER

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Punjab National Bank (Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.39,22,902/- with interest against Sucha Singh (defendant).

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Bank’s case is that on 28.10.2015, it had granted KCC Facility of Rs.20.00 lacs and Agri Implements of Rs.3.00 lacs, totaling Rs.23.00 lacs, to defendant for agricultural purpose. To secure the loan, Defendant had mortgaged his land admeasuring 48K, situated at Village Mari Buchian, Tehsil Batala, District Gurdaspur, Punjab (fully detailed in para No.3(A) of the application). The loan was chargeable to interest @12.25% per annum with yearly rests. On 31.10.2021, a sum of Rs.39,22,902/- was due from the defendant. Despite repeated requests, defendant did not make the repayment. Hence, this application.

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On 19.05.2022, summons was sent to the defendant by registered post, which was duly served. However, defendant did not put in appearance. Vide order dated 22.12.2022, 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. Sumit Dogra, Authorized Officer along with the loan and security documents and marked them as Exhibit A-1 to A-10. 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.23.00 lacs and on 31.10.2021, a sum of Rs.39,22,902/-was due. 6. Accordingly, the application of the bank for the recovery of Rs.39,22,902/- (Rupees Thirty-Nine Lacs Twenty-Two Thousand Nine Hundred Two Only) with interest @10.85% per annum with yearly rests from 01.11.2021, till the date of payment is hereby allowed with costs. Bank can recover its dues by the sale of mortgaged property i.e. land admeasuring 48K, situated at Village Mari Buchian, Tehsil Batala, District Gurdaspur, Punjab {fully detailed in para No.3(A) of the application} as well as from the personal movable and immovable property(ies) of the defendant.

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7.	Pending IAs, if any, stand disposed of.
8.	Recovery Certificate be issued accordingly.
9.	Parties are directed to appear before	Recovery Officer on
20.1	1.2023, who is directed to distribute the	sale proceeds of the
mort	gage property and standing crops as per the	provisions of Section
19(2	0-AB) of the Act.
10.	A Copy of this order along with Recovery	Certificate be sent to
the R	ecovery Officer as well as the parties.
Pron Date !	ounced in the open court. d: 17^thOctober, 2023	(A S Narang) Presiding Officer DRT-1, Chandigarh!

Punjab National Bank v. Sucha Singh

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Sucha Singh

Case brief

What is this about?

What did the court decide?

What the court decided

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