The Debts Recovery Tribunal allowed the bank's application for recovery of dues from the mortgagor defendant only, as claims against guarantors were time-barred. Recovery is restricted to the sale of the mortgaged agricultural land.
Recovery of Rs.26,84,169/- with interest allowed against defendant no.1 only; Recovery Certificate issued.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
BEFORE: A S NARANG, PRESIDING OFFICER
OA No: 1352 of 2022 Date of Institution: 29.06.2022 Date of Decision: 20.10.2023
Punjab National Bank, Plot No.4, Sector 10, Dwarka, New Delhi and amongst other a branch office at Malwal, District Ferozepur, Punjab.
……..Applicant
Vs.
……….Defendants
Advocates
Sh. RS Bhatia, Counsel for the applicant bank. Defendants- Ex parte.
OA for the Recovery of Rs.26,84,169/- with interest from 11.06.2022.
ORDER
2
Azamshah, Tehsil And District Ferozepur, Punjab (fully detailed in para No.3(A) of the application). The OGC Limit was chargeable to interest @10.25% per annum with half yearly rests and OKGC (Term Loan) was chargeable to interest @13.25% per annum with half yearly rests. On 10.06.2022, a sum of Rs.26,84,169/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.
3
payment is hereby allowed with costs against defendant no.1only. Bank can recover its dues by the sale of mortgaged property i.e. agricultural land admeasuring 30K-18M, situated at Village Bhabra Azamshah, Tehsil And District Ferozepur, Punjab (fully detailed in para No.3(A) of the application) only.
3 issues framed by the court
Whether the application is time-barred against guarantors separately liable at law.
Whether the application against the mortgagor is maintainable despite limitation on personal liability.
Whether recovery is limited to the secured mortgaged property.
2 provisions across 1 enactments
Punjab National Bank
Sh. Kala Singh
Sh. Amrik Singh
Sh. Balwinder Singh
A S Narang
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
