Allowed

Punjab National Bank v. Sh. Kirpal Singh

DRT8 Feb 2023OA/186/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's application for recovery of Rs. 1.26 crore plus interest against the primary borrower and guarantors, who were proceeded ex parte. The court directed recovery via sale of mortgaged land and other assets.

What did the court decide?

Recovery of Rs. 1,26,66,458/- with interest allowed; Recovery Certificate issued; Sale of mortgaged land and personal property directed.

Punjab National Bank versus Sh. Kirpal Singh — Banking and Recovery | 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: 186/2022 Date of Institution: 18.01.2022 Date of Decision: 08.02.2023

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Punjab National Bank, Branch Office, amongst others, Circle Sastra Centre East Jalandhar, Civil Lines, Jalandhar (Punjab) – 144001.

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……..Applicant

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Vs.

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Sh. Kirpal Singh S/o Sh. Harbhajan Singh R/o Village Sitalpaur P.O. Kala Bakra Tehsil Adampur and District Jalandhar Punjab.

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Sh. Harbhajan Singh S/o Sh. Pritam Singh R/o Village Sitalpaur P.O. Kala Bakra Tehsil Adampur and District Jalandhar Punjab.

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Sh. Harbans Singh S/o Sh. Harbhajan Singh R/o Village Sitalpaur P.O. Kala Bakra Tehsil Adampur and District Jalandhar Punjab.

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……….Defendants

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Advocates

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Ms. Anuradha Gupta, Counsel for the applicant bank. None for defendants.

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OA for the Recovery of Rs.1,26,66,458/- with interest @10.50% per annum with half yearly rests from 01.10.2021.

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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.1,26,66,458/- with interest against Sh. Kirpal Singh and others (defendants).

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Bank’s case is that on 01.03.2012, it had granted a loan of Rs.99.00 Lacs to defendant No.1 for agricultural purpose. Defendant Nos.2 and 3 stood guarantors. To secure the loan, Defendant No.1 had mortgaged his agricultural land (fully detailed in para No.5.6 of the application). The loan was chargeable to interest @10.50% per annum

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with half yearly rests. On 01.10.2021, a sum of Rs.1,26,66,458/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 31.03.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 14.11.2022, they were proceeded ex parte .

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In order to prove its case, the Bank has placed on record the affidavit of Mr. Chander Parkash Sidhu, Authorized Officer along with the loan and security documents and marked them as Exhibit A-1 to A- 16. 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.99.00 Lacs and on 01.10.2021, a sum of Rs.1,26,66,458/- was due.

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Accordingly, the application of the bank for the recovery of Rs.1,26,66,458/- (Rupees One Crore Twenty Six Lacs Sixty Six Thousand Four Hundred and Fifty Eight Only) with interest @10.50% per annum with half yearly rests from 01.10.2021, till the date of payment is hereby allowed with costs. The liability of all the defendants would be joint and several. Bank can recover its dues by the sale of mortgaged land fully detailed in para No.5.6 of the application as well as from the personal movable and immovable property(ies) of the defendants.

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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 09.03.2023, who is directed to distribute the sale proceeds of the

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mortgage land and standing crops as per the provisions of Section 19(20AB) 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: 08.02.2023 Presiding Officer DRT-1, Chandigarh Pankaj

Punjab National Bank v. Sh. Kirpal Singh

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Sh. Kirpal Singh

Case brief

What is this about?

What did the court decide?

What the court decided

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