Allowed

Punjab National Bank v. Dara Singh

DRT21 Nov 2023OA/19/2022

Case brief

AI extract

What is this about?

The Tribunal allowed the bank's application under Section 19 of the RDB Act for recovery of outstanding dues and interest against the defendants, ordering the issue of a recovery certificate and directing the Recovery Officer to sell the mortgaged land and crops.

What did the court decide?

Recovery of Rs. 29,85,627/- with interest @10.85% per annum allowed; recovery certificate issued; sale of mortgaged land and crops directed.

Punjab National Bank versus Dara 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: 19/2022 Date of Institution: 31.12.2021 Date of Decision: 21.11.2023

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Punjab National Bank, branch office at different places including one at Mari Buchian, Tehsil Batala, District Gurdaspur, Punjab.

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……..Applicant Vs.

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Dara Singh S/o Naranjan Singh.

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Gurjot Singh S/o Dara Singh.

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Both R/o Village Aulakh, Tehsil Batala, District Gurdaspur.

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……….Defendants

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Advocates

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Ms. Priyanka, proxy Counsel for Sh. Ankit Kaushal, Counsel for the applicant bank. Defendants – ex parte

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OA for the Recovery of Rs.29,85,627/- with interest @10.85% per annum with yearly rests from 31.10.2021. ORDER

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Punjab National Bank, has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.29,85,627/- with interest against Sh. Dara Singh and another (defendants).

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Bank’s case is that on 15.12.2015, it had granted a KCC Limit of Rs.16.00 Lacs to defendants for agricultural purpose. To secure the loan, Defendant No.1 had mortgaged his land (fully detailed in para No.3(A) of the application). The loan was chargeable to interest @10.85% per annum with yearly rests. On 31.10.2021, a sum of Rs.29,85,627/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 15.03.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not

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put in appearance. Vide order dated 01.09.2022, they were proceeded_ex_ parte.
4. 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-9.
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.16.00 Lacs and on 31.10.2021, a sum of Rs.29,85,627/- was due.
6. Accordingly, the application of the bank for the recovery of
Rs.29,85,627/- (Rupees Twenty Nine Lacs Eighty Five Thousand Six
Hundred and Twenty Seven Only) with interest @10.85% per annum with yearly rests from 31.10.2021, 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.3(A) of the application as well as from the personal movable and immovable property(ies) of the defendants.
7. Pending IAs, if any, stand disposed of.
8. Recovery Certificate be issued accordingly.
9. Parties are directed to appear before Recovery Officer on
22.12.2023, 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: 21.11.2023 Presiding Officer DRT-1, Chandigarh Pankaj

Punjab National Bank v. Dara Singh

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Dara Singh

Case brief

What is this about?

What did the court decide?

What the court decided

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