Allowed

Punjab National Bank v. Sukhwant Singh

DRT17 May 2023OA/197/2022

Case brief

AI extract

What is this about?

The DRT allowed the bank's application for recovery of Rs.20,69,231 with interest from the defendants who failed to repay an agricultural loan and did not appear in court. The court issued a recovery certificate and directed distribution of mortgage proceeds.

What did the court decide?

Allowed recovery of Rs.20,69,231 with interest; issued Recovery Certificate; directed sale of mortgaged land and distribution of proceeds.

Punjab National Bank versus Sukhwant 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: 197/2022 Date of Institution: 19.01.2022 Date of Decision: 17.05.2023

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Punjab National Bank, having its branch office at different places including one at Dera Baba Nanak, District Gurdaspur (Punjab).

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……..Applicant

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Sukhwant Singh S/o Ganga Singh.

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Bhupinder Singh S/o Sukhwant Singh.

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Both R/o Village Veroke, Tehsil Dera Baba Nanak, District Gurdaspur (Punjab).

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……….Defendants

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Advocates

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

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OA for the Recovery of Rs.20,69,231/- with interest @10.60% per annum with yearly rests from 30.11.2021. ORDER

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Punjab National Bank, (Applicant Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.20,69,231/- with interest against Sh. Sukhwant Singh and another (defendants).

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Bank’s case is that on 23.07.2015, it had granted a KCC Limit of Rs.13.00 Lacs to defendants for agricultural purpose. To secure the loan, Defendant No.1 had mortgaged his land (fully detailed in para No.5.6 of the application). The loan was chargeable to interest @10.60% per annum with yearly rests. On 30.11.2021, a sum of Rs.20,69,231/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 08.03.2022, 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 25.07.2022, they were proceeded_ex_ parte.
4. In order to prove its case, the Bank has placed on record the affidavit of Mr. Sanjay Kumar, Authorized Officer along with the loan and security documents and marked them as Exhibit A-1 to A-11.
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.13.00 Lacs and on 30.11.2021, a sum of Rs.20,69,231/- was due.
6. Accordingly, the application of the bank for the recovery of
Rs.20,69,231/- (Rupees Twenty Lacs Sixty Nine Thousand Two
Hundred and Thirty One Only) with interest @10.60% per annum with
yearly rests from 30.11.2021, 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.
7. Pending IAs, if any, stand disposed of.
8. Recovery Certificate be issued accordingly.
9. Parties are directed to appear before Recovery Officer on
18.07.2023, 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: 17.05.2023 Presiding Officer DRT-1, Chandigarh Pankaj

Punjab National Bank v. Sukhwant Singh

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Sukhwant Singh

Case brief

What is this about?

What did the court decide?

What the court decided

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