Allowed

Punjab National Bank (Oriental Bank of Commerce) v. Sh. Manjit Singh

DRT20 Sept 2023OA/334/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's application for recovery of Rs. 30,21,703/- with interest against the defendants. The court held that the bank proved its loan and non-repayment. It directed recovery via sale of mortgaged land and other properties and issued a Recovery Certificate.

What did the court decide?

Recovery of Rs.30,21,703/- with interest allowed; Recovery Certificate issued; Order for sale of mortgaged land passed.

Punjab National Bank (Oriental Bank of Commerce) versus Sh… — 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: 334/2022 Date of Institution: 11.02.2022 Date of Decision: 20.09.2023

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Punjab National Bank, (erstwhile Oriental Bank of Commerce), a branch amongst at Dana Mandi, Phillaur, District Jalandhar, Punjab.

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……..Applicant

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Vs.

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Sh. Manjit Singh S/o Sh. Joginder Singh, R/o Village Jhugian Maha Singh, PO Nagar, Tehsil Phillaur, District Jalandhar, Punjab.

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Sh. Daljit Singh S/o Sh. Manjit Singh, R/o Village Jhugian Maha Singh, PO Nagar, Tehsil Phillaur, District Jalandhar, Punjab.

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……….Defendants

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Advocates

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Sh. SN Sharma, Counsel for the applicant bank. Defendants – ex parte

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OA for the Recovery of Rs.30,21,703/- with interest @8.85% per annum with half yearly rests from 09.02.2022.

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ORDER

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Punjab National Bank, (erstwhile Oriental Bank of Commerce), (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.30,21,703/- with interest against Sh. Manjit Singh and another (defendants).

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Bank’s case is that on 24.09.2013, it had granted a loan of Rs.20.00 Lacs to defendants in the form of KCC Limit for agricultural purpose. To secure the loan, Defendants had mortgaged their land (fully detailed in para No.5.5 of the application). The loan was chargeable to

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interest @8.85% per annum with half yearly rests. On 09.02.2022, a sum of Rs.30,21,703/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 29.04.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 18.01.2023, 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. Neeraj Kapoor, Senior Manager along with the loan and security documents and marked them as Exhibit A-1 to A-13. 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.20.00 Lacs and on 09.02.2022, a sum of Rs.30,21,703/- was due. 6. Accordingly, the application of the bank for the recovery of Rs.30,21,703/- (Rupees Thirty Lacs Twenty One Thousand Seven Hundred and Three Only) with interest @8.85% per annum with half yearly rests from 09.02.2022, 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.5.5 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 20.10.2023, 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: 20.09.2023 Presiding Officer DRT-1, Chandigarh Pankaj

Punjab National Bank (Oriental Bank of Commerce) v. Sh. Manjit Singh

Case brief

What is this about?

What did the court decide?

Punjab National Bank (Oriental Bank of Commerce) v. Sh. Manjit Singh

Case brief

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What did the court decide?

What the court decided

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