Allowed

Punjab National Bank v. Kulwinder Singh

DRT16 Oct 2023OA/583/2022

Case brief

AI extract

What is this about?

DRT upheld the bank's application for recovery of Rs. 23,69,888 with interest against a defaulting borrower. The applicant advanced a secured loan for which no repayment was made. The court allowed recovery from mortgaged land and personal assets and directed issuance of a Recovery Certificate.

What did the court decide?

Recovery of Rs. 23,69,888 with interest allowed; Recovery Certificate to be issued; Recovery Officer to distribute sale proceeds.

Punjab National Bank versus Kulwinder Singh — Execution and Attachment | 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: 583/2022

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Date of Institution: 21.03.2022 Date of Decision: 16.10.2023

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Punjab National Bank, Head Office at Punjab National Bank Plot No.4, Sector 10, Dwarka, New Delhi.

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……..Applicant Vs.

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Kulwinder Singh S/o Sh. Gurnam Singh, R/o Village Marrar, Tehsil Batala, District Gurdaspur, Punjab.

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……….Defendant

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Advocates

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Sh. Bharat Kawal, proxy Counsel for Sh. KS Manhas, Counsel for the applicant bank.

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Defendant – ex parte

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OA for the Recovery of Rs.23,69,888/- with interest @8.85% per annum with yearly rests from 08.01.2022.

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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.23,69,888/- with interest against Sh. Kulwinder Singh (defendant).

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Bank’s case is that on 23.09.2016, it had granted a KCC Limit of Rs.15.00 Lacs to defendant for agricultural purpose. To secure the loan, Defendant had mortgaged his land (fully detailed in para No.3(A) of the application). The loan was chargeable to interest @8.85% per annum with yearly rests. On 08.01.2022, a sum of Rs.23,69,888/- was due from the defendant. Despite repeated requests, defendant did not make the repayment. Hence, this application.

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On 22.04.2022, summons was sent to the defendants by registered post, which was duly served. However, defendant did not put in appearance. Vide order dated 08.12.2022, he was proceeded ex parte . 4. In order to prove its case, the Bank has placed on record the affidavit of Mr. Gurpreet Singh, Authorized Officer along with the loan and security documents and marked them as Exhibit A-1 to A-14. 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.15.00 Lacs and on 08.01.2022, a sum of Rs.23,69,888/- was due. 6. Accordingly, the application of the bank for the recovery of Rs.23,69,888/- (Rupees Twenty Three Lacs Sixty Nine Thousand Eight Hundred and Eighty Eight Only) with interest @8.85% per annum with yearly rests from 08.01.2022, till the date of payment is hereby allowed with costs. 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 defendant. 7. Pending IAs, if any, stand disposed of. 8. Recovery Certificate be issued accordingly. 9. Parties are directed to appear before Recovery Officer on 17.11.2023, who is directed to distribute the sale proceeds of the 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: 16.10.2023 Presiding Officer DRT-1, Chandigarh Pankaj

Punjab National Bank v. Kulwinder Singh

Case brief

What is this about?

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Punjab National Bank v. Kulwinder Singh

Case brief

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