Allowed

Punjab Gramin Bank v. Sh Beant Singh

DRT11 Sept 2023OA/794/2022

Case brief

AI extract

What is this about?

DRT-I Chandigarh allowed an application filed by Punjab Gramin Bank for recovery of Rs. 45,17,495.34p with interest against Sh. Beant Singh, who failed to repay agricultural and term loans. The court proceeded ex parte due to the defendant's absence and authorised recovery via sale of mortgaged land and personal properties.

What did the court decide?

Recovery of Rs.45,17,495.34p with interest directed; Recovery Certificate issued; sale of mortgaged property ordered.

Punjab Gramin Bank versus Sh Beant 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: 794 of 2022 Date of Institution: 21.04.2022 Date of Decision: 11.09.2023

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Punjab Gramin Bank, Bhai Jeeta Singh Market Complex, Kacheri Chowk, Barnala, District Barnala, Punjab

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……..Applicant

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Vs.

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Sh. Beant Singh S/o Sh. Harpal Singh, R/o Village Naiwala, Tehsil And District Barnala, Punjab.

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……….Defendant

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Advocates

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Sh. Saurabh Modi, Counsel for the applicant bank. Defendant- Ex parte

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OA for the Recovery of Rs.45,17,495.34p with interest @10.00% per annum with yearly rests from 01.04.2022. ORDER

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Punjab Gramin 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.45,17,495.34p with interest against Sh. Beant Singh (defendant).

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Bank’s case is that on 24.06.2016, it had granted KCC Limit of Rs.16.80 lacs and KGC- Term Loan of Rs.10.00 lacs to defendant for agricultural purpose. To secure the loan, Defendant had mortgaged his land admeasuring 56K-0M, situated at Village Naiwala, Teh. And District Barnala {fully detailed in para No.3(A) of the application}. The said loans were chargeable to different rate of interest. On 31.03.2022, a sum of Rs.45,17,495.34p was due from the defendant. Despite repeated requests, defendant did not make the repayment. Hence, this application. 3. On 18.05.2022, summons was sent to the defendant by registered post, which was duly served. However, defendant did not put in appearance. Vide order dated 01.12.2022, he was proceeded ex parte .

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In order to prove its case, the Bank has placed on record the affidavit of Mr. Baldev Kumar Bansal, 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.26.80 lacs and on 31.03.2022, a sum of Rs.45,17,495.34p was due. 6. Accordingly, the application of the bank for the recovery of Rs.45,17,495.34p (Rupees Forty-Five Lacs Seventeen Thousand Four Hundred Ninety-Five And Paise Thirty Four Only) with interest @10.00% per annum with yearly rests from 01.04.2022, till the date of payment is hereby allowed with costs. Bank can recover its dues by the sale of mortgaged property i.e. land admeasuring 56K-0M, situated at Village Naiwala, Teh. And District Barnala {fully detailed in para No.3(A) of the application} as well as from the personal movable and immovable property(ies) of the defendant.

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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 13.10.2023 , who is directed to distribute the sale proceeds of the mortgage property 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: 11^th September, 2023 Presiding Officer DRT-1, Chandigarh

Punjab Gramin Bank v. Sh Beant Singh

Case brief

What is this about?

What did the court decide?

Punjab Gramin Bank v. Sh Beant Singh

Case brief

What is this about?

What did the court decide?

What the court decided

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