Allowed

Punjab National Bank v. Narinderjit Singh

DRT17 Jul 2023OA/83/2022

Case brief

AI extract

What is this about?

The DRT allowed the bank's application for recovery of Rs. 27,18,602/- with interest, holding the bank proved an agricultural loan and outstanding dues. The debt was declared joint and several with the debtor's heirs liable up to inherited property.

What did the court decide?

Recovery of Rs. 27,18,602/- with interest allowed; Recovery Certificate issued; Sale proceeds to be distributed by Recovery Officer.

Punjab National Bank versus Narinderjit 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: 83/2022

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Date of Institution: 12.01.2022 Date of Decision: 17.07.2023

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Punjab National Bank, one of its Branch Office at Lambra, District Jalandhar, Punjab.

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……..Applicant

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Vs.

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Narinderjit Singh S/o Sh. Malagar Singh R/o Village Nangal Salempur, District Jalandhar, Punjab.

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Malagar Singh (since deceased) S/o Sh. Sunder Singh R/o Village Nangal Salempur, District Jalandhar, Punjab, through his legal representatives:-

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(a) Smt. Bhan Kaur (Wife)

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(b) S. Satnam Singh (Son)

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(d) S. Charanjit Singh (Son)

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All R/o Village Nangal Satempur, District Jalandhar, Punjab.

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Sukhvir Singh S/o Sh. Gurdeep Singh R/o Village Partappura, P.O . Lohara, District Jalandhar.

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……….Defendants

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Advocates

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Ms, Shivya Sehgal, Counsel for the applicant bank.

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Defendants – ex parte

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OA for the Recovery of Rs.27,18,602/- with interest @10.35% per annum with half yearly rests from 01.01.2022.

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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.27,18,602/- with interest against Sh. Narinderjit Singh and others (defendants).

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Bank’s case is that on 27.05.2010, it had granted a loan of Rs.25.00 Lacs to defendant Nos.1 and 2 in the form of OGC Limit for agricultural purpose. Defendant No.3 had stood as guarantor. To secure the loan, Defendant No.2 (now deceased) had mortgaged his agricultural land measuring 21K – 14M situated at Village Nangal Salempur, District Jalandhar, (fully detailed in para No.5.10 of the application). The loan was chargeable to interest @10.35% per annum with half yearly rests. On 01.01.2022, a sum of Rs.27,18,602/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 09.03.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 05.08.2022, 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. Chander Parkash Sidhu, 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.25.00 Lacs and on 01.01.2022, a sum of Rs.27,18,602/- was due. 6. Accordingly, the application of the bank for the recovery of Rs.27,18,602/- (Rupees Twenty Seven Lacs Eighteen Thousand Six Hundred and Two Only) with interest @10.35% per annum with half yearly rests from 01.01.2022, till the date of payment is hereby allowed with costs. The liability of defendant Nos.1 and 3 would be joint and several. The LRs of defendant No.2 would be liable to the extent of property inherited by them from Sh. Malagar Singh, (Deceased). Bank can recover its dues by the sale of agricultural land measuring 21K –

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14M situated at Village Nangal Salempur, District Jalandhar, (fully detailed in para No.5.10 of the application) as well as from the personal movable and immovable property(ies) of the defendant Nos.1 and 3.

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Pending IAs, if any, stand disposed of.

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Recovery Certificate be issued accordingly.

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Parties are directed to appear before Recovery Officer on 18.08.2023, 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 .

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A Copy of this order along with Recovery Certificate be sent to the Recovery Officer as well as the parties.

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Pronounced in the open court. (A S Narang) Dated: 17.07.2023 Presiding Officer DRT-1, Chandigarh

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Pankaj

Punjab National Bank v. Narinderjit Singh

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Narinderjit Singh

Case brief

What is this about?

What did the court decide?

What the court decided

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