Allowed

Bank of India v. Sh Manjeet Singh

DRT9 Mar 2023OA/912/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Bank of India's application for recovery of Rs.27,34,897/- with interest against four respondents who were joint and several liable. Being served defendants appeared ex parte; the Tribunal was satisfied that the loan advanced was genuine and due.

What did the court decide?

Application for recovery of Rs.27,34,897/- with interest allowed. Recovery Certificate issued. Sale of mortgaged land to be proceeded with.

Bank of India versus Sh Manjeet Singh — Specific Performance | 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: 912/2022

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Date of Institution: 06.05.2022 Date of Decision: 09.03.2023

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Bank of India, Branch at Opposite Sanjeev Cinema, G.T Road, Fazilka, Tehsil and District Fazilka 152123.

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……..Applicant

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Vs.

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Sh. Manjeet Singh S/o Sh. Vasava Singh @ Wadhawa Singh R/o Village Muradwala Dal Singh, Tehsil and District Fazilka, Punjab.

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Sh. Nirvair Singh @ Narveer Singh S/o Sh. Manjeet Singh R/o Village Muradwala Dal Singh, Tehsil and District Fazilka, Punjab.

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Sh. Yadwinder Singh S/o Sh. Kikkar Singh R/o Village Muradwala Dal Singh, Tehsil and District Fazilka, Punjab.

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Sh. Iqbal Singh S/o Sh. Gurdev Singh R/o Village Muradwala Dal Singh, Tehsil and District Fazilka, Punjab.

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……….Defendants

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Advocates

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Ms. Sonal, proxy Counsel for Sh. Pankaj Beri, Counsel for the applicant bank.

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Defendants – ex parte

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OA for the Recovery of Rs.27,34,897/- with interest @14.30% per annum with half yearly rests from 31.03.2022.

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ORDER

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Bank of India, (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.27,34,897/- with interest against Sh. Manjeet Singh and others (defendants).

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Bank’s case is that on 04.01.2016, it had granted a KCC Limit of Rs.4.00 Lacs and OD Limit of Rs.8.00 Lacs to defendant No.1 and 2 for

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agricultural purpose. Defendant No.3 and 4 stood guarantors. To secure the loan, Defendant No.1 and 2 had mortgaged their agricultural land (fully detailed in para No.5(h) of the application). The loan was chargeable to interest @14.30% per annum with half yearly rests. On 31.03.2022, a sum of Rs.27,34,897/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 01.06.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 12.01.2023, 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. Chetan Negi, Chief Manager along with the loan and security documents and marked them as Exhibit A-1 to A-19.

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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.12.00 Lacs and on 31.03.2022, a sum of Rs.27,34,897/- was due.

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Accordingly, the application of the bank for the recovery of Rs.27,34,897/- (Rupees Twenty Seven Lacs Thirty Four Thousand Eight Hundred and Ninety Seven Only) with interest @14.30% per annum with half yearly rests from 31.03.2022, 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(h) of the application as well as from the personal movable and immovable property(ies) of the defendants.

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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 11.04.2023, 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: 09.03.2023 Presiding Officer DRT-1, Chandigarh Pankaj

Bank of India v. Sh Manjeet Singh

Case brief

What is this about?

What did the court decide?

Bank of India v. Sh Manjeet Singh

Case brief

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