Allowed

Punjab National Bank (Oriental Bank of Commerce) v. Mr Baljinderjit Singh

DRT24 Sept 2024OA/1000/2022

Case brief

AI extract

What is this about?

The Tribunal allowed the applicant bank's application under Section 19 of the RDB Act for recovery of Rs.22,93,262/-. The court held the defendants liable jointly and severally and directed the issuance of a recovery certificate and appearance before the Recovery Officer.

What did the court decide?

Recovery of Rs.22,93,262/- with interest, joint and several liability of defendants, issuance of Recovery Certificate, appearance before Recovery Officer.

Punjab National Bank (Oriental Bank of Commerce) versus Mr… — Execution and Attachment | DRT (2024)

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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: 1000/2022 Date of Institution: 10.05.2022 Date of Decision: 24.09.2024

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Punjab National Bank, (erstwhile OBC), a branch amongst at G.T. Road, Bhogpur, District Jalandhar, Punjab.

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……..Applicant

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Vs.

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Mr. Baljinderjit Singh S/o Sh. Gurnam Singh, R/o VPO Ladhra, Tehsil Bhogpur, District Jalandhar, Punjab.

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Mr. Narinderjit Singh S/o Sh. Kirpal Singh, R/o VPO Ladhra, Tehsil Bhogpur, District Jalandhar, Punjab.

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……….Defendants

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Advocates

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

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OA for the Recovery of Rs.22,93,262/- with interest @8.50% per annum with half yearly rests from 10.05.2022.

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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.22,93,262/- with interest against Sh. Baljinderjit Singh and another (defendants).

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Bank’s case is that on 01.02.2012, it had granted a KCC Limit of Rs.8.00 Lacs to defendant No.1 for agricultural purpose. Defendant No.2 had stood guarantor. Further, on 15.07.2015, at the request of defendant No.1 bank had granted Rs.15.00 Lacs. To secure the loan, Defendant No.1 had mortgaged his land (fully detailed in para No.3(A) of the application). The loan was chargeable to interest @8.50% per annum with half yearly rests. On 10.05.2022, a sum of Rs.22,93,262/- was due from the defendants. On 29.06.2018; 14.09.2020 and 30.07.2021,

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defendant No.1 had executed Balance and Security Confirmation letters vide (Exhibit A-17 to A-19). Despite repeated requests, defendants did not make the repayment. Hence, this application.

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3. On 18.06.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 15.03.2023, they were proceeded_ex_ parte.
4. In order to prove its case, the Bank has placed on record the affidavit of Mr. Rakesh Kumar, Senior Manager along with the loan and security documents and marked them as Exhibit A-1 to A-21.
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 10.05.2022, a sum of Rs.22,93,262/- was due.
6. Accordingly, the application of the bank for the recovery of
Rs.22,93,262/- (Rupees Twenty Two Lacs Ninety Three Thousand Two
Hundred and Sixty Two Only) with interest @8.50% per annum with half yearly rests from 10.05.2022, 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.3(A) 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
25.10.2024, who is directed to distribute the sale proceeds of the
mortgage land and standing crops as per the provisions of Section 19(20- AB) 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. Pronounced in the open court. (A S Narang) Dated: 24.09.2024 Presiding Officer DRT-1, Chandigarh Pankaj

Punjab National Bank (Oriental Bank of Commerce) v. Mr Baljinderjit Singh

Case brief

What is this about?

What did the court decide?

Punjab National Bank (Oriental Bank of Commerce) v. Mr Baljinderjit Singh

Case brief

What is this about?

What did the court decide?

What the court decided

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