Allowed

Kotak Mahindra Bank Limited v. Jaswant Singh

DRT21 Aug 2024OA/1009/2022

Case brief

AI extract

What is this about?

In an application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993, Kotak Mahindra Bank Ltd. sought recovery of a dues of Rs.36,53,083/- with interest against three defendants. The defendants, who had mortgaged properties to secure an agricultural loan, failed to appear after service of summonses. The Presiding Officer found the loan advanced and the amount due established by bank evidence, allowing the recovery application and directing the issuance of a Recovery Certificate.

What did the court decide?

Allowed recovery of Rs.36,53,083/- with interest from the date of filing until payment. Issued Recovery Certificate to be executed by the Recovery Officer.

Kotak Mahindra Bank Limited versus Jaswant Singh — Company and Corporate | 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: 1009 of 2022 Date of Institution: 09.05.2022 Date of Decision: 21.08.2024 ……..Applicant Vs.

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Kotak Mahindra Bank Ltd., Fatehgarh Sahib, Punjab.

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Jaswant Singh S/o Mewa Singh, R/o H. No.18, Village Khanpur Khurd, Tehsil Rajpura, District Patiala, Punjab-140401.

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Mewa Singh S/o Hardit Singh, R/o H. No.18, Village Khanpur Khurd, Tehsil Rajpura, District Patiala, Punjab-140401.

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Salinder Singh S/o Hardev Singh, R/o Village Bhappal, Tehsil Rajpura, District Patiala, Punjab-140401.

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……….Defendants

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Advocates

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Sh. Sumeet Sehgal, Counsel for the applicant bank. Defendants- Ex parte.

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OA for the Recovery of Rs.36,53,083/- with interest @12% per annum with half yearly rests from the date of filing the present application i.e. 09.05.2022.

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ORDER

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Kotak Mahindra Bank Ltd., (Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.36,53,083/- with interest against Jaswant Singh And Others (defendants).

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Bank’s case is that on 13.03.2015, it had granted KCC Limit of Rs.28.00 lacs to defendant nos.1 and 2 for agricultural purpose. Defendant no.3 stood as guarantor. To secure the loan, Defendant nos.1 and 2 had mortgaged their immovable properties (fully detailed in para No.3A of the application). The loan was chargeable to interest @12% per annum with half yearly rests. On 31.03.2022, a sum of

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Rs.36,53,083/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application. 3. On 10.06.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 21.07.2023, they were proceeded ex parte . 4. In order to prove its case, the Bank has placed on record the affidavit of Mr. Munish Sharma, Authorized Representative along with the loan and security documents and marked them as Exhibit A-1 to A- 18. 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.28.00 lacs and on 31.03.2022, a sum of Rs.36,53,083/- was due. 6. Accordingly, the application of the bank for the recovery of Rs.36,53,083/- (Rupees Thirty Six Lacs Fifty Three Thousand Eighty Three Only) with interest @12% per annum with half yearly rests from the date of filing the present application i.e. 09.05.2022, 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 properties, fully detailed in para No.3A 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 24.09.2024 , who is directed to distribute the sale proceeds of the

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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: 21.08.2024 Presiding Officer DRT-1, Chandigarh

Kotak Mahindra Bank Limited v. Jaswant Singh

Case brief

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Kotak Mahindra Bank Limited v. Jaswant Singh

Case brief

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What did the court decide?

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