Allowed

Canara Bank v. Sh. Navdeep Singh

DRT17 Sept 2024OA/1030/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's application for recovery of Rs.29.52 lakhs with interest advanced to a borrower and guaranteed by another, who failed to appear. The court directed issuance of a Recovery Certificate and appearance before the Recovery Officer for sale of mortgaged property.

What did the court decide?

Application allowed; recovery of Rs.29,52,139/- with interest directed; Recovery Certificate issued; parties directed to appear for sale of mortgaged land.

Canara Bank versus Sh. Navdeep Singh — Contract and Commercial Disputes | 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: 1030/2022 Date of Institution: 30.05.2022 Date of Decision: 17.09.2024

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Canara Bank, Branch Office at Near New Bus Stand, Gurdaspur, Punjab.

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……..Applicant Vs.

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Sh. Navdeep Singh S/o Sh. Amrik Singh, R/o Village Magar Mudian, District Gurdaspur, Punjab.

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Sh. Baghel Singh S/o Sh. Balbir Singh, R/o Village Bahian, District Gurdaspur, Punjab.

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……….Defendants

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Advocates

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Ms. Priya Yogi, proxy Counsel for Sh. R.K. Jindal, Counsel for the applicant bank. Defendants – ex parte

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OA for the Recovery of Rs.29,52,139/- with interest @11.80% per annum with half yearly rests from 30.05.2022.

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ORDER

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Canara 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.29,52,139/- with interest against Sh. Navdeep Singh and another (defendants).

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Bank’s case is that on 30.11.2014, it had granted a KCC Limit of Rs.20.00 Lacs to defendant No.1 for agricultural purpose. Defendant No.2 had stood guarantor. To secure the loan, Defendant No.1 had mortgaged his agricultural land (fully detailed in para No.3(A) of the application). The loan was chargeable to interest @11.80% per annum with half yearly rests. On 30.05.2022, a sum of Rs.29,52,139/- was due from the defendants. On 25.10.2017, defendant No.1 had acknowledged the debt and security letters vide (Exhibit A/7). Despite repeated

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requests, defendants did not make the repayment. Hence, this application.

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On 14.06.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 24.08.2023, 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. Monish Kattal, Manager along with the loan and security documents and marked them as Exhibit A-1 to A-9.

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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.20.00 Lacs and on 30.05.2022, a sum of Rs.29,52,139/- was due. 6. Accordingly, the application of the bank for the recovery of Rs.29,52,139/- (Rupees Twenty Nine Lacs Fifty Two Thousand One Hundred and Thirty Nine Only) with interest @11.80% per annum with half yearly rests from 30.05.2022, 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 agricultural 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 18.10.2024, 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. Pronounced in the open court. (A S Narang) Dated: 17.09.2024 Presiding Officer DRT-1, Chandigarh Pankaj

Canara Bank v. Sh. Navdeep Singh

Case brief

What is this about?

What did the court decide?

Canara Bank v. Sh. Navdeep Singh

Case brief

What is this about?

What did the court decide?

What the court decided

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