Allowed

Union Bank of India (Corporation Bank) v. Jagdeep Singh

DRT25 Nov 2024OA/1063/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's application for the recovery of dues of Rs.73,82,581.22 with interest. The court directed recovery via the sale of mortgaged land and other properties, issuing a recovery certificate.

What did the court decide?

Recovery of Rs.73,82,581.22 with interest; issuance of Recovery Certificate; direction to distribute sale proceeds of mortgaged land and crops.

Union Bank of India (Corporation Bank) versus Jagdeep Singh — 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: 1063/2022 Date of Institution: 27.05.2022 Date of Decision: 25.11.2024

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Union Bank of India, (erstwhile Corporation Bank), one of its Branch Office at Kotkapura, Faridkot Road, Near Civil Hospital, Kotkapura – 151204.

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……..Applicant

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Vs.

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Jagdeep Singh S/o Sh. Harbans Singh, R/o Village Smagh, Tehsil and District Sri Muktsar Sahib, Punjab – 152026.

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……….Defendant

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Advocates

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Sh. Ajay Singla, Counsel for the applicant bank. Defendant – ex parte

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OA for the Recovery of Rs.73,82,581.22p with interest @9.65% per annum with half yearly rests from 27.05.2022.

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ORDER

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Union Bank of India, (Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.73,82,581.22p with interest against Sh. Jagdeep Singh (defendant).

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Bank’s case is that on 05.08.2014, it had granted a loan of Rs.60.00 Lacs to defendant in the form of CCCKL for agricultural purpose. To secure the loan, Defendant had mortgaged his land (fully detailed in para No.3(A) of the application). The loan was chargeable to interest @11.50% per annum. On 27.05.2022, a sum of Rs.73,82,581.22p was due from the defendant. Despite repeated requests, defendant did not make the repayment. Hence, this application.

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On 16.06.2022, summons was sent to the defendant by registered post, which was duly served. However, defendant did not put in appearance. Vide order dated 04.12.2023, he was proceeded ex parte .

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In order to prove its case, the Bank has placed on record the affidavit of Mr. Surinder Pal, Branch Manager along with the loan and security documents and marked them as Exhibit A-1 to A-15. 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.60.00 Lacs and on 27.05.2022, a sum of Rs.73,82,581.22p was due. 6. Accordingly, the application of the bank for the recovery of Rs.73,82,581.22p (Rupees Seventy Three Lacs Eighty Two Thousand Five Hundred Eighty One and Paisa Twenty Two Only) with interest @9.65% per annum with half yearly rests from 27.05.2022, till the date of payment is hereby allowed with costs. 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 defendant. 7. Pending IAs, if any, stand disposed of. 8. Recovery Certificate be issued accordingly. 9. Parties are directed to appear before Recovery Officer on 03.01.2025, 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: 25.11.2024 Presiding Officer DRT-1, Chandigarh Pankaj

Union Bank of India (Corporation Bank) v. Jagdeep Singh

Case brief

What is this about?

What did the court decide?

Union Bank of India (Corporation Bank) v. Jagdeep Singh

Case brief

What is this about?

What did the court decide?

What the court decided

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