Allowed

Axis Bank v. Kuldip Singh

DRT23 Aug 2024OA/1098/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an application filed by Axis Bank Ltd. for recovery of Rs.24,07,266.86p with interest against two defendants. The court accepted bank evidence, declared dues payable, and directed issuance of a Recovery Certificate, ordering the Recovery Officer to sell mortgaged land.

What did the court decide?

Application allowed; Recovery Certificate issued; Recovery Officer directed to sell mortgaged land and crops and distribute proceeds.

Axis Bank versus Kuldip 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: 1098/2022 Date of Institution: 27.05.2022 Date of Decision: 23.08.2024

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Axis Bank Ltd., one of its branch offices amongst other places known as Axis Bank Ltd., situated in SCO No.367-368, 3^rd Floor, Above Akash Education Institute, Sector 34-A, Chandigarh.

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……..Applicant

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Vs.

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Kuldip Singh S/o Sh. Gurmel Singh.

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Parvinder Kaur W/o Sh. Kuldip Singh. Both R/o H.No.584, Village Bajakhana, Tehsil Jaiton, District Faridkot, Punjab – 151205.

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……….Defendants

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Advocates

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Sh. Rahul Garg, Counsel for the applicant bank. Defendants – ex parte

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OA for the Recovery of Rs.24,07,266.86p with interest @13% per annum with half yearly rests from 27.05.2022.

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ORDER

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Axis 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.24,07,266.86p with interest against Sh. Kuldip Singh and another (defendants).

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Bank’s case is that on 24.03.2015, it had granted a loan of Rs.21.00 Lacs to defendants in the form of production credit facility for agricultural purpose. 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 @13% per annum with half yearly rests. On 27.05.2022, a sum of Rs.24,07,266.86p was due from the defendants.

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

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On 20.06.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 13.03.2023, they were proceeded ex parte . 4. In order to prove its case, the Bank has placed on record the affidavit of Mr. Rohit Varun Singh Thakur, Deputy Manager along with the loan and security documents and marked them as Exhibit A-1 to A-9. 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.21.00 Lacs and on 27.05.2022, a sum of Rs.24,07,266.86p was due. 6. Accordingly, the application of the bank for the recovery of Rs.24,07,266.86p (Rupees Twenty Four Lacs Seven Thousand Two Hundred Sixty Six and Paisa Eighty Six Only) with interest @13% per annum with half yearly rests from 27.05.2022, 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 24.09.2024, 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: 23.08.2024 Presiding Officer DRT-1, Chandigarh Pankaj

Axis Bank v. Kuldip Singh

Case brief

What is this about?

What did the court decide?

Axis Bank v. Kuldip Singh

Case brief

What is this about?

What did the court decide?

What the court decided

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