Allowed

Punjab National Bank v. Sh Inderjit Singh

DRT29 Jul 2024OA/1143/2022

Case brief

AI extract

What is this about?

An application was filed by Punjab National Bank under Section 19 of the RDB Act for recovery of Rs.32,86,822/- with interest against two defendants who were borrowers and a guarantor. Upon proceeding ex parte, the Tribunal allowed the application to recover the dues by sale of mortgaged agricultural lands and personal properties.

What did the court decide?

Recovery of Rs.32,86,822/- with interest at 13.75% per annum with half-yearly rests from 01.04.2022 via sale of mortgaged lands and personal properties.

Punjab National Bank versus Sh Inderjit Singh — Insolvency and Bankruptcy | 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: 1143/2022 Date of Institution: 27.05.2022 Date of Decision: 29.07.2024

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Punjab National Bank, a Branch Office at Sadar Bazar, Ferozepur Cantt, District Ferozepur, Punjab.

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……..Applicant

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Vs.

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Sh. Inderjit Singh S/o Sh. Hardeep Singh, R/o H.No.37, Village Bhabra Azam Shah, Tehsil and District Ferozepur.

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Sh. Kala Singh S/o Sh. Mohinder Singh, R/o Village Bhabra Azam Shah, Tehsil and District Ferozepur.

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……….Defendants

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Advocates

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Ms. Sonal, proxy Counsel for Sh. Pankaj Beri, Counsel for the applicant bank.

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Defendants – ex parte

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OA for the Recovery of Rs.32,86,822/- with interest @13.75% per annum with half yearly rests from 01.04.2022.

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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.32,86,822/- with interest against Sh. Inderjit Singh and another (defendants).

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Bank’s case is that on 13.03.2012, it had granted a loan of Rs.12.00 Lacs to defendant No.1 in the form of Oriental Green Card i.e. C.C Limit from (erstwhile Oriental Bank of Commerce) 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.5(vi) of the application). Further, on 10.05.2013, at the request of defendant No.1, bank had sanctioned OKGC (Term Loan) of Rs.5.00

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Lacs. Further, to secure the loan, Defendant No.1 had mortgaged his agricultural land (fully detailed in para No.5(x) of the application). The loan was chargeable to interest different rates of interest. On 01.04.2022, a sum of Rs.32,86,822/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 28.06.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 16.03.2023, 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. Sandeep Kumar, Senior Manager along with the loan and security documents and marked them as Exhibit A-1 to A-14. 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.17.00 Lacs and on 01.04.2022, a sum of Rs.32,86,822/- was due out of which a sum of Rs.24,01,784/- was due in OGC Limit and Rs.8,85,038/- in OKGC (Term Loan).

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Accordingly, the application of the bank for the recovery of Rs.32,86,822/- (Rupees Thirty Two Lacs Eighty Six Thousand Eight Hundred and Twenty Two Only) with interest @13.75% per annum with half yearly rests from 01.04.2022, 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 lands 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.

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Recovery Certificate be issued accordingly. 9. Parties are directed to appear before Recovery Officer on 30.08.2024, who is directed to distribute the sale proceeds of the mortgage lands 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.

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Pronounced in the open court. (A S Narang) Dated: 29.07.2024 Presiding Officer DRT-1, Chandigarh Pankaj

Punjab National Bank v. Sh Inderjit Singh

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Sh Inderjit Singh

Case brief

What is this about?

What did the court decide?

What the court decided

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