Allowed

Kotak Mahindra Bank Limited v. Gurbinder Singh

DRT4 Oct 2024OA/119/2022

Case brief

AI extract

What is this about?

DRT allowed the applicant bank's application under Section 19 of the RDB Act for recovery of Rs. 79,74,048/- with interest against the defendants for a breach of KCC loan agreement, permitting recovery via mortgaged land or personal assets.

What did the court decide?

Recovery of Rs.79,74,048/- with interest @12% p.a. jointly and severally from all defendants; Recovery Certificate issued.

Kotak Mahindra Bank Limited versus Gurbinder Singh — Banking and Recovery | 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: 119/2022 Date of Institution: 18.01.2022 Date of Decision: 04.10.2024

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Kotak Mahindra Bank Ltd., branches at different places one in Ajnala, District Amritsar.

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……..Applicant

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Vs.

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Gurbinder Singh S/o Amrik Singh, R/o H.No.13, Village Jagdev Khurd, Tehsil Ajnala, District Amritsar – 143102.

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Gurpreet Singh S/o Amrik Singh, R/o H.No.80, Village Jagdev Khurd, Tehsil Ajnala, District Amritsar – 143102.

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Amrik Singh S/o Niranjan Singh, R/o H.No.80, Village Jagdev Khurd, Tehsil Ajnala, District Amritsar – 143102.

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Sukhbir Kaur W/o Amrik Singh, R/o H.No.81, Village Jagdev Khurd, Tehsil Ajnala, District Amritsar – 143102.

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Sarabjit Kaur W/o Gurbinder Singh, R/o H.No.13, Village Jagdev Khurd, Tehsil Ajnala, District Amritsar – 143102.

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Amandeep Singh S/o Pal Singh, R/o VPO Gurala, Tehsil Ajnala, District Amritsar – 143001. ……….Defendants

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Advocates

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Sh. JS Sehgal, Counsel for the applicant bank. Defendants – ex parte

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OA for the Recovery of Rs.79,74,048/- with interest @12% per annum with half yearly rests from 18.01.2022.

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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.79,74,048/- with interest against Sh. Gurbinder Singh and others (defendants). 2. Bank’s case is that on 22.07.2014, it had granted a KCC Limit of Rs.60.00 Lacs to defendant Nos.1 to 5 for agricultural purpose.

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Defendant No.6 had stood guarantor. To secure the loan, Defendant Nos.1, 3 and 4 had mortgaged their land (fully detailed in para No.3(A) of the application). The loan was chargeable to interest @12% per annum with half yearly rests. On 18.01.2022, a sum of Rs.79,74,048/was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 22.04.2022, summonses were sent to the defendants by registered post, which were duly served. Though, defendants put in appearance yet, failed to file written statement and vide order dated 13.10.2023, 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. Munish Sharma, Manager along with the loan and security documents and marked them as Exhibit A-1 to A-22.

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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.60.00 Lacs and on 18.01.2022, a sum of Rs.79,74,048/- was due. 6. Accordingly, the application of the bank for the recovery of Rs.79,74,048/- (Rupees Seventy Nine Lacs Seventy Four Thousand and Forty Eight Only) with interest @12% per annum with half yearly rests from 18.01.2022, 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.

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Parties are directed to appear before Recovery Officer on 06.11.2024, 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 . 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: 04.10.2024 Presiding Officer DRT-1, Chandigarh Pankaj

Kotak Mahindra Bank Limited v. Gurbinder Singh

Case brief

What is this about?

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Kotak Mahindra Bank Limited v. Gurbinder Singh

Case brief

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What did the court decide?

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