Debts Recovery Tribunal allowed PNB's OA for recovery of Rs.25,01,124/- plus interest against two respondents who failed to repay an agricultural KCC loan secured by a mortgage.
Recovery of Rs.25,01,124/- with interest @8.85% p.a. from 31.12.2021; joint and several liability; sale of mortgaged land; issuance of Recovery Certificate.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
BEFORE: A S NARANG, PRESIDING OFFICER
OA No: 13/2022 Date of Institution: 31.12.2021 Date of Decision: 22.08.2024
Punjab National Bank, Branch Offices amongst others at Circle Sastra Centre, Jalandhar West, District Jalandhar.
……..Applicant
Vs.
……….Defendants
Advocates
Sh. Arvind Rajotia, Counsel for the applicant bank. Defendants – ex parte
OA for the Recovery of Rs.25,01,124/- with interest @8.85% per annum with yearly rests from 31.12.2021. ORDER
2
| put in appearance. Vide order dated 19.07.2023, they were proceeded_ex_ parte. |
|---|
| 4. In order to prove its case, the Bank has placed on record the |
| affidavit of Mr. Surender Kumar, Chief Manager along with the loan and security documents and marked them as Exhibit A-1 to A-11. |
| 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.20.00 Lacs and on 31.12.2021, a sum of Rs.25,01,124/- was due. |
| 6. Accordingly, the application of the bank for the recovery of |
| Rs.25,01,124/- (Rupees Twenty Five Lacs One Thousand One Hundred |
| and Twenty Four Only) with interest @8.85% per annum with yearly rests from 31.12.2021, 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 |
| 23.09.2024, who is directed to distribute the sale proceeds of the |
| mortgage land and standing crops as per the provisions of Section 19(20- |
| AB) 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: 22.08.2024 Presiding Officer DRT-1, Chandigarh Pankaj |
1 issue framed by the court
Whether the applicant bank succeeded in proving its claim for the recovery of Rs.25,01,124/- with interest from the respondents.
2 provisions across 1 enactments
Punjab National Bank and Others
Karnail Singh
Satnam Singh
A S Narang
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
