Allowed

Kotak Mahindra Bank Limited v. Ranjeet Singh

DRT4 Mar 2024OA/1379/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the bank's application for recovery of Rs. 67,48,637.72 with interest. The court found the loan of Rs. 55 Lacs and mortgage valid as defendants appeared ex parte. A recovery certificate was issued, and a future date was fixed for distribution of sale proceeds.

What did the court decide?

Recovery of Rs. 67,48,637.72 with interest allowed jointly and severally. Recovery Certificate issued. Fixation of date for distribution of sale proceeds of mortgaged land.

Kotak Mahindra Bank Limited versus Ranjeet 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: 1379/2022 Date of Institution: 06.07.2022 Date of Decision: 04.03.2024

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Kotak Mahindra Bank Ltd., Branch at SCO 153-154-155, Sector 9-C, Madhya Marg, Chandigarh.

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……..Applicant Vs.

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Ranjeet Singh S/o Piara Singh, H.No.29, Village Chhit, Sarupwali B.O., Tehsil Batala, District Gurdaspur – 143507.

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Baljit Singh S/o Piara Singh, R/o B-13/29/6, Anarkali Road, Batala, District Gurdaspur – 143505.

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Balraj Singh S/o Dalbir Singh, R/o H.No.80, Village Kadranbad/211, Koti Dhole Shah B.O., Tehsil Majitha, District Amritsar – 143504.

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……….Defendants

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Advocates

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Sh. Sameer Mahajan, Counsel for the applicant bank. Defendants – ex parte

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OA for the Recovery of Rs.67,48,637.72p with interest @12% per annum with half yearly rests from 14.05.2022.

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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.67,48,637.72p with interest against Sh. Ranjeet Singh and others (defendants).

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Bank’s case is that in the year 2013, it had granted a KCC Limit of Rs.55.00 Lacs to defendant No.1 and 2 for agricultural purpose. Defendant No.3 had stood guarantor. To secure the loan, Defendant No.1 and 2 had mortgaged their agricultural land (fully detailed in para No.3(A) of the application). The loan was chargeable to interest @12%

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per annum with half yearly rests. On 14.05.2022, a sum of Rs.67,48,637.72p was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 05.08.2022 summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 23.12.2022, 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-6.

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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.55.00 Lacs and on 14.05.2022, a sum of Rs.67,48,637.72p was due.

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Accordingly, the application of the bank for the recovery of Rs.67,48,637.72p (Rupees Sixty Seven Lacs Forty Eight Thousand Six Hundred Thirty Seven and Paisa Seventy Two Only) with interest @12% per annum with half yearly rests from 14.05.2022, 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 agricultural 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.

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Pending IAs, if any, stand disposed of. 8. Recovery Certificate be issued accordingly. 9. Parties are directed to appear before Recovery Officer on 05.04.2024, who is directed to distribute the sale proceeds of the

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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: 04.03.2024 Presiding Officer DRT-1, Chandigarh Pankaj

Kotak Mahindra Bank Limited v. Ranjeet Singh

Case brief

What is this about?

What did the court decide?

Kotak Mahindra Bank Limited v. Ranjeet Singh

Case brief

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What did the court decide?

What the court decided

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