Allowed

Punjab National Bank v. Sh Sarwan Singh

DRT8 Nov 2024OA/14/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's application under Section 19 of the RDB Act for recovery of Rs.39,15,759/- along with interest against the respondents, who failed to repay an agricultural loan. The order disposed of pending applications and directed issuance of a Recovery Certificate.

What did the court decide?

Recovery of Rs.39,15,759/- with interest at 10.75% per annum was allowed, and a Recovery Certificate was issued.

Punjab National Bank versus Sh Sarwan 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: 14/2023 Date of Institution: 29.11.2022 Date of Decision: 08.11.2024

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Punjab National Bank, branches all over India including one at Main Branch Nakodar, District Jalandhar, Punjab.

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……..Applicant

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Vs.

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Sh. Sarwan Singh S/o Sh. Karam Singh, R/o Village Muridwal, Tehsil Shahkot, District Jalandhar.

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Sh. Ravinder Singh S/o Sh. Sarwan Singh, R/o Village Muridwal, Tehsil Shahkot, District Jalandhar.

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……….Defendants

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Advocates

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Sh. Bhushan Bhatia, Counsel for the applicant bank. Defendants – ex parte

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OA for the Recovery of Rs.39,15,759/- with interest @10.75% per annum with yearly rests from 29.11.2022.

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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.39,15,759/- with interest against Sh. Sarwan Singh and another (defendants).

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Bank’s case is that on 03.08.2013, it had granted OGC Limit of Rs.36.60 Lacs to defendants for agricultural purpose. To secure the loan, Defendant No.1 had mortgaged his land (fully detailed in para No.5.6 of the application). The loan was chargeable to interest @10.75% per annum with yearly rests. On 29.11.2022, a sum of Rs.39,15,759/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 11.01.2023, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not

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put in appearance. Vide order dated 24.11.2023, 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. Rajesh Arora, Chief Manager along with the loan and security documents and marked them as Exhibit A-1 to A-8. 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.36.60 Lacs and on 29.11.2022, a sum of Rs.39,15,759/- was due. 6. Accordingly, the application of the bank for the recovery of Rs.39,15,759/- (Rupees Thirty Nine Lacs Fifteen Thousand Seven Hundred and Fifty Nine Only) with interest @10.75% per annum with yearly rests from 29.11.2022, 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.5.6 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 09.12.2024, 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: 08.11.2024 Presiding Officer DRT-1, Chandigarh Pankaj

Punjab National Bank v. Sh Sarwan Singh

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Sh Sarwan Singh

Case brief

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What did the court decide?

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