Allowed

Punjab National Bank v. Sukhwinder Singh

DRT19 Sept 2024OA/152/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's application to recover a loan of Rs.28,65,542/- with interest from two defendants. The court verified the debt, proceeded ex parte against absent respondents, and directed the issuance of a recovery certificate and sale of mortgaged properties.

What did the court decide?

Recovery of Rs.28,65,542/- with interest; issuance of recovery certificate; sale of mortgaged properties to distribute proceeds to the bank.

Punjab National Bank versus Sukhwinder Singh — Specific Performance | 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: 152 of 2022 Date of Institution: 28.12.2021 Date of Decision: 19.09.2024

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The Punjab National Bank, branch office Haripur, Tehsil Nakodar, District Jalandhar, Punjab.

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……..Applicant

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Vs.

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Sukhwinder Singh S/o Darshan Singh, R/o Village Ismailpur, P.O. Umerwal Billa, Tehsil Nakodar, District Jalandhar, Punjab144041.

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Nirmal Singh S/o Joginder Singh, R/o Village Ismailpur, P.O. Umermal Billa, Tehsil Nakodar, District Jalandhar, Punjab144041.

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……….Defendants

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Advocates

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Ms. Anupama Takhi, Counsel for the applicant bank. Defendant- Ex parte.

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OA for the Recovery of Rs.28,65,542/- with interest @8.85% per annum with monthly rests from the date of filing the present application i.e. 28.12.2021.

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ORDER

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The 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.28,65,542/- with interest against Sukhwinder Singh And Another (defendants).

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Bank’s case is that on 13.06.2011, it had granted Kissan Credit Limit Facility of Rs.20.00 lacs to defendant no.1 for agricultural purpose. Defendant no.2 stood as guarantor. To secure the loan, Defendant no.1 had mortgaged his immovable properties (fully detailed in para No.3A of the application). The loan was chargeable to interest @8.85% per annum

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with monthly rests. On 16.05.2014, 24.02.2017 and 10.10.2019, defendant no.1 had executed the balance and security confirmation letter vide Exhibit A-12 to A-14. On 30.09.2021, a sum of Rs.28,65,542/was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 29.03.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 21.11.2023, 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. Chander Prakash Sidhu, Senior 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.20.00 lacs and on 30.09.2021, a sum of Rs.28,65,542/- was due.

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Accordingly, the application of the bank for the recovery of Rs.28,65,542/- (Rupees Twenty Eight Lacs Sixty Five Thousand Five Hundred Forty Two Only) with interest @8.85% per annum with monthly rests from the date of filing the present application i.e. 28.12.2021, 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 properties, fully detailed in para No.3A 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.

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Recovery Certificate be issued accordingly.

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Parties are directed to appear before Recovery Officer on 21.10.2024 , who is directed to distribute the sale proceeds of the mortgage properties 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: 19.09.2024 Presiding Officer DRT-1, Chandigarh

Punjab National Bank v. Sukhwinder Singh

Case brief

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Punjab National Bank v. Sukhwinder Singh

Case brief

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