Allowed

Kotak Mahindra Bank Limited v. Rajvinder Kaur

DRT28 Aug 2024OA/160/2022

Case brief

AI extract

What is this about?

Kotak Mahindra Bank Ltd. applied under the RDB Act to recover dues from borrowers and guarantors regarding a KCC loan. The Tribunal upheld the recovery claim due to unchallenged documentary evidence and the borrowers' absconding appearance. The order directed the issuance of a Recovery Certificate and the sale of mortgaged properties.

What did the court decide?

Recovery of Rs. 73,59,852/ with interest @12% p.a. and costs; issuance of Recovery Certificate; sale of mortgaged properties and standing crops.

Kotak Mahindra Bank Limited versus Rajvinder Kaur — 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: 160 of 2022 Date of Institution: 18.01.2022 Date of Decision: 28.08.2024

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Kotak Mahindra Bank Ltd., having its branches all over India including its branch at S.C.O. 153-154-155, Sector 9/C, Madhya Marg, Chandigarh.

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……..Applicant

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1. Rajvinder Kaur W/o Karnail Singh, House No.148, Ward-10, Tehsil Garhshankar, District Hoshiarpur, Punjab-144527.

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1. Karnail Singh S/o Mohan Singh, Ward No.9, Garhshankar, District Hoshiarpur, Punjab-144527.

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1. Harbhajan Kaur W/o Mohan Singh, House No.148, Ward-10, Tehsil Garhshankar, District Hoshiarpur, Punjab-144527.

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1. Mohan Singh S/o Chanan Singh, House No.148, Ward-10, Tehsil Garhshankar, District Hoshiarpur, Punjab-144527. ……….Defendants

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Advocates

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Sh. Devender Singh, proxy counsel for Sh. Mohit Sareen, Counsel for the applicant bank. Defendants- Ex parte. OA for the Recovery of Rs.73,59,852/- with interest @12% per annum with half yearly rests from the date of filing the present application i.e. 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.73,59,852/- with interest against Rajvinder Kaur And Others (defendants). 2. Bank’s case is that on 10.04.2012, it had granted KCC Limit of Rs.55.00 lacs to defendant nos.1 and 2 for agricultural purpose. Defendant nos.3 and 4 stood as guarantors. To secure the loan,

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Defendant no.1 had mortgaged her immovable properties, (fully detailed in para No.3A of the application). The loan was chargeable to interest @12% per annum with half yearly rests. On 06.10.2021, a sum of Rs.73,59,852/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 21.03.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 19.09.2022, 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, Authorized Representative along with the loan and security documents and marked them as Exhibit A-1 to A-6. 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.55.00 lacs and on 06.10.2021, a sum of Rs.73,59,852/-was due. 6. Accordingly, the application of the bank for the recovery of Rs.73,59,852/- (Rupees Seventy Three Lacs Fifty Nine Thousand Eight Hundred Fifty Two Only) with interest @12% per annum with half yearly rests from the date of filing the present application i.e. 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 properties, fully detailed in para No.3A 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.

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Recovery Certificate be issued accordingly.

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Parties are directed to appear before Recovery Officer on 30.09.2024 , 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: 28.08.2024 Presiding Officer DRT-1, Chandigarh

Kotak Mahindra Bank Limited v. Rajvinder Kaur

Case brief

What is this about?

What did the court decide?

Kotak Mahindra Bank Limited v. Rajvinder Kaur

Case brief

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What did the court decide?

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