Allowed

Punjab National Bank v. Sh. Sukhwinder Singh

DRT25 Sept 2024OA/1603/2022

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. The bank convinced that the loan was advanced and the amount was due. Money lender was permitted to secure its dues by the sale of mortgaged personal movable property, and the personal real property was also allowed to be sold.

What did the court decide?

Allowed recovery of Rs. 23,11,735/- with interest through the sale of mortgaged and defendant's immovable and personal movable properties.

Punjab National Bank versus Sh. Sukhwinder Singh — Contract and Commercial Disputes | 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: 1603 of 2022 Date of Institution: 01.08.2022 Date of Decision: 25.09.2024

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Punjab National Bank, amongst others a branch at Talwandi, Rai Dadu, District Amritsar, Punjab.

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……..Applicant

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Vs.

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Sh. Sukhwinder Singh S/o Sh. Sukhchain Singh, R/o Village Karyal, Tehsil Ajnala, District Amrtisar, Punjab.

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……….Defendant

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Advocates

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Sh. Manish Singla, Counsel for the applicant bank. Defendant- Ex parte.

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OA for the Recovery of Rs.23,11,735/- with interest @8.80% per annum with half yearly rests from the date of filing the present application i.e. 01.08.2022.

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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.23,11,735/- with interest against Sh. Sukhwinder Singh (defendant).

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Bank’s case is that on 31.07.2017, it had granted KCC Limit of Rs.19.00 lacs to defendant for agricultural purpose. To secure the loan, Defendant had mortgaged his immovable property (fully detailed in para No.3A of the application). The loan was chargeable to interest @8.80% per annum with half yearly rests. On 04.07.2022, a sum of Rs.23,11,735/- was due from the defendant. Despite repeated requests, defendant did not make the repayment. Hence, this application.

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On 24.08.2022, summons was sent to the defendant by registered post, which was duly served. However, defendant did not put in appearance. Vide order dated 02.05.2023, he was proceeded ex parte .

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4. In order to prove its case, the Bank affidavit of Mr. Ramesh Kumar, Authorized	has placed on record the Representative along with
the loan and security documents and marked	them as Exhibit A-1 to A-
10.
5. I have perused the evidence on the rec	ord. I am of the considered
view that the Bank has proved its case that it	had advanced the loan of
Rs.19.00 lacs and on 04.07.2022, a sum of Rs.	23,11,735/- was due.
6. Accordingly, the application of the	bank for the recovery of
Rs.23,11,735/- (Rupees Twenty Three Lacs	Eleven Thousand Seven
Hundred Thirty Five Only) with interest @8	.80% per annum with half
yearly rests from the date of filing the	present application i.e.
01.08.2022, till the date of payment is hereby	allowed with costs. Bank
can recover its dues by the sale of mortgaged para No.3A of the application as well as from immovable property(ies) of the defendant.	property, fully detailed in the personal movable and
7. Pending IAs, if any, stand disposed of.
8. Recovery Certificate be issued accordin	gly.
9. Parties are directed to appear befo	re Recovery Officer on
25.10.2024, who is directed to distribute	the sale proceeds of the
mortgage property and standing crops as per	the provisions of Section
19(20-AB) of the Act.
10. A Copy of this order along with Reco	very Certificate be sent to
the Recovery Officer as well as the parties.
Pronounced in the open court. Dated: 25.09.2024	(A S Narang) Presiding Officer DRT-1, Chandigarh

Punjab National Bank v. Sh. Sukhwinder Singh

Case brief

What is this about?

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Punjab National Bank v. Sh. Sukhwinder Singh

Case brief

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