Allowed

Kotak Mahindra Bank Limited v. Surinder @ Surinder Kumar

DRT18 Sept 2024OA/161/2022

Case brief

AI extract

What is this about?

In this OA under the RDB Act, the Debts Recovery Tribunal, Chandigarh, allowed the bank's application for recovery of Rs. 62.84 lacs. The court found the bank had established the loan advance of Rs. 48 lacs and the due amount. The order directed joint and several liability and issuance of a recovery certificate.

What did the court decide?

Application allowed for recovery of Rs. 62,84,363/- with interest; Recovery Certificate issued; Parties directed to appear before Recovery Officer.

Kotak Mahindra Bank Limited versus Surinder @… — 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: 161 of 2022 Date of Institution: 18.01.2022 Date of Decision: 18.09.2024 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. ……..Applicant Vs.
1. Surinder @ Surinder Kumar S/o Ladhu Ram, House No.144, Village Khiu Wali, Tehsil Fazilka, District Ferozepur, Punjab- 152123.
2. Ladhu Ram S/o Jai Mal Ram, House No.144, Village Khiu Wali, Tehsil Fazilka, District Ferozepur, Punjab-152123.
3. Kuldeep Kumar S/o Jas Ram, House No.1, Bareka, Tehsil Fazilka, Punjab. ……….Defendants Advocates
Sh. Sameer Mahajan, Counsel for the applicant bank. Defendants-Ex parte.
OA for the Recovery of Rs.62,84,363/- 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.62,84,363/- with interest against Surinder @ Surinder Kumar And Others (defendants). 2. Bank’s case is that on 29.01.2015, it had granted Kisan Credit Card Limit of Rs.48.00 lacs to defendant nos.1 and 2 for agricultural purpose. Defendant no.3 stood as guarantor. To secure the loan, Defendant no.1 had mortgaged his immovable property (fully detailed in

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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.62,84,363/- 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 06.02.2023, 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. 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.48.00 lacs and on 06.10.2021, a sum of Rs.62,84,363/- was due. 6. Accordingly, the application of the bank for the recovery of Rs.62,84,363/- (Rupees Sixty Two Lacs Eighty Four Thousand Three Hundred Sixty Three 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 property, 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. 8. Recovery Certificate be issued accordingly. 9. Parties are directed to appear before Recovery Officer on 21.10.2024 , who is directed to distribute the sale proceeds of the

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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 Recovery Certificate be sent to the Recovery Officer as well as the parties. Pronounced in the open court. (A S Narang) Dated: 18.09.2024 Presiding Officer DRT-1, Chandigarh

Kotak Mahindra Bank Limited v. Surinder @ Surinder Kumar

Case brief

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Kotak Mahindra Bank Limited v. Surinder @ Surinder Kumar

Case brief

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