Allowed

Punjab National Bank v. Sh.Kulbir Singh

DRT28 Aug 2024OA/164/2023

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed Punjab National Bank's application under Section 19 of the RDB Act to recover Rs.1.38 crores with interest from four respondents ex parte, authorizing recovery via sale of mortgaged land and personal properties, and directed issuance of a Recovery Certificate and summoning parties before the Recovery Officer.

What did the court decide?

Application allowed for recovery of Rs.1,38,41,111/- plus interest; Recovery Certificate issued; Parties to appear before Recovery Officer to distribute proceeds from sale of mortgaged and other prope

Punjab National Bank versus Sh.Kulbir Singh — Execution and Attachment | 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: 164 of 2023 Date of Institution: 17.01.2023 Date of Decision: 28.08.2024

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Punjab National Bank, having its Head Office at Plot No.4, Sector 10, Dwarka, New Delhi-110075 and branches all over India including one at Kartarpur, Distt. Jalandhar, Punjab.

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……..Applicant

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Vs.

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Sh. Kulbir Singh S/o Sh. Mela Singh

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Smt. Nirmaljit Kaur W/o Sh. Kulbir Singh

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Sh. Harpreet Singh S/o Sh. Kulbir Singh

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Sh. Harpinder Singh S/o Sh. Kulbir Singh

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All the resident of Village Mand Dograwal, Tehsil Bholath, Distt. Kapurthala, Punjab.

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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.1,38,41,111/- with interest @9.75% per annum with half yearly rests from the date of filing the present application i.e. 17.01.2023.

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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.1,38,41,111/- with interest against Sh. Kulbir Singh And Others (defendants).

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Bank’s case is that on 08.04.2013, it had granted OGC Limit of Rs.100.00 lacs (enhanced from Rs.50.00 lacs) to defendants for agricultural purpose. To secure the loan, Defendant nos.2 to 4 had mortgaged their immovable properties i.e. Land admeasuring 74 Kanal

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06 Marla situated at Village Mand Dograwal, Tehsil Bolath, Distt. Kapurthala, Punjab (fully detailed in para No.3A of the application). The loan was chargeable to interest @10.75% per annum with yearly rests. On 01.07.2015, 23.11.2016, 15.12.2016, 31.12.2018 and 01.10.2021, defendant no.1 had executed the balance and security confirmation letter vide Exhibit A-6. On 26.12.2022, a sum of Rs.1,38,41,111/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 07.02.2023, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 09.05.2024, they were proceeded ex parte .

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4. In order to prove its case, the Bank has placed on record the
affidavit of Mr. Sh. Surender Kumar, Authorized 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 record. I am of the considered
view that the Bank has proved its case that it had advanced the loan of
Rs.100.00 lacs and on 26.12.2022, a sum of Rs.1,38,41,111/- was due.
6. Accordingly, the application of the bank for the recovery of
Rs.1,38,41,111/- (Rupees One Crore Thirty Eight Lacs Forty One
Thousand One Hundred Eleven Only) with interest @9.75% per annum
with half yearly rests from the date of filing the present application i.e.
17.01.2023, 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 i.e. Land
admeasuring 74 Kanal 06 Marla situated at Village Mand Dograwal,
Tehsil Bolath, Distt. Kapurthala, Punjab (fully detailed in para No.3A of

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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 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

Punjab National Bank v. Sh.Kulbir Singh

Case brief

What is this about?

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Punjab National Bank v. Sh.Kulbir Singh

Case brief

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