Allowed

Punjab National Bank v. Sh Ranjit Singh

DRT28 Aug 2024OA/168/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal, Chandigarh, allowed the applicant bank's application for recovery of Rs. 1.41 crore and interest against four defendants under Section 19 of the RDB Act. Having proved its loan and mortgage case, the court dismissed the absent defendants, allowed the claim with costs, issued a recovery certificate, and directed distribution of sale proceeds.

What did the court decide?

Recovery of Rs. 1,41,02,253/- and interest allowed with costs; Recovery Certificate issued; Recovery Officer directed to distribute sale proceeds.

Punjab National Bank versus Sh Ranjit 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: 168 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. Ranjit Singh S/o Sh. Mela Singh

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Sh. Sandeep Singh S/o Sh. Ranjit Singh

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Sh. Manbir Singh S/o Sh. Ranjit Singh

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Smt. Gurbachan Kaur D/o Sh. Ranjit Singh

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All the resident of Village Mand Ibrahimwal, Tehsil Bhulath, 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.1,41,02,253/- 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.1,41,02,253/- with interest against Sh. Ranjit Singh And Others (defendants).

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Bank’s case is that on 15.03.2013, 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 admearuing 74 Kanal 05

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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 17.06.2014, 15.12.2016, 16.10.2019 and 01.10.2021, defendant no.1 had executed the balance and security confirmation letter vide Exhibit A- 6. On 27.12.2022, a sum of Rs.1,41,02,253/- 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. 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 27.12.2022, a sum of Rs.1,41,02,253/- was due.
6. Accordingly, the application of the bank for the recovery of
Rs.1,41,02,253/- (Rupees One Crore Forty One Lacs Two Thousand
Two Hundred Fifty Three 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, 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. 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 Ranjit Singh

Case brief

What is this about?

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Punjab National Bank v. Sh Ranjit Singh

Case brief

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