Allowed

Punjab National Bank v. Sh. Amar Singh

DRT12 Mar 2024OA/170/2022

Case brief

AI extract

What is this about?

The debtor recovery tribunal allowed the applicant bank's application under Section 19 of the RDB Act for the recovery of Rs.33,09,870/- with interest. The court held that the bank proved its case regarding the loan advanced and outstanding dues. The application was allowed with costs, and directions were issued for issuing a recovery certificate and selling the mortgaged property.

What did the court decide?

Application allowed for recovery of Rs.33,09,870/- with interest; Recovery Certificate issued; Direction to sell mortgaged property.

Punjab National Bank versus Sh. Amar Singh — 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: 170 of 2022 Date of Institution: 11.01.2022 Date of Decision: 12.03.2024

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Punjab National Bank, Village Kang Sahabu, Distt. Jalandhar, Punjab144630

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……..Applicant Vs.

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Sh. Amar Singh S/o Sh. Kartar Singh (Since deceased) through LRs:-

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(i). Sh. Ranjodh Atwal S/o Late Sh. Amar Singh S/o Sh. Kartar Singh.

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(ii). Sh. Sarabjit Singh S/o Late Sh. Amar Singh S/o Sh. Kartar Singh.

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(iii). Sh. Gurjit Singh S/o Late Sh. Amar Singh S/o Sh. Kartar Singh.

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Smt. Jasvir Kaur W/o Sh. Ranjodh Atwal S/o Late Sh. Amar Singh.

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All R/o Village Seham Kulian, P.O. Rasulpur Kalan, Tehsil Nakodar, Distt. Jalandhar, Punjab-144630.

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……….Defendants

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Advocates

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Sh. S. K. Arora, Counsel for the applicant bank. Defendants- Ex parte.

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OA for the Recovery of Rs.33,09,870/- with interest @10.50% per annum with yearly rests from 06..01.2022.

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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.33,09,870/- with interest against Sh. Amar Singh And Others(defendants).

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Bank’s case is that on 02.06.2015, it had granted Kisan Credit Card (KCC) Limit of Rs.20.00 lacs to Sh. Amar Singh (since deceased) and Smt. Jasvir Kuar (defendant nos.1 and 2) for agricultural purpose. To

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secure the loan, Sh. Amar Singh (since deceased) /Defendant no.1 had mortgaged his agricultural land admeasuring 33 Kanal 03 Marla, situated at Village Seham H.B. NO.142, Tehsil Nakodar, Distt. Jalandhar, Punjab (fully detailed in para No.3A of the application). The loan was chargeable to interest @12.25% per annum with yearly rests. This OA has been filed against the LRs of Sh. Amar Singh, who is stated to have died on 19.12.2017 i.e. prior to filing of the present application. On 05.01.2022, a sum of Rs.33,09,870/- 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 . 4. In order to prove its case, the Bank has placed on record the affidavit of Mr. Chander Parkash Sidhu, Senior Manager along with the loan and security documents and marked them as Exhibit A-1 to A-17. 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.20.00 lacs and on 05.01.2022, a sum of Rs.33,09,870/- was due. 6. Accordingly, the application of the bank for the recovery of Rs.33,09,870/- (Rupees Thirty Three Lacs Nine Thousand Eight Hundred Seventy Only) with interest @10.50% per annum with yearly rests from 06.01.2022, till the date of payment is hereby allowed with costs. Bank can recover its dues by the sale of mortgaged property i.e. agricultural land admeasuring 33 Kanal 03 Marla, situated at Village Seham H.B. NO.142, Tehsil Nakodar, Distt. Jalandhar, Punjab (fully detailed in para No.3A of the application) as well as from the personal

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movable and immovable property(ies) of defendant no.2 only. The LRs of defendant No.1 i.e. Sh. Amar Singh (since deceased) would be liable to pay to the extent of property inherited by them from Sh. Amar Singh (since deceased).

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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 15.04.2024 , 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 Recovery Certificate be sent to the Recovery Officer as well as the parties. Pronounced in the open court. (A S Narang) Dated: 12.03.2024 Presiding Officer DRT-1, Chandigarh

Punjab National Bank v. Sh. Amar Singh

Case brief

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Punjab National Bank v. Sh. Amar Singh

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