Allowed

Canara Bank v. Amritpal Singh

DRT9 Dec 2024OA/1726/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's application for recovery of dues amounting to Rs.39,14,946/- plus interest against the defendants, who failed to appear after proper summons. The court ordered issuance of a recovery certificate and direction to the Recovery Officer for sale of mortgaged property.

What did the court decide?

Application allowed; recovery of Rs.39,14,946/- with interest granted; Recovery Certificate issued; Recovery Officer directed to sell mortgaged property.

Canara Bank versus Amritpal Singh — Banking and Recovery | 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: 1726 of 2022 Date of Institution: 20.07.2022

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Date of Decision: 09.12.2024

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Canara Bank, having its Branch at Jubilee Cinema Chowk, Tehsil and District Faridkot, Punjab-151203.

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……..Applicant Vs.

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Amritpal Singh son of Lakhwinder Singh, aged 28 years, resident of village Tibbi Kalan, Murkwala, Chhanga Khurd, District Ferozepur, Punjab-152023.

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Jujhar Singh son of Lakhwinder Singh, aged 28 years, resident of village Tibbi Kalan, Murkwala, Chhanga Khurd, District Ferozepur, Punjab-152023.

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……….Defendants

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Advocates:

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Sh.Munish Yadav, Counsel for the applicant bank. Defendants ex parte .

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OA for the Recovery of Rs.39,14,946/- with interest @11.80% per annum with yearly rests from 22.07.2022.

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ORDER

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Canara 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.39,14,946/- with interest against Shri Amritpal Singh and another (defendants).

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Bank’s case is that on 29.03.2017, it had granted KCC loan of Rs.28.00 lacs to defendants for agricultural purpose. To secure the loan, Defendant No.1 had mortgaged his agricultural land (fully detailed in

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para No.3-A of the application). The loan was chargeable to interest @ 11.80% per annum with yearly rests. Defendants did not make the payment as per the repayment schedule. On 21.07.2022, a sum of Rs.39,14,946/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 05.09.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 17.11.2023, they were proceeded ex parte . 4. In order to prove its case, the Bank has placed on record the affidavit of Mr. Dinesh Kumar, Branch Manager along with the loan and security documents and marked them as Exhibit A-1 to A-9. 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.28.00 lacs and on 21.07.2022, a sum of Rs.39,14,946/- was due. 6. Accordingly, the application of the bank for the recovery of Rs.39,14,946/- (Rupees Thirty Nine Lacs Fourteen Thousand Nine Hundred Forty Six Only) with interest @ 11.80% per annum with yearly rests from 22.07.2022, 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.3-A 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 10.01.2025, 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 .

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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) Presiding Officer DRT-1, Chandigarh Manoj Dated: 09.12.2024

Canara Bank v. Amritpal Singh

Case brief

What is this about?

What did the court decide?

Canara Bank v. Amritpal Singh

Case brief

What is this about?

What did the court decide?

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