Debts Recovery Tribunal allowed the bank's application under Section 19 RDBFI Act declaring defendants liable to pay Rs.25,34,304.00 with interest @8.00% p.a. and ordered issue of Recovery Certificate. Defendants were absent.
Declared defendants liable to pay Rs.25,34,304.00 with interest @8.00% p.a.; Recovery Certificate issued; enforcement under SARFAESI Act permitted.
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DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO.1766/2022 PRESIDED OVER BY MRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 27.09.2022 DATE OF DECISION: 28.08.2024 Canara Bank, a body Corporate and Nationalized Bank under the Provisions of Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 having its Head Office at J.C. Road, Bangalore and one of its branches amongst other places at G.T. Road, Khanna, District Ludhiana (Punjab) through its Senior Manager Sh. Jatinder Vir Kohli. ……..Applicant Bank Versus 1. Smt. Harbans Kaur W/o of Sh. Rajinderpal Singh, R/o Village & Post Office Daheru, Tehsil Khanna, District Ludhiana (Punjab). (Principal Borrower) 2. Sh. Rajinderpal Singh S/o of Sh. Pritam Singh, R/o Village & Post Office Daheru, Tehsil Khanna, District Ludhiana (Punjab). (Guarantor) ….. Defendants Advocates: Argued by Sh. Banni Thomas, Advocate for the Applicant Defendants are ex-parte FINAL ORDER 1. Present Original Application was instituted by the applicant bank under Section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, against the defendants for recovery of Rs.25,34,304.00 (Rupees Twenty Five Lakh Thirty Four Thousand Three Hundred and Four Only). The Original Application has been filed through Sh. Jatinder Vir Kohli , Senior Manager of the applicant bank, who is competent to institute the Original Application vide Authorization Letter dated 29.06.2022, which is Annexure A1 to this OA.
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Documents executed:- Memorandum of Agreement for Agricultural Loans, Guarantee Covering Letter and Guarantee Agreement, Letter Evidencing Execution of Documents and Certificate of Loan Papers all dated 08.03.2019, which are Annexures A5, A6, A8 & A9 to this OA; Acknowledgment of Debt and Security dated 04.02.2022, which is Annexure A10 to this OA and statement of loan account along with certificate dated 26.08.2022, which is Annexure A11 to this OA. 5. The loan account became irregular and was classified as NPA and after adjusting debit and credit entries in loan account there was a debit of Rs.25,34,304.00 which is recoverable and the defendants were served recall notices but they did not repay the outstanding amount, therefore, the applicant bank requested to accept the application and to issue Recovery Certificate accordingly.
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the loan account from the date of filing of the OA till realization of the amount ordered vide this final order. It is ordered accordingly.
Pronounced by me in the open Tribunal . Dated: 28.08.2024
(MRIDULESH KUMAR SINGH) Presiding Officer, DRT-III, Chandigarh
1 issue framed by the court
Whether the applicant bank is entitled to recover the outstanding loan amount of Rs.25,34,304.00 along with interest from the defendants jointly and severally.
2 provisions across 2 enactments
Canara Bank
Smt. Harbans Kaur
Sh. Rajinderpal Singh
Mridulesh Kumar Singh
As recorded by the court registry
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