Allowed

Punjab National Bank v. Mr. Didar Singh

DRT24 Sept 2024OA/183/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the applicant bank's application for recovery of outstanding dues of Rs.23.72 lacs along with interest, holding that the bank proved its case for the loan advance and the defendant's failure to repay. A recovery certificate was issued, and parties were directed to appear for distribution of sale proceeds.

What did the court decide?

Recovery of Rs.23,72,189.55 with interest; issuance of Recovery Certificate; directions for sale of mortgaged land and distribution of proceeds.

Punjab National Bank versus Mr. Didar 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: 183/2022

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Date of Institution: 19.01.2022 Date of Decision: 24.09.2024

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Punjab National Bank, one of its Branch situated at VPO Apra, Tehsil Phillaur, District Jalandhar, Punjab.

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……..Applicant

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Vs.

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Mr. Didar Singh S/o Sh. Parkash Singh, R/o Village Masani, Tehsil Phillaur, District Jalandhar, Punjab.

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……….Defendant

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Advocates

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Sh. S.N. Sharma, Counsel for the applicant bank.

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Defendant – ex parte

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OA for the Recovery of Rs.23,72,189.55p with interest @8.85% per annum with half yearly rests from 19.01.2022.

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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.23,72,189.55p with interest against Sh. Didar Singh (defendant).

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Bank’s case is that on 28.09.2012, it had granted a KCC Limit of Rs.15.00 Lacs to defendant for agricultural purpose. To secure the loan, Defendant had mortgaged his agricultural land (fully detailed in para No.3(A) of the application). The loan was chargeable to interest @8.85% per annum with half yearly rests. On 19.01.2022, a sum of Rs.23,72,189.55p was due from the defendant. On 05.06.2015; 03.07.2015; 29.03.2017; 20.03.2020, defendant had executed Balance and Security confirmation letters vide (Exhibit A-10 to A-13). Despite repeated requests, defendant did not make the repayment. Hence, this application.

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On 31.03.2022, summons was sent to the defendant by registered post, which was duly served. However, defendant did not put in appearance. Vide order dated 15.03.2023, he was proceeded ex parte .

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In order to prove its case, the Bank has placed on record the affidavit of Mr. Satwinder Singh, Manager along with the loan and security documents and marked them as Exhibit A-1 to A-15. 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.15.00 Lacs and on 19.01.2022, a sum of Rs.23,72,189.55p was due. 6. Accordingly, the application of the bank for the recovery of Rs.23,72,189.55p (Rupees Twenty Three Lacs Seventy Two Thousand One Hundred Eighty Nine and Paisa Fifty Five Only) with interest @8.85% per annum with half yearly rests from 19.01.2022, till the date of payment is hereby allowed with costs. Bank can recover its dues by the sale of mortgaged land fully detailed in para No.3(A) of the application as well as from the personal movable and immovable property(ies) of the defendant. 7. Pending IAs, if any, stand disposed of. 8. Recovery Certificate be issued accordingly. 9. Parties are directed to appear before Recovery Officer on 25.10.2024, who is directed to distribute the sale proceeds of the mortgage land and standing crops as per the provisions of Section 19(20AB) 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: 24.09.2024 Presiding Officer DRT-1, Chandigarh Pankaj

Punjab National Bank v. Mr. Didar Singh

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Mr. Didar Singh

Case brief

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