Allowed

State Bank of India v. Sh. Ajit Singh

DRT16 Jul 2024OA/1832/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the SBI's application for recovery of Rs.24.54 lakhs with interest against two defendants. The court found the bank's case proved based on loan documents and affidavits. A recovery certificate was issued, and the sale of mortgaged land and properties was ordered to recover dues.

What did the court decide?

Recovery of Rs.24,54,089 with interest; issuance of Recovery Certificate; sale order for mortgaged land and properties; parties to appear before Recovery Officer.

State Bank of India versus Sh. Ajit 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: 1832/2022

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Date of Institution: 01.09.2022 Date of Decision: 16.07.2024

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SBI, one of its Branch known as Agriculture Development Branch (ADB) at Barnala, Tehsil and District Barnala, Punjab.

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……..Applicant

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Vs.

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Sh. Ajit Singh S/o Sh. Fauja Singh, R/o H.No.560, Village Pharwahi, Tehsil and District Barnala, Punjab – 148101.

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Sh. Pargat Singh S/o Sh. Kewal Singh, R/o H.No.289, Village Pharwahi, Tehsil and District Barnala, Punjab – 148101.

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……….Defendants

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Advocates

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Sh. PK Arora, Counsel for the applicant bank. Defendants – ex parte

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OA for the Recovery of Rs.24,54,089/- with interest @10.75% per annum with half yearly rests from 19.07.2022.

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ORDER

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SBI, (Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.24,54,089/- with interest against Sh. Ajit Singh and another (defendants).

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Bank’s case is that on 20.10.2013, it had granted a KCC Limit of Rs.13.00 Lacs to defendants for agricultural purpose. To secure the loan, Defendant No.1 had mortgaged his land (fully detailed in para No.3(A) of the application). The loan was chargeable to interest @10.75% per annum with half yearly rests. On 19.07.2022, a sum of Rs.24,54,089/was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 14.09.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not

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put in appearance. Vide order dated 12.07.2023, they were proceeded ex parte .

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In order to prove its case, the Bank has placed on record the affidavit of Ms. Parminder Kaur, Branch Manager 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.13.00 Lacs and on 19.07.2022, a sum of Rs.24,54,089/- was due. 6. Accordingly, the application of the bank for the recovery of Rs.24,54,089/- (Rupees Twenty Four Lacs Fifty Four Thousand and Eighty Nine Only) with interest @10.75% per annum with half yearly rests from 19.07.2022, 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 land 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 20.08.2024 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: 16.07.2024 Presiding Officer DRT-1, Chandigarh Pankaj

State Bank of India v. Sh. Ajit Singh

Case brief

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What did the court decide?

State Bank of India v. Sh. Ajit Singh

Case brief

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