Allowed

Punjab Gramin Bank v. Sh. Amrik Singh

DRT23 Sept 2024OA/1861/2022

Case brief

AI extract

What is this about?

The Presiding Officer of DRT-1 Chandigarh allowed an applicant bank's OA for recovery of Rs.27.95 lakhs and interest from a defaulting defendant who failed to appear, directing issuance of a Recovery Certificate and future sale of mortgaged property proceeds.

What did the court decide?

Recovery of Rs.27,95,347/- with interest allowed; Recovery Certificate issued; sale of mortgaged property ordered.

Punjab Gramin Bank versus Sh. Amrik Singh — Money Laundering | 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: 1861 of 2022 Date of Institution: 05.09.2022 Date of Decision: 23.09.2024

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Punjab Gramin Bank, having its Head Office, at Jalandhar Road, Kapurthala, Punjab.

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……..Applicant Vs.

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Sh. Amrik Singh S/o Sh. Harjit Singh, Village Jethuwal, Tehsil and District Amritsar, Punjab.

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……….Defendant

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Advocates

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Sh. Bhushan Bhatia, Counsel for the applicant bank. Defendant- Ex parte .

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OA for the Recovery of Rs.27,95,347/- with interest @10% per annum with yearly rests from 01.09.2022.

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ORDER

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Punjab Gramin 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.27,95,347/- with interest against Sh. Amrik Singh (defendant).

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Bank’s case is that on 31.07.2014, it had granted loan of Rs.17.00 lacs to defendant for agricultural purpose. To secure the loan, Defendant had mortgaged his immovable properties (fully detailed in para No.3A of the application). The loan was chargeable to interest @12.50% per annum with yearly rests. On 31.08.2022, a sum of Rs.27,95,347/- was due from the defendant. Despite repeated requests, defendant did not make the repayment. Hence, this application.

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On 22.09.2022, summons was sent to the defendant by registered post, which was duly served. However, defendant did not put in appearance. Vide order dated 12.12.2023, he was proceeded ex parte .

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4. In order to prove its case, the Bank has placed on record the
affidavit of Mr. Mulkh Raj, Authorized Representative along with the
loan and security documents and marked them as Exhibit A-1 to A-8.
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.17.00 lacs and on 31.08.2022, a sum of Rs.27,95,347/- was due.
6. Accordingly, the application of the bank for the recovery of
Rs.27,95,347/- (Rupees Twenty Seven Lacs Ninety Five Thousand Three
Hundred Forty Seven Only) with interest @10.00% per annum with
yearly rests from 01.09.2022, till the date of payment is hereby allowed with costs. Bank can recover its dues by the sale of mortgaged property,
fully detailed in para No.3A 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
24.10.2024, 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: 23.09.2024 Presiding Officer DRT-1, Chandigarh

Punjab Gramin Bank v. Sh. Amrik Singh

Case brief

What is this about?

What did the court decide?

Punjab Gramin Bank v. Sh. Amrik Singh

Case brief

What is this about?

What did the court decide?

What the court decided

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