Allowed

Punjab National Bank v. Sh Mahinder Singh

DRT7 Sept 2024OA/1882/2022

Case brief

AI extract

What is this about?

The DRT-I, Chandigarh allowed an application filed by Punjab National Bank for the recovery of Rs.25,55,046/- with interest against two defendants who were granted an OGC limit and a term loan for agricultural purposes. The court declared the liability joint and several and directed the issuance of a recovery certificate.

What did the court decide?

Recovery of Rs.25,55,046/- with interest at 10.80% p.a. allowed; Recovery Certificate issued; Parties directed to appear before Recovery Officer.

Punjab National Bank versus Sh Mahinder Singh — Execution and Attachment | 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: 1882/2022

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Date of Institution: 12.09.2022 Date of Decision: 07.09.2024

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Punjab National Bank, one of its Branch at Guruharsahai, Tehsil Guruharsahai, District Ferozepur.

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……..Applicant

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Vs.

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Sh. Mahinder Singh S/o Sh. Bagha Singh, R/o Village Chak Shikargarh, Tehsil Guruharsahai, District Ferozerpur, Punjab.

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Sh. Des Raj S/o Sh. Moti Ram, R/o Village Baje Ke Tehsil Guruharsahai, District Ferozepur.

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……….Defendants

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Advocates

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Sh. Aseem Kataria, Counsel for the applicant bank. Defendants - ex parte

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OA for the Recovery of Rs.25,55,046/- with interest from 12.09.2022.

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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.25,55,046/- with interest against Sh. Mahinder Singh and another (defendants).

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Bank’s case is that on 16.05.2012, it had granted a OGC Limit of Rs.10.50 Lacs and Term Loan of Rs.4.50 Lacs to defendant No.1 for agricultural purpose. Defendant No.2 had stood guarantor. To secure the loan, Defendant No.1 had mortgaged his land (fully detailed in para No.3(A) of the application). The loans were chargeable to different rate of interests. On 12.09.2022, a sum of Rs.25,55,046/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 23.09.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 21.12.2023, they were proceeded ex parte .

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In order to prove its case, the Bank has placed on record the affidavit of Mr. Sandeep Kumar, Manager along with the loan and security documents and marked them as Exhibit A-1 to A-14. 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 12.09.2022, a sum of Rs.25,55,046/- was due out of which a sum of Rs.19,74,943/- was due in OGC Limit and Rs.5,80,103/- was due in Term Loan. 6. Accordingly, the application of the bank for the recovery of Rs.25,55,046/- (Rupees Twenty Five Lacs Fifty Five Thousand and Forty Six Only) with interest @10.80% per annum with half yearly rests from 12.09.2022, 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.

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Pending IAs, if any, stand disposed of. 8. Recovery Certificate be issued accordingly. 9. Parties are directed to appear before Recovery Officer on 07.10.2024, 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 .

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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) Dated: 07.09.2024 Presiding Officer DRT-1, Chandigarh Pankaj

Punjab National Bank v. Sh Mahinder Singh

Case brief

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Punjab National Bank v. Sh Mahinder Singh

Case brief

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