Allowed

Punjab National Bank v. Paramdeep Singh

DRT19 Sept 2024OA/1938/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's application under Section 19 of the RDB Act for recovery of Rs.29.94 lakhs with interest, permitting sale of mortgaged land and other properties to satisfy the debt after the defendant failed to appear.

What did the court decide?

Recovery of Rs.29,94,620.98 with interest; sale of mortgaged land at khasra Nos 21//6/2 to 16(7-12); issuance of Recovery Certificate.

Punjab National Bank versus Paramdeep Singh — Contract and Commercial Disputes | 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: 1938/2022 Date of Institution: 26.08.2022 Date of Decision: 19.09.2024

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Punjab National Bank, branch office at Village Udonangal, Tehsil Baba Bakala, District Amritsar – 143114.

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……..Applicant Vs.

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Paramdeep Singh S/o Hardeep Singh, H.No.16, Village Takapur, VPO Khabbe Rajputan, Tehsil Baba Bakala, District Amritsar – 143114.

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……….Defendant

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Advocates

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Sh. Rehan Chaudhary, proxy Counsel for Sh. Krishan Kumar, Counsel for the applicant bank.

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Defendant – ex parte

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OA for the Recovery of Rs.29,94,620.98p with interest @10.50% per annum with half yearly rests from 26.08.2022.

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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.29,94,620.98p with interest against Sh. Paramdeep Singh (defendant).

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Bank’s case is that on 21.03.2011, it had granted a Term loan of Rs.1.00 Lacs and crop loan of Rs.16.40 Lacs on 02.05.2013, to defendant for agricultural purpose. To secure the loan, Defendant had mortgaged his land comprised in khasra No.21//6/2(4-4), 13(7-2), 14(7-11), 15(7-4), 16(7-12), total land measuring 33K-13M, situated in Village Takkapur, Tehsil Baba Bakala, District Amritsar as per jamabandi of year 20102011, (fully detailed in para No.3(A) of the application). The loan was chargeable to interest @10.50% per annum with half yearly rests. On

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26.08.2022, a sum of Rs.29,94,620.98p was due from the defendant. On 18.07.2019, defendant had executed balance and security confirmation letter vide (Exhibit A-8). Despite repeated requests, defendant did not make the repayment. Hence, this application.

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On 10.10.2022, summons was sent to the defendant by registered post, which was duly served. However, defendant did not put in appearance. Vide order dated 01.05.2023, 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. Gulshan Kumar, Senior Manager along with the loan and security documents and marked them as Exhibit A-1 to A-10.

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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 Term loan of Rs.1.00 Lacs and crop loan of Rs.16.40 Lacs and on 26.08.2022, a sum of Rs.29,94,620.98p was due.

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Accordingly, the application of the bank for the recovery of Rs.29,94,620.98p (Rupees Twenty Nine Lacs Ninety Four Thousand Six Hundred Twenty and Paisa Ninety Eight Only) with interest @10.50% per annum with half yearly rests from 26.08.2022, till the date of payment is hereby allowed with costs. Bank can recover its dues by the sale of mortgaged land comprised in khasra No.21//6/2(4-4), 13(7-2), 14(7-11), 15(7-4), 16(7-12), total land measuring 33K-13M, situated in Village Takkapur, Tehsil Baba Bakala, District Amritsar as per jamabandi of year 2010-2011, fully detailed in para No.3(A) of the application as well as from the personal movable and immovable property(ies) of the defendant.

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Pending IAs, if any, stand disposed of.

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Recovery Certificate be issued accordingly.

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Parties are directed to appear before Recovery Officer on 21.10.2024, 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: 19.09.2024 Presiding Officer DRT-1, Chandigarh Pankaj

Punjab National Bank v. Paramdeep Singh

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Paramdeep Singh

Case brief

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