The Debts Recovery Tribunal allowed the applicant bank's application for recovery of Rs. 22,50,907 plus interest against defendants who failed to repay a secured agricultural loan. The court authorized the sale of mortgaged property to recover dues.
Recovery of Rs. 22,50,907 with interest @ 11.05% p.a.; Recovery Certificate issued; Sale of mortgaged property directed.
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IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
BEFORE: A S NARANG, PRESIDING OFFICER
OA No: 1953 of 2022 Date of Institution: 20.09.2022 Date of Decision: 20.11.2024
IDBI Bank, having its Branch Office at Shiv Darshan Furniture House, Near Bus Stand, GT Road, Kartarpur, Jalandhar, Punjab-144801.
Vs.
Advocates:
Adv. Rampal Kohli proxy for Sh.TK Joshi, Counsel for the applicant bank.
Defendants ex parte .
OA for the Recovery of Rs.22,50,907/- with interest @ 11.05% per annum with half yearly rests from the date of filing.
ORDER
2
Defendant No.2 had stood guarantor for the said loan. The loan was chargeable to interest @ 11.05% per annum with half yearly rests. Defendants did not make the payment as per the repayment schedule. On 30.04.2022, a sum of Rs.22,50,907/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.
3
2 issues framed by the court
Whether the application for recovery of loan dues filed under Section 19 of the RDB Act is maintainable.
Whether the evidence placed on record sufficiently proves the advance of loan and the resulting liability of the borrowers.
2 provisions across 1 enactments
IDBI Bank
Shri Jarnail Singh
Surinder Singh
A S NARANG
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
