Allowed

Punjab National Bank v. Sh Kashmir Singh

DRT25 Sept 2024OA/1996/2022

Case brief

AI extract

What is this about?

The Debt Recovery Tribunal allowed the bank's application for recovery of Rs.24,26,739/- with interest. The court found sufficient evidence that the loan was advanced and due, proceeding ex parte as the defendant appeared. Relief includes costs, recovery certificate, and appearance for distribution of sale proceeds under Section 19(20-AB).

What did the court decide?

Recovery of Rs.24,26,739/- with interest allowed with costs; Recovery Certificate issued; appearance directed for distribution of sale proceeds.

Punjab National Bank versus Sh Kashmir Singh — Banking and Recovery | DRT (2024)

¶1

IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH

¶2

BEFORE: A S NARANG, PRESIDING OFFICER

¶3

OA No: 1996 of 2022 Date of Institution: 24.09.2022

¶4

Date of Decision: 25.09.2024

¶5

Punjab National Bank, branch amongst at Aliwal, District Gurdaspur, Punjab.

¶6

……..Applicant

¶7

Vs.

¶8

Sh. Kashmir Singh S/o Sh. Makhan Singh, R/o H. No.305, Village Mararh, Tehsil Batala, District Gurdaspur, Punjab.

¶9

……….Defendant

¶10

Advocates

¶11

Ms. Lovedeep Kaur, proxy counsel for Ms. Puja Sharma, Counsel for the applicant bank.

¶12

Defendant- Ex parte.

¶13

OA for the Recovery of Rs.24,26,739/- with interest @8.95% per annum with half yearly rests from the date of filing the present application i.e. 24.09.2022.

¶14

ORDER

¶15

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.24,26,739/- with interest against Sh. Kashmir Singh (defendant).

¶16

Bank’s case is that on 24.02.2017, it had granted KCC loan of Rs.15.00 lacs to defendant for agricultural purpose. To secure the loan, Defendant had mortgaged his immovable property (fully detailed in para No.3A of the application). The loan was chargeable to interest @8.95% per annum with half yearly rests. On 23.08.2022, a sum of Rs.24,26,739/- was due from the defendant. Despite repeated requests, defendant did not make the repayment. Hence, this application.

¶17

On 14.10.2022, summons was sent to the defendant by registered post, which was duly served. However, defendant did not put in appearance. Vide order dated 04.09.2023, he was proceeded ex parte .

¶18

¶19

In order to prove its case, the Bank has placed on record the affidavit of Mr. Gurpreet Singh, Deputy 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 23.08.2022, a sum of Rs.24,26,739/- was due. 6. Accordingly, the application of the bank for the recovery of Rs.24,26,739/- (Rupees Twenty Four Lacs Twenty Six Thousand Seven Hundred Thirty Nine Only) with interest @8.95% per annum with half yearly rests from the date of filing the present application i.e. 24.09.2022, 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 25.10.2024 , 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: 25.09.2024 Presiding Officer DRT-1, Chandigarh

Punjab National Bank v. Sh Kashmir Singh

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Sh Kashmir Singh

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases

Bank of Baroda versus M/s Mahavir enterprises and others

Anita Kumari versus Indian Bank (Allahabad Bank)

Md Tarique Anwar versus Canara Bank

Union Bank of India versus M/S Kusum Enterprises

Punjab and Sind Bank versus M/S Taj Industry

Punjab National Bank versus Mr. Satinder Pal Singh