Allowed

Canara Bank v. Sh. Kulwant Singh

DRT20 Aug 2024OA/206/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the bank's application to recover Rs.32,00,000 plus interest. Finding the bank proved its case, the court authorized recovery from mortgaged land and other property, directed issuance of a recovery certificate, and scheduled the distribution of sale proceeds.

What did the court decide?

Recovery of Rs.32,00,000 with interest; issuance of Recovery Certificate; direction for sale of mortgaged land and distribution of proceeds.

Canara Bank versus Sh. Kulwant Singh — Banking and Recovery | 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: 206/2022 Date of Institution: 18.01.2022 Date of Decision: 20.08.2024

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Canara Bank, a Branch Office at Nasrala, Tehsil and District Hoshiarpur, Punjab.

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……..Applicant

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Vs.

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Sh. Kulwant Singh S/o Sh. Dhanna Singh, R/o Village Bhatha, P.O. Shamchaurasi Tehsil and District Hoshiarpur, Punjab.

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……….Defendant

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Advocates

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Sh. R.K. Jindal, Counsel for the applicant bank. Sh. Vivek Verma, Counsel for defendant.

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OA for the Recovery of Rs.32,00,000/- with interest @13.05% per annum with half yearly rests from 18.01.2022.

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ORDER

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Canara 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.32,00,000/- with interest against Sh. Kulwant Singh (defendant).

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Bank’s case is that in the year 2014, it had granted a KCC Limit of Rs.13.00 Lacs to defendant for agricultural purpose. To secure the loan, Defendant had mortgaged his agricultural land (fully detailed in para No.3(A) of the application). The loan was chargeable to interest @13.05% per annum with half yearly rests. On 18.01.2022, a sum of Rs.32,00,000/- was due from the defendant. Despite repeated requests, defendant did not make the repayment. Hence, this application.

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On 25.03.2022, summons was sent to the defendant by registered post, which was duly served. However, defendant put in appearance but

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failed to file written statement and vide order dated 24.08.2023 right to file written statement of defendant stands closed.

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In order to prove its case, the Bank has placed on record the affidavit of Mr. Yasir Javaid, Branch Manager along with the loan and security documents and marked them as Exhibit A-1 to A-10. 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.13.00 Lacs and on 18.01.2022, a sum of Rs.32,00,000/- was due. 6. Accordingly, the application of the bank for the recovery of Rs.32,00,000/- (Rupees Thirty Two Lacs Only) with interest @13.05% per annum with half yearly rests from 18.01.2022, till the date of payment is hereby allowed with costs. Bank can recover its dues by the sale of mortgaged agricultural land fully detailed in para No.3(A) 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 20.09.2024, 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: 20.08.2024 Presiding Officer DRT-1, Chandigarh

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Pankaj

Canara Bank v. Sh. Kulwant Singh

Case brief

What is this about?

What did the court decide?

Canara Bank v. Sh. Kulwant Singh

Case brief

What is this about?

What did the court decide?

What the court decided

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