Allowed

Punjab National Bank v. Kashmir Singh

DRT24 Sept 2024OA/2090/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an application filed by Punjab National Bank for the recovery of Rs. 25,64,566/- plus interest from the legal heirs of a deceased borrower and the surviving borrower based on a KCC loan secured by a mortgage.

What did the court decide?

Allowed recovery of Rs. 25,64,566/- with interest; issued Recovery Certificate; remanded to Recovery Officer for distribution of sale proceeds.

Punjab National Bank versus Kashmir 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: 2090 of 2022 Date of Institution: 10.10.2022 Date of Decision: 24.09.2024

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Punjab National Bank, Plot No.4, Sector 10, Dwarka, New Delhi.

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……..Applicant

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Vs.

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Kashmir Singh S/o Najar Singh now deceased through his legal heirs:-

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i). Hardayal Singh S/o Late Kashmir Singh

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ii). Sukhbir Kaur D/o Late Kashmir Singh

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iii). Balbir Kaur D/o Late Kashmir Singh

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iv). Amrik Kaur Widow of Kashmir Singh

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Amrik Kaur W/o Late Kashmir Singh

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All R/o Village Kala Afgana, Tehsil Batala, District Gurdaspur, Punjab.

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……….Defendants

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Advocates

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Sh. K. S. Manhas, Counsel for the applicant bank. Defendants- Ex parte.

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OA for the Recovery of Rs.25,64,566/- with interest @8.95% per annum with yearly rests from the date of filing the present application i.e. 10.10.2022.

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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.25,64,566/- with interest against Late Kashmir Singh And Another (defendants).

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Bank’s case is that on 30.03.2016, it had granted KCC Loan of Rs.15.00 lacs to Kashmir Singh/ defendant no.1 (since deceased) and

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defendant no.2 for agricultural purpose. To secure the loan, Kashmir Singh/ defendant no.1 (since deceased) and defendant no.2 had mortgaged their immovable property (fully detailed in para No.3A of the application). The loan was chargeable to interest @8.95% per annum with yearly rests. The present application has been filed against the legal heirs of deceased Kashmir Singh/ defendant no.1, who died on 18.12.2018 i.e. prior to filing the present application. On 14.09.2022, a sum of Rs.25,64,566/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 02.12.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 01.08.2023, 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. Gurpreet Singh, Authorized Representative along with the loan and security documents and marked them as Exhibit A-1 to A- 12. 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 14.09.2022, a sum of Rs.25,64,566/- was due. 6. Accordingly, the application of the bank for the recovery of Rs.25,64,566/- (Rupees Twenty Five Lacs Sixty Four Thousand Five Hundred Sixty Six Only) with interest @8.95% per annum with yearly rests from the date of filing the present application i.e. 10.10.2022, till the date of payment is hereby allowed with costs. The legal heirs of deceased Kashmir Singh/ defendant no.1 would be liable upto the extent of whatever properties they inherit from the deceased Kashmir Singh/

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defendant no.1. 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 no.2. 7. Pending IAs, if any, stand disposed of. 8. Recovery Certificate be issued accordingly. 9. Parties are directed to appear before Recovery Officer on 24.10.2024 , 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.

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Pronounced in the open court. (A S Narang) Dated: 24.09.2024 Presiding Officer DRT-1, Chandigarh

Punjab National Bank v. Kashmir Singh

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Kashmir Singh

Case brief

What is this about?

What did the court decide?

What the court decided

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