Allowed

Punjab National Bank v. Daljit Singh

DRT25 Sept 2024OA/2091/2022

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.32.14 Lakhs with interest against the defendant who failed to repay an agricultural loan secured by mortgaged land, directing the issuance of a Recovery Certificate to proceed with enforcement.

What did the court decide?

Recovery of Rs.32,14,940/- with interest @8.95% p.a. allowed; Recovery Certificate issued; Order for sale proceeds distribution.

Punjab National Bank versus Daljit Singh — Execution and Attachment | 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: 2091/2022 Date of Institution: 04.11.2022 Date of Decision: 25.09.2024

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Punjab National Bank, Branch Office Talwandi Bharath, Punjab.

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……..Applicant

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Vs.

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Daljit Singh S/o Karnail Singh, R/o Village Gujjarpura, Tehsil Batala, District Gurdaspur.

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……….Defendant

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Advocates

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Sh. Bharat Kawal, proxy Counsel for Sh. K.S. Manhas, Counsel for the applicant bank. Defendant – ex parte

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OA for the Recovery of Rs.32,14,940/- with interest @8.95% per annum with yearly rests from 04.11.2022.

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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.32,14,940/- with interest against Sh. Daljit Singh (defendant).

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Bank’s case is that on 20.03.2016, it had granted a KCC Limit of Rs.18.00 Lacs to defendant for agricultural purpose. To secure the loan, Defendant had mortgaged his land (fully detailed in para No.3(A) of the application). The loan was chargeable to interest @8.95% per annum with yearly rests. On 04.11.2022, a sum of Rs.32,14,940/- was due from the defendant. On 31.12.2018 and 23.12.2021, defendant had executed Balance and Security Confirmation letters vide (Exhibit A-7 to A-7/A). Despite repeated requests, defendant did not make the repayment. Hence, this application.

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On 02.12.2022, summons was sent to the defendant by registered post, which was duly served. However, defendant did not put in appearance. Vide order dated 01.08.2023, he was proceeded ex parte . 4. In order to prove its case, the Bank has placed on record the affidavit of Mr. Avtar Chand, Senior Manager along with the loan and security documents and marked them as Exhibit A-1 to A-11. 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.18.00 Lacs and on 04.11.2022, a sum of Rs.32,14,940/- was due. 6. Accordingly, the application of the bank for the recovery of Rs.32,14,940/- (Rupees Thirty Two Lacs Fourteen Thousand Nine Hundred and Forty Only) with interest @8.95% per annum with yearly rests from 04.11.2022, till the date of payment is hereby allowed with costs. Bank can recover its dues by the sale of mortgaged 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 25.10.2024, 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: 25.09.2024 Presiding Officer DRT-1, Chandigarh Pankaj

Punjab National Bank v. Daljit Singh

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Daljit Singh

Case brief

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What did the court decide?

What the court decided

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