Allowed

Punjab National Bank v. Harmanpreet Singh

DRT27 Sept 2024OA/2092/2022

Case brief

AI extract

What is this about?

The Tribunal allowed the applicant bank's application for recovery of Rs.31,92,236/- with interest against the defendant. After finding the debt proven despite the respondent's absence, the order directed recovery via sale of mortgaged land and other properties.

What did the court decide?

Recovery of Rs.31,92,236/- with interest allowed; Recovery Certificate issued; directive to distribute sale proceeds from mortgaged land.

Punjab National Bank versus Harmanpreet 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: 2092/2022 Date of Institution: 04.11.2022 Date of Decision: 27.09.2024 ……..Applicant Vs.

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Punjab National Bank, Branch Office Talwandi Bharth, Punjab.

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Harmanpreet Singh S/o Parminder Singh, R/o Village Saidpur Khurd Tehsil Batala, District Gurdaspur.

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……….Defendant

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Advocates

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

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OA for the Recovery of Rs.31,92,236/- 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.31,92,236/- with interest against Sh. Harmanpreet Singh (defendant).

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Bank’s case is that on 22.08.2016, it had granted a KCC Limit of Rs.16.00 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.31,92,236/- was due from the defendant. On 13.08.2018 and 23.04.2021, defendant had executed Balance and Security Confirmation letters vide (Exhibit A-7 and 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.16.00 Lacs and on 04.11.2022, a sum of Rs.31,92,236/- was due. 6. Accordingly, the application of the bank for the recovery of Rs.31,92,236/- (Rupees Thirty One Lacs Ninety Two Thousand Two Hundred and Thirty Six 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 28.10.2024, 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: 27.09.2024 Presiding Officer DRT-1, Chandigarh Pankaj

Punjab National Bank v. Harmanpreet Singh

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Harmanpreet Singh

Case brief

What is this about?

What did the court decide?

What the court decided

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