Allowed

State Bank of India v. Sh Swaran Singh

DRT8 May 2024OA/2103/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed an application by SBI for recovery of Rs. 26,14,760/- with interest against two defendants who failed to repay secured agricultural loans. The Tribunal confirmed the debt, proceeded ex parte due to non-appearance, and directed recovery via sale of mortgaged agricultural land or personal property.

What did the court decide?

Recovery of Rs.26,14,760/- with interest; Recovery Certificate issued; Mortgage property sale directed.

State Bank of India versus Sh Swaran 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: 2103 of 2022 Date of Institution: 25.10.2022 Date of Decision: 08.05.2024

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SBI, one of its Branch at Zira, District Ferozepur, Punjab.

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……..Applicant Vs.

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Sh. Swaran Singh S/o Sh. Gurdial Singh, R/o Village and Post Office Sodhiwala, Tehsil and District Ferozepur, Punjab.

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Sh. Harbans Singh S/o Sh. Gurdial Singh, R/o Village and Post Office Sodhiwala, Tehsil and District Ferozepur, Punjab.

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……….Defendants

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Advocates

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Ms. Sonal, proxy counsel for Sh. Pankaj Beri, Counsel for the applicant bank.

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Defendants- Ex parte.

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OA for the Recovery of Rs.26,14,760/- with interest @11.75% per annum with half yearly rests in KCC/PBKC and @12.15% per annum with half yearly rests in KGC/ATL from 01.10.2022.

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ORDER

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SBI (Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs.26,14,760/- with interest against Sh. Swaran Singh And Another (defendants).

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Bank’s case is that on 13.11.2014, it had granted KCC Limit of Rs.9.60 lacs and KGC/ATL Limit of Rs.2.40 lacs, totaling Rs.12.00 lacs, to defendant nos.1 and 2 for agricultural purpose. To secure the loan, Defendant nos.1 and 2 had mortgaged their agricultural land admeasuring 31K-16M, situated at Village Sodhiwala, Tehsil Zira (fully detailed in para No.3A of the application). The KCC Limit was chargeable to interest @11.75% per annum with half yearly rests and KGC/ATL Limit was chargeable to interest @12.15% per annum with

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half yearly rests. Thereafter, the said credit facilities were revised from time to time and lastly, on 24.08.2022, the said facilities were revised. On 30.09.2022, a sum of Rs.26,14,760/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 01.12.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 25.07.2023, 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. Arvind Kumar, Chief Manager along with the loan and security documents and marked them as Exhibit A-1 to A-15.

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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.12.00 lacs and on 30.09.2022, a sum of Rs.26,14,760/- was due i.e. Rs.20,96,402/- in KCC/PBKC and Rs.5,18,358/- in KGC/ATL.

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Accordingly, the application of the bank for the recovery of Rs.26,14,760/- (Rupees Twenty Six Lacs Fourteen Thousand Seven Hundred Sixty Only) with interest @11.75% per annum with half yearly rests in KCC/PBKC and @12.15% per annum with half yearly rests in KGC/ATL from 01.10.2022, till the date of payment is hereby allowed with costs. The liability of all the defendants would be joint and several. Bank can recover its dues by the sale of mortgaged property i.e. agricultural land admeasuring 31K-16M, situated at Village Sodhiwala, Tehsil Zira (fully detailed in para No.3A of the application) as well as from the personal movable and immovable property(ies) of the defendants.

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Pending IAs, if any, stand disposed of. 8. Recovery Certificate be issued accordingly. 9. Parties are directed to appear before Recovery Officer on 10.06.2024 , 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: 08.05.2024 Presiding Officer DRT-1, Chandigarh

State Bank of India v. Sh Swaran Singh

Case brief

What is this about?

What did the court decide?

State Bank of India v. Sh Swaran Singh

Case brief

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What did the court decide?

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