Allowed

Punjab National Bank v. Mr. Satinder Pal Singh

DRT25 Sept 2024OA/2160/2022

Case brief

AI extract

What is this about?

The Tribunal allowed the applicant banks application for recovery of a loan amount with interest from the defendants who were proceeded against ex parte for non-appearance. The Court directed the issuance of a Recovery Certificate and appearance by parties for distribution of sale proceeds.

What did the court decide?

Application allowed; recovery of Rs.21,47,641.40p with interest; Recovery Certificate issued; parties directed to appear for distribution of sale proceeds.

Punjab National Bank versus Mr. Satinder Pal 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: 2160 of 2022 Date of Institution: 31.10.2022 Date of Decision: 25.09.2024

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Punjab National Bank, Village Wadala Granthian, Tehsil Batala, District Gurdaspur, Punjab.

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……..Applicant

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1. Mr. Satinder Pal Singh S/o Sh. Randhir Singh, R/o H. No.27, Village Dhandoi, Tehsil Batala, District Gurdaspur, Punjab.

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1. Smt. Darshan Kaur W/o Sh. Randhir Singh, R/o H. No.27, Village Dhandoi, Tehsil Batala, District Gurdaspur, Punjab. ……….Defendants

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Advocates

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Sh. S. N. Sharma, Counsel for the applicant bank. Defendants- Ex parte. OA for the Recovery of Rs.21,47,641.40p with interest @8.80% per annum with half yearly rests from 01.10.2022. ORDER 1. 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.21,47,641.40p with interest against Mr. Satinder Pal Singh And Another (defendants). 2. Bank’s case is that on 22.07.2016, it had granted KCC Loan of Rs.15.00 lacs to defendant nos.1 and 2 for agricultural purpose. To secure the loan, Defendant nos.1 and 2 had mortgaged their immovable property (fully detailed in para No.3A of the application). The loan was chargeable to interest @8.80% per annum with half yearly rests. On 30.09.2022, a sum of Rs.21,47,641.40p was due from the defendant.

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Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 13.12.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 13.09.2023, they were proceeded ex parte . 4. In order to prove its case, the Bank has placed on record the affidavit of Mr. Raj Kumar, Senior Manager along with the loan and security documents and marked them as Exhibit A-1 to A-20. 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 30.09.2022, a sum of Rs.21,47,641.40p was due. 6. Accordingly, the application of the bank for the recovery of Rs.21,47,641.40p (Rupees Twenty One Lacs Forty Seven Thousand Six Hundred Forty One And Paisa Forty Only) with interest @8.80% per annum with half yearly rests 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, fully detailed in para No.3A of the application as well as from the personal movable and immovable property(ies) of the defendants. 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 property and standing crops as per the provisions of Section 19(20-AB) of the Act .

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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

Punjab National Bank v. Mr. Satinder Pal Singh

Case brief

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Punjab National Bank v. Mr. Satinder Pal Singh

Case brief

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