Allowed

State Bank of India v. Sh. Gurjap Singh

DRT7 May 2024OA/236/2022

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed SBI's application under Section 19 RDB Act for recovery of an outstanding loan amount of Rs.26,07,553/- along with interest from the defendant, authorizing the sale of mortgaged agricultural property and issuance of a recovery certificate.

What did the court decide?

Recovery of Rs.26,07,553/- with interest allowed; sale of mortgaged property authorized; Recovery Certificate issued.

State Bank of India versus Sh. Gurjap Singh — Company and Corporate | 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: 236 of 2022 Date of Institution: 21.01.2022 Date of Decision: 07.05.2024

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SBI, having one of its local head office at Sector 17-A, Chandigarh and one branch is situated at Nasrala, District Hoshiarpur, Punjab.

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……..Applicant

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Vs.

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Sh. Gurjap Singh S/o Sh. Balwant Singh, R/o Village Ajram, Tehsil and District Hoshiarpur, Punjab-146111

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……….Defendant

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Advocates

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Ms. Meena Malhotra, Counsel for the applicant bank. Defendant- Ex parte .

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OA for the Recovery of Rs.26,07,553/- with interest @12.60% per annum with half yearly rests from 21.01.2022.

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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.26,07,553/- with interest against Sh. Gurjap Singh (defendant).

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Bank’s case is that on 28.05.2013, it had granted Agriculture Credit Card Limit of Rs.9.00 lacs to defendant. Thereafter, on 21.03.2015, at the request of defendant, bank had enhanced the said limit from Rs.9.00 lacs to Rs.20.00 lacs. To secure the loan, Defendant had mortgaged his agricultural land admeasuring 26Kanal-2Marla, situated at Village Ajram, Hadbast No.240, Tehsil and District Hoshiarpur, Punjab (fully detailed in para No.3A of the application). The loan was chargeable to interest @11.75% per annum with half yearly rests. On 25.11.2021, a sum of Rs.26,07,553/- was due from the defendant. Despite repeated requests, defendant did not make the repayment. Hence, this application.

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On 13.04.2022, summons was sent to the defendant by registered post, which was duly served. However, defendant did not put in appearance. Vide order dated 17.05.2023, he was proceeded ex parte . 4. In order to prove its case, the Bank has placed on record the affidavit of Mr. Jasjot Singh Bains, Branch Manager along with the loan and security documents and marked them as Exhibit A-1 to A-16. 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.20.00 lacs and on 25.11.2021, a sum of Rs.26,07,553/- was due. 6. Accordingly, the application of the bank for the recovery of Rs.26,07,553/- (Rupees Twenty Six Lacs Seven Thousand Five Hundred Fifty Three Only) with interest @12.60% per annum with half yearly rests from the date of filing the present application i.e. 21.01.2022, till the date of payment is hereby allowed with costs. Bank can recover its dues by the sale of mortgaged property i.e. agricultural land admeasuring 26Kanal-2Marla, situated at Village Ajram, Hadbast No.240, Tehsil and District Hoshiarpur, Punjab (fully detailed in para No.3A 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 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: 07.05.2024 Presiding Officer DRT-1, Chandigarh

State Bank of India v. Sh. Gurjap Singh

Case brief

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State Bank of India v. Sh. Gurjap Singh

Case brief

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