The DRT allowed an OA for recovery of Rs.87.58 lakhs with interest. The bank proved loans were advanced and not repaid. The order directed recovery from mortgaged/hypothecated assets and personal property.
Recovery of Rs.87,57,589/- with interest directed from mortgaged/hypothecated assets and personal property of defendants via Recovery Certificate.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
BEFORE: A S NARANG, PRESIDING OFFICER
OA No: 272 of 2022 Date of Institution: 20.01.2022 Date of Decision: 22.04.2024
Bank of India, one of its Branches at Sutlej Market, General Bus Stand, Jalandhar City, Punjab.
……..Applicant
Vs.
……….Defendants
Advocates
Sh. KPS Dhillon, Counsel for the applicant bank. Defendants- Ex parte .
OA for the Recovery of Rs.87,57,589/- with interest from 30.12.2021.
ORDER
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stood as guarantor to the said facility of Rs.10.00 lacs. To the secure the said loan facility, defendant no.1 had creation hypothecation of vehicle make New Holland 5500, Chassis No.NHN55000ZFE 322138, Engine No.162574DT and Tractor make of New Holland 3630TX, Chassis No.NHN36300 ZFD319521, Engine No.160343D bearing Registration No.PB08DG1013 and PB08DG1014. The said Krishi Vahan Loan was chargeable to interest @11.70% per annum with half yearly rests. On 29.12.2021, a sum of Rs.87,57,589/-was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.
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recover its dues by the sale of mortgaged property i.e. agricultural land admeasuring 23 Kanals 18 Marlas, situated at Village Dhogri-I and Dhogri-II, Tehsil and District Jalandhar, Hadbast No.154, Punjab and hypothecated vehicle make New Holland 5500, Chassis No.NHN55000ZFE 322138, Engine No.162574DT and Tractor make of New Holland 3630TX, Chassis No.NHN36300 ZFD319521, Engine No.160343D bearing Registration No.PB08DG1013 and PB08DG1014 (fully detailed in para No.3A of the application) as well as from the personal movable and immovable property(ies) of the defendants.
1 issue framed by the court
Whether the Bank proved its case of non-repayment of loans advanced to the defendant.
2 provisions across 1 enactments
Bank of India
Smt. Manjit Kaur
Sh. Jaskaran Singh
A S Narang
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
