Uco Bank v. Labh Singh
Case brief
What is this about?
The DRT allowed an application by UCO Bank for recovery of a loan principal of approx. Rs. 23.61 lacs plus interest against the legal heir of a deceased debtor, accepting the evidence unrebutted and issuing a recovery certificate.
What did the court decide?
Recovery of Rs. 23,61,027.70 plus 8% simple interest; issuance of Recovery Certificate; liberty to recover from sale of mortgaged or personal assets.
What the court decided
DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO.295/2024
PRESIDED OVER BYMRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 12.02.2024
DATE OF DECISION: 18.10.2024
UCO Bank, a body corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 having its Head Office at 10-B.T.M., Sarani, Kolkata, and one of its Branch Offices amongst other places, at Civil lines Samrala, Distt. Ludhiana through its Sh. Avishek Sarmaik, Branch Manager who is Authorized by Applicant Bank.
……..Applicant Versus
- Late Sh. Labh Singh S/o Sh. Kartar Singh R/o Village Tapprian, Tehsil Samrala & Distt. Ludhiana through defendant no. (i) known Legal heir to the estate of deceased
- i. Smt. Jagir Kaur M/o Late Sh. Labh Singh Legal heir to the Estate of Late Sh. Labh Singh R/o Village Tapprian, Tehsil Samrala & Distt. Ludhiana
…… .Defendants
Issues for consideration
2 issues framed by the court
Whether the debtor's legal heir is liable to repay the outstanding loan amount of Rs. 23,61,027.70 along with interest.
Whether the applicant is entitled to issue a Recovery Certificate and recover dues from the mortgaged properties.
Parties & counsel
- applicant
UCO Bank
- respondent
Legal heir to the estate of Late Sh. Labh Singh [Smt. Jagir Kaur]
Coram
Mridulesh Kumar Singh
Case details
As recorded by the court registry
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