The Debts Recovery Tribunal allowed the applicant Bank of India's application under Section 19 of the RDB Act for the recovery of a bank loan of Rs.33,58,237.49 plus interest.
Allowed recovery of Rs.33,58,237.49 with interest; directed issuance of 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: 319/2022
Date of Institution: 07.01.2022 Date of Decision: 09.05.2024
Bank of India, one of its Branch at Ranjit Avenue, Amritsar, Punjab.
……..Applicant
Vs.
2nd Address:-
55G, near Indus-Ind Bank, City Center, Bus Stand, Amritsar.
2nd Address:-
55G, near Indus-Ind Bank, City Center, Bus Stand, Amritsar.
……….Defendants
Advocates
Ms. Neha Arora, proxy Counsel for Sh. K.P.S. Dhillon, Counsel for the applicant bank.
Defendants – ex parte
OA for the Recovery of Rs.33,58,237.49p with interest @10.05% per annum with monthly rests from 23.12.2021.
ORDER
2
C.C Limit for business purpose under CGTMSE Scheme. To secure the loan, Defendants had hypothecated stock and book debts. On 26.11.2018, the C.C. Limit was again renewed and sanctioned to defendants. The loan was chargeable to interest @10.05% per annum with monthly rests. On 23.12.2021, a sum of Rs.33,58,237.49p was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.
3
2 issues framed by the court
Whether the applicant bank is entitled to recover the outstanding dues under Section 19 of the RDB Act.
Whether the application for recovery should be allowed against the defaulting borrowers.
2 provisions across 1 enactments
Bank of India
M/s Pardeep Road Lines
Sh. Pardeep Kumar Sharma
A S Narang
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
