Bank of Baroda v. Som Nath
Case brief
What is this about?
Debt Recovery Tribunal allowed the Applicant Bank's application for recovery of a defaulting agricultural loan of Rs. 26,90,281.40 plus interest, alongside the guarantor, via exoneration of the mortgaged property.
What did the court decide?
Recovery of Rs.26,90,281.40 plus interest @9.65% per annum; recovery by sale of mortgaged land or personal property; Recovery Certificate to be issued.
What the court decided
IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
BEFORE: A S NARANG, PRESIDING OFFICER
OA No: 338/2022 Date of Institution: 15.02.2022 Date of Decision: 04.03.2024
Bank of Baroda, Branch Office at various places in India and overseas, including a Branch at Talwandi Sabo, Rori Road, District Bathinda, Punjab - 151302.
……..Applicant
Vs.
- Som Nath S/o Ramji Dass, R/o VPO Sangat Khurd, Tehsil Talwandi Sabo, Talwandi Sabo, District Bathinda, Punjab – 151302.
- Suresh Kumar S/o Pritpal, R/o Village Bhagibandar, Tehsil Talwandi Sabo, Talwandi Sabo 28, District Bathinda, Punjab – 151302.
……….Defendants
Advocates
Ms. Kanchan Sehgal, Counsel for the applicant bank. Defendants – ex parte
Issues for consideration
3 issues framed by the court
Whether the applicant bank is entitled to recovery of the outstanding loan amount and interest under Section 19 of the RDB Act.
Whether the bank's claim for recovery is maintainable in an ex parte proceeding due to the defendants' failure to appear.
The procedure for distribution of sale proceeds of mortgaged land and standing crops under Section 19(20AB).
Parties & counsel
- applicant
Bank of Baroda
- respondent
Som Nath
- respondent
Suresh Kumar
Coram
Case details
As recorded by the court registry
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