Allowed

Punjab National Bank v. Kashmir Kaur

DRT20 Nov 2024OA/34/2023

Case brief

AI extract

What is this about?

The Debts Recovery Tribunal allowed the Punjab National Bank's application for recovery of Rs. 24,67,876plus interest against two defendants who defaulted on an agricultural loan. The court ordered the issuance of a recovery certificate, joint and several liability of defendants, and directed the Recovery Officer to distribute sale proceeds of mortgaged property.

What did the court decide?

Application for recovery of Rs. 24,67,876 with interest allowed; joint and several liability of defendants; issuance of Recovery Certificate; direction to Recovery Officer to distribute sale proceeds.

Punjab National Bank versus Kashmir Kaur — Contract and Commercial Disputes | 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: 34 of 2023 Date of Institution: 29.11.2022 Date of Decision: 20.11.2024

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Punjab National Bank, having its Branch Office at Aliwal, Tehsil Batala, District Gurdaspur, Punjab.

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……..Applicant

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Vs.

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Kashmir Kaur wife of Jasbir Singh;

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Baljinder Kaur wife of Palwinder Singh;

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Both residents of village Nanak Chak, PO Nasarke, Tehsil Batala, District Gurdaspur.

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……….Defendants

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Advocates:

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Adv. Ankit Kaushal, Counsel for the applicant bank. Defendants ex parte .

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OA for the Recovery of Rs.24,67,876/- with interest @ 11.50% per annum with yearly rests from the date of filing.

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ORDER

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Punjab National Bank (Bank) has filed this application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act) for the recovery of Rs. 24,67,876/- with interest against Smt. Kashmir Kaur and another (defendants).

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Bank’s case is that on 13.01.2015, it had granted KCC Limit of Rs.15.00 lacs to the defendants for agricultural purpose. To secure the loan, Defendant No.1 had mortgaged her agricultural land measuring 30 kanals 01 marla (fully detailed in para No. 5.6 of the application). The

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loan was chargeable to interest @ 11.50% per annum with yearly rests. Defendants did not make the payment as per the repayment schedule. On 31.08.2022, a sum of Rs.24,67,876/- was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 12.01.2023, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 29.11.2023, they were proceeded ex parte .

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In order to prove its case, the Bank has placed on record the affidavit of Mr. Gurpreet Singh, Authorized Officer along with the loan and security documents and marked them as Exhibit A-1 to A-10.

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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.15.00 lacs and on 31.08.2022 a sum of Rs.24,67,876/- was due.

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Accordingly, the application of the bank for the recovery of Rs.24,67,876/- (Rupees Twenty Four Lacs Sixty Seven Thousand Eight Hundred Seventy Six only) with interest @ 11.50 % per annum with yearly rests from the date of filing, till the date of payment is hereby allowed with costs. The liability of all the defendants would be joint and several. Bank can recover its dues by the sale of mortgaged property fully detailed in para No.5.6 of the application as well as from the personal movable and immovable property(ies) of the defendants. 7. Pending IAs, if any, stand disposed of. 8. Recovery Certificate be issued accordingly. 9. Parties are directed to appear before Recovery Officer on 20.12.2024, who is directed to distribute the sale proceeds of the

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mortgage property and standing crops as per the provisions of Section 19(20-AB) of the Act .

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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) Presiding Officer DRT-1, Chandigarh Manoj Dated: 20.11.2024

Punjab National Bank v. Kashmir Kaur

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Kashmir Kaur

Case brief

What is this about?

What did the court decide?

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