The Tribunal allowed the bank's application for recovery of Rs.87,52,703/- with interest advanced as a Guaranteed OGC loan. The defendants were proceeded ex parte. The order directed sale of mortgaged land and issuance of a recovery certificate.
Recovery of Rs.87,52,703/- with interest allowed; Residential land to be sold; Recovery Certificate to be issued.
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IN THE DEBTS RECOVERY TRIBUNAL-I, CHANDIGARH
BEFORE: A S NARANG, PRESIDING OFFICER
OA No: 343/2022 Date of Institution: 14.02.2022 Date of Decision: 12.04.2024
Punjab National Bank, a branch amongst at Nakodar Road, Jalandhar.
……..Applicant
Vs.
……….Defendants
Advocates
Ms. Puja Sharma, Counsel for the applicant bank.
Defendants – ex parte
OA for the Recovery of Rs.87,52,703/- with interest @10.55% per annum with half yearly rests from 14.02.2022.
ORDER
2
put in appearance. Vide order dated 20.07.2023, they were proceeded ex parte . 4. In order to prove its case, the Bank has placed on record the affidavit of Mr. Chander Prakash Sidhu, Senior Manager along with the loan and security documents and marked them as Exhibit A-1 to A-17. 5. 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.50.00 Lacs and on 14.02.2022, a sum of Rs.87,52,703/- was due. 6. Accordingly, the application of the bank for the recovery of Rs.87,52,703/- (Rupees Eighty Seven Lacs Fifty Two Thousand Seven Hundred and Three Only) with interest @10.55% per annum with half yearly rests from 14.02.2022, 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 land fully detailed in para No.3(A) 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 13.05.2024, who is directed to distribute the sale proceeds of the mortgage land and standing crops as per the provisions of Section 19(20AB) of the Act . 10. 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) Dated: 12.04.2024 Presiding Officer DRT-1, Chandigarh Pankaj
1 issue framed by the court
Whether the applicant bank established its entitlement to recover the outstanding dues of Rs.87,52,703/- along with interest from the defendants.
2 provisions across 1 enactments
Punjab National Bank
Sh. Surjit Singh
Smt. Mandip Kaur
A S Narang
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
