Canara Bank v. Kuldeep Singh
Case brief
What is this about?
The Tribunal allowed the recovery application filed by Canara Bank against Kuldeep Singh for Rs. 25.23 lakhs. The defendant failed to appear, and the case proceeded ex-parte. The Tribunal standardized the interest rate to 8% p.a.
What did the court decide?
Recovery Certificate issued for Rs. 25,23,302.00 plus costs and simple interest at 8% p.a. from the date of filing of the application.
What the court decided
DEBTS RECOVERY TRIBUNAL-III, CHANDIGARH
ORIGINAL APPLICATION NO.35/2022
PRESIDED OVER BYMRIDULESH KUMAR SINGH
DATE OF INSTITUTION: 23.12.2021
DATE OF DECISION: 26.11.2024
Canara Bank a bank constituted by the banking companies (Acquisition and transfer of undertakings) Act 1970 with its head office at 112, J.C. Road, Bangalore and Branches amongst other places, one at Personal Banking Branch at Samrala, through its Attorney and Principal Officer Sh. Sachin Kumar, Senior Manager.
……..Applicant Bank Versus Sh. Kuldeep Singh S/o Sh. Gajjan Singh, R/o Village Mushkabad, Tehsil Samrala, Distt. Ludhiana. ….……Defendant
Advocates:
Argued by Sh. Binny Baweja, Advocate for the applicant (through VC) Defendant is ex-parte
FINAL ORDER
- Present Original Application was instituted by the applicant under Section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, against the defendants for recovery of Rs.25,23,302.00 (Rupees Twenty Five Lacs Twenty Three Thousand Three Hundred Two Only). The Original Application has been filed through Sh. Sachin Kumar, Senior Manager o f the applicant, who is competent to institute the Original Application vide General Power of Attorney dated 22.07.2014, which is Annexure A1 to this OA.
Issues for consideration
2 issues framed by the court
Whether the applicant is entitled to recover the outstanding loan amount along with interest from the defendant who did not appear.
Whether the court should modify the rate of interest claimed by the applicant.
Parties & counsel
- applicant
Canara Bank
- respondent
Kuldeep Singh
Coram
MRIDULESH KUMAR SINGH
Case details
As recorded by the court registry
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