Allowed

Punjab National Bank v. Sh. Jeevan Lal

DRT23 Sept 2024OA/357/2022

Case brief

AI extract

What is this about?

Debts Recovery Tribunal allowed the application filed by Punjab National Bank for recovery of Rs. 21,20,019.05 plus interest from two defendants who were mortgagor and guarantor. The tribunal proceeded ex parte, approved the recovery claim and directed issuance of a recovery certificate.

What did the court decide?

Recovery of Rs. 21,20,019.05 p with interest at 8.50% per annum with monthly rests granted; recovery certificate issued; recovery directed from mortgaged and personal properties.

Punjab National Bank versus Sh. Jeevan Lal — Banking and Recovery | 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: 357 of 2022 Date of Institution: 16.02.2022 Date of Decision: 23.09.2024

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Punjab National Bank, branch office at VPO Ani, Distt. Kullu, Himachal Pradesh and Circle Office: Circle Sastra Centre, Mandi, Himachal Pradesh.

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……..Applicant

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Vs.

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Sh. Jeevan Lal S/o Sh. Gian Chand, R/o Village Shill, PO Banjar, Tehsil Banjar, District Kullu, Himachal Pradesh.

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Sh. Prem Lal S/o Sh. Gautam Singh, R/o Village Shill, PO Banjar, Tehsil Banjar, District Kullu, Himachal Pradesh.

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……….Defendants

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Advocates

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Sh. Pancham Sharma, proxy counsel for Sh. Brijesh Sharma, Counsel for the applicant bank. Defendants- Ex parte.

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OA for the Recovery of Rs.21,20,019.05p with interest from the date of filing the present application i.e.. 16.02.2022.

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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.21,20,019.05p with interest against Sh. Jeevan Lal And Another (defendants).

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Bank’s case is that on 28.10.2013, it had granted Housing Loan of Rs.12.00 lacs to defendant no.1. Defendant no.2 stood as guarantor. Thereafter, at the request of defendant no.1, on 20.09.2014, bank had granted Overdraft Housing Loan facility of Rs.3.00 lacs. Defendant no.2 stood as guarantor to the said facility. To secure the loan, Defendant

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no.1 had mortgaged his immovable property (fully detailed in para No.3A of the application). The said loan facilities were chargeable to different rate of interest. On 31.01.2022, a sum of Rs.21,20,019.05p was due from the defendants. Despite repeated requests, defendants did not make the repayment. Hence, this application.

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On 29.03.2022, summonses were sent to the defendants by registered post, which were duly served. However, defendants did not put in appearance. Vide order dated 22.02.2023, 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. Abhishek Kumar, Authorized Representative along with the loan and security documents and marked them as Exhibit A-1 to A- 14. 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 facilities of Rs.15.00 lacs and on 31.01.2022, a sum of Rs.21,20,019.05p was due.

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Accordingly, the application of the bank for the recovery of Rs.21,20,019.05p (Rupees Twenty One Lacs Twenty Thousand Nineteen And Paisa Five Only) with interest @8.50% per annum with monthly rests from the date of filing the present application i.e. 16.02.2022, 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 property, fully detailed in para No.3A of the application as well as from the personal movable and immovable property(ies) of the defendants.

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Pending IAs, if any, stand disposed of.

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Recovery Certificate be issued accordingly. 9. Parties are directed to appear before Recovery Officer on 24.10.2024 , who is directed to distribute the sale proceeds of the mortgage property as per the provisions of Section 19(20-AB) 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: 23.09.2024 Presiding Officer DRT-1, Chandigarh

Punjab National Bank v. Sh. Jeevan Lal

Case brief

What is this about?

What did the court decide?

Punjab National Bank v. Sh. Jeevan Lal

Case brief

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What did the court decide?

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